The EUR/GBP cross is trading higher at around 0.8450 during the early European session, marking a 0.35% gain on the day. The recent surge is fueled by the Eurozone’s inflation data, which has cast doubts on the likelihood of ECB interest rate cuts in September. On the other hand, there is a sense of uncertainty
During the recent July meeting, Chairman Jerome Powell hinted at the possibility of a rate cut in the near future, citing favorable inflation data as a key factor in the decision-making process. While the specifics were not outlined, Powell’s comments suggested that the bar for a rate cut in September is relatively low, according to
Federal Reserve Chairman Jerome Powell recently made the decision to leave the policy rate unchanged at the range of 5.25%-5.5%. This decision was met with unanimous support from all 19 participants in the meeting. Powell explained that there was a real discussion about the possibility of reducing rates at the meeting, but ultimately, a strong
Federal Reserve officials recently announced that they would be maintaining short-term interest rates at their current level. However, they did indicate that inflation is approaching its target, potentially paving the way for future interest rate cuts. This decision comes amid ongoing concerns about economic conditions, although some progress has been noted. While the Federal Reserve
The recent flash estimate for HICP inflation revealed an unexpected but marginal increase in headline inflation in July, rising to 2.6% from 2.5% in June. This uptick was influenced by a stronger energy sector, with energy prices rising by 1.3% year-on-year, compared to a mere 0.2% increase in June. The spike in petrol prices and
The NZD/USD pair has been trading on a stronger note around 0.5915 in Wednesday’s Asian session, with a 0.17% increase on the day. This positive movement can be attributed to the better-than-expected Chinese Manufacturing Purchasing Managers’ Index (PMI) data for July. The Chinese PMI readings, which showed an improvement in manufacturing activity, have provided support
Gold is currently on a path towards recovery as it attempts to surpass the $2,400 resistance zone. After finding support near $2,352 against the US Dollar, the price has started a positive wave above $2,365. The recent movement on the 4-hour chart of XAU/USD shows that the price has crossed the $2,380 level along with
China’s manufacturing activity has continued to shrink for the third consecutive month in July, according to an official factory survey released on Wednesday. This ongoing trend has raised concerns about the need for Beijing to implement further stimulus measures to counteract the negative impact of a protracted property crisis and job insecurity on economic growth.
The Japanese government recently revised its growth forecasts for the fiscal year ending March 2025 from 1.3% to 0.9%. This downward revision indicates a concerning trend in the country’s economic outlook. The weakened growth forecast raises questions about the underlying factors contributing to this slowdown. One of the key concerns highlighted by the government is
British finance minister Rachel Reeves recently announced that she would need to raise taxes in the upcoming budget, citing a 22 billion pound shortfall. This move was expected after the Labour Party’s election win, highlighting the financial challenges facing the country. In a recent interview with The News Agents podcast, Reeves confirmed that tax increases
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In recent weeks, the Australian Dollar (AUD) has experienced a significant decline against the US Dollar (USD), with a decrease of nearly 3.5%. This downward trend has positioned the AUD as one of the weaker currencies among the G-10 group. Analysts point to several factors contributing to this decline, with two key factors standing out.