The Fed expected to ease rate hikes as the economy slows
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Upon a series of US economic data failing to meet their estimates, the market now believes the Federal Reserve is bound to be less aggressive in next week’s interest rate announcement. The news has weakened the greenback against its peers, USD/CAD plunged to 1.3606, and USD/JPY declined to 147.91.
EUR/USD closed higher at 0.9964, edging closer back to parity. GBP/USD rose and stabilized at 1.1467, almost gaining 200 pips. Although Australia’s inflation problem is less severe than other major countries, it recorded a 1.8% increase in the price level - higher than the projected 1.6%, while AUD/USD rose to 0.6394.
Despite the API Weekly Crude Oil Inventory having increased by 4.5 million barrels, WTI crude futures only had minor gains, as it briefly went to $85.89 and closed at $85.32 barrel. Gold price rose to a high of $1,660.47 an ounce and retreated to $1,653.22.
GBP/USD 🔼
AUD/USD 🔼
USD/CAD 🔽
USD/JPY 🔽
XAU 🔼
WTI 🔼
Upon a series of US economic data failing to meet their estimates, the market now believes the Federal Reserve is bound to be less aggressive in next week’s interest rate announcement. The news has weakened the greenback against its peers, USD/CAD plunged to 1.3606, and USD/JPY declined to 147.91.
EUR/USD closed higher at 0.9964, edging closer back to parity. GBP/USD rose and stabilized at 1.1467, almost gaining 200 pips. Although Australia’s inflation problem is less severe than other major countries, it recorded a 1.8% increase in the price level - higher than the projected 1.6%, while AUD/USD rose to 0.6394.
Despite the API Weekly Crude Oil Inventory having increased by 4.5 million barrels, WTI crude futures only had minor gains, as it briefly went to $85.89 and closed at $85.32 barrel. Gold price rose to a high of $1,660.47 an ounce and retreated to $1,653.22.
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