The US Dollar strengthened versus all the major currencies in the end of May. The market clearly expects the economy to recover in the second quarter. As a result, the first rate hike by the Federal Reserve is now expected in September-October. The Fed’s Chief Janet Yellen confirmed last week the bank’s intention to enter the hiking cycle in 2015. The pace will depend on the economic data.
At the beginning of the new week we’ll be watching the US PMI indices. On Friday, the market will focus on the US May Non-farm payrolls. Don’t forget to leave your NFP forecasts at FXBAZOOKA.com. The greenback will extend the upside, if the US economy added more than 200K new jobs. Dollar index targets the 98 mark and higher.
At the beginning of the new week we’ll be watching the US PMI indices. On Friday, the market will focus on the US May Non-farm payrolls. Don’t forget to leave your NFP forecasts at FXBAZOOKA.com. The greenback will extend the upside, if the US economy added more than 200K new jobs. Dollar index targets the 98 mark and higher.
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EUR/USD regained its traction and climbed above 1.0700 in the European session. Eurostat reported that the annual Core HICP inflation edged lower to 2.7% in April from 2.9% in March. This reading came in above the market expectation of 2.6% and supported the Euro.
GBP/USD recovers to 1.2550 despite US Dollar strength
GBP/USD is recovering losses to trade near 1.2550 in the European session on Tuesday. The pair rebounds despite a cautious risk tone and broad US Dollar strength. The focus now stays on the mid-tier US data amid a data-light UK docket.
Gold price remains depressed near $2,320 amid stronger USD, ahead of US macro data
Gold price (XAU/USD) remains depressed heading into the European session on Tuesday and is currently placed near the lower end of its daily range, just above the $2,320 level.
XRP hovers above $0.51 as Ripple motion to strike new expert materials receives SEC response
Ripple (XRP) trades broadly sideways on Tuesday after closing above $0.51 on Monday as the payment firm’s legal battle against the US Securities and Exchange Commission (SEC) persists.
Mixed earnings for Europe as battle against inflation in UK takes step forward
Corporate updates are dominating this morning after HSBC’s earnings report contained the surprise news that its CEO is stepping down after 5 years in the job. However, HSBC’s share price is rising this morning and is higher by nearly 2%.