Macro Releases: GBP/USD, EUR/USD

Dukascopy Bank Team Dukascopy Bank SA

GBP/USD: UK Monetary Policy Summary

The British Pound appreciated against the US Dollar, following the UK Monetary Policy data release on Thursday at 11:00 GMT. The GBP/USD exchange currency rate gained 11 pips or 0.09% right after the release. The British Pound continued trading at the 1.1245 level against the US Dollar.

The Bank of England released the UK Official Bank Rate data, which came out in line with the expectations of 0.75%.

According to the official release: "For most of the period following the EU referendum, the degree of slack in the UK economy has been falling and global growth has been relatively strong. Recently, however, entrenched Brexit uncertainties and slower global growth have led to the re-emergence of a margin of excess supply. Increased uncertainty about the nature of EU withdrawal means that the economy could follow a wide range of paths over coming years. The appropriate response of monetary policy will depend on the balance of the effects of Brexit on demand, supply and the sterling exchange rate."

EUR/USD: FOMC Statement and Federal Funds Rate

The European Common Currency depreciated against the US Dollar, following the FOMC Statement release on Wednesday at 18:00 GMT. The EUR/USD exchange currency rate lost 20 pips or 0.18% right after the release. The Euro continued trading at the 1.1105 level against the Greenback.

The Federal Reserve released the Federal Funds Rate data, which came out in line with the expectations of 2.00%.

According to the official release: "Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. In light of the implications of global developments for the economic outlook as well as muted inflation pressures, the Committee decided to lower the target range for the federal funds rate to 1-3/4 to 2 percent. This action supports the Committee's view that sustained expansion of economic activity, strong labor market conditions, and inflation near the Committee's symmetric 2 percent objective are the most likely outcomes, but uncertainties about this outlook remain."

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AUD/USD jumps to 0.7050, fresh one-month top after hot Australian CPI

AUD/USD attracts buyers for the second straight day on Wednesday, rising to a fresh high since September 23 during the Asian session. A hot Australian CPI print reaffirmed bets for an imminent RBA rate hike in November and boosted the Australian Dollar. Meanwhile, the US Dollar pauses after a three-day rally to a near two-week high ahead of the crucial FOMC rate decision, lending additional support to the currency pair.

USD/JPY sticks to modest gains above 157.50 as traders await Fed, BoJ meetings

USD/JPY attracts buyers for the third straight day, recovering further from a one-month low ahead of Wednesday’s FOMC decision and the BoJ policy update on Friday. Meanwhile, expectations that the BoJ may hold off on aggressive rate hikes weigh on the Japanese Yen, and the US Dollar advances to a nearly two-week high, supporting the currency pair.

Gold struggles to gain traction ahead of Fed policy verdict

Gold (XAU/USD) stalls its rebound on Wednesday as investors await the Federal Reserve’s (Fed) monetary policy announcement, due at 18:00 GMT. A modest pullback in Oil prices helped bullion recover from its lowest levels since July over the past two days. However, renewed gains in Oil prices and a steady US Dollar (USD) are limiting further upside.

Zcash's bullish momentum mounts on steady ETF inflows, retail confidence

Zcash extends steady recovery above $1,300 on Wednesday, approaching a key resistance near $1,373. Grayscale’s ZEC-focused Exchange-Traded Fund sees persistent buying pressure, with six straight days of inflows, including more than $3 million on Tuesday.

BoC expected to raise interest rates to 2.50%

The Bank of Canada is expected to raise its benchmark interest rate by 25 basis points to 2.50% on Wednesday, as persistent inflation concerns put pressure on policymakers to tighten monetary policy despite growing signs of economic weakness. According to a Reuters poll, 19 of 34 economists anticipate a rate hike, which would mark the central bank's first increase since July 2023.

Anthropic pledged $270 billion to Amazon, Google, and Microsoft. Here's who actually gets paid

Anthropic owes Amazon, Google, and Microsoft at least $269.4 billion for computing power, even if it uses less. All three sell its models and handle its billing, and Amazon and Google own stakes and lend it money, so they get paid regardless of how the IPO goes. The Dario Amodei-led Anthropic filed its initial public offering (IPO) on Monday, seeking a listing on the Nasdaq under the ticker ANT.