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US quarterly GDP growth expected to remain at 2.7%
GBPUSD
, 30
GBPUSD: US quarterly GDP growth expected to remain at 2.7%

The US quarterly GDP readings for 2022 will be announced tonight. Despite ongoing global supply disruption and the Russian invasion of Ukraine, Mitrade estimates a 2.7% growth, just like its previous result. Meanwhile, USD/CAD declined 43 pips to 1.3555, and USD/JPY rebounded 198 pips to 132.84. The greenback also strengthened against other currencies. EUR/USD...

Australian inflation falls to an eight-month low
GBPUSD
, 30
GBPUSD: Australian inflation falls to an eight-month low

In February, the Australian CPI inflation growth reading was 6.8%, lower than Mitrade's estimates of 7.1%, while also at its lowest level since July 2022. On the other hand, the Reserve Bank of Australia was less optimistic about the trajectory, claiming it would take years to cool down. AUD/USD closed 60 pips higher at 0.6709. EUR/USD climbed 47 pips to 1.0843,...

Australian retail sales grow slightly
GBPUSD
, 30
GBPUSD: Australian retail sales grow slightly

In February, Australian retail sales grew by 0.2%, just higher than the expected 0.1%, but well below the 1.9% recorded in January. Price levels remain high in the country, with Mitrade anticipating a 7.1% increase in tomorrow’s annual inflation data reading. AUD/USD edged up 4 pips to 0.6649. EUR/USD added 37 pips to 1.0796, and GBP/USD rose 54 pips to 1.2284....

Investors worry over Russian nuclear weapons in Belarus
GBPUSD
, 30
GBPUSD: Investors worry over Russian nuclear weapons in Belarus

Russia has initiated plans to deploy tactical nuclear weapons in Belarus - a country sharing a long border with Ukraine. While the Russian invasion of Ukraine has been carried on for more than a year, the news still led to considerable fears on the market. The negative sentiment strengthened the greenback, with USD/CAD adding 31 pips to 1.3744, though USD/JPY...

The Bank of England raises rates to 4.25%
GBPUSD
, 30
GBPUSD: The Bank of England raises rates to 4.25%

Despite previous hints at stopping ongoing rate hikes, the Bank of England raised interest rates by 25 basis points to 4.25% - a 15-year high. Meanwhile, the central bank is optimistic that inflation will fall sharply in 2023, and the GBP/USD closed 21 pips higher at 1.2286. EUR/USD declined 25 pips to 1.0830, and AUD/USD moved up 1 pip to 0.6683. USD/CAD slid 14...

Fed raises rates by 25 bps as expected
GBPUSD
, 30
GBPUSD: Fed raises rates by 25 bps as expected

As expected, the Federal Reserve has raised rates by 25 basis points to 5.00%, with the official statement indicating further rate hikes by the end of 2023. The greenback then weakens towards its peers, with USD/CAD edging up 14 pips to 1.3727, and USD/JPY dropping 102 pips to 131.44. GBP/USD climbed 50 pips to 1.2264, as its year-on-year inflation rate jumped to...

UK budget deficit in February exceeds $20 billion
GBPUSD
, 30
GBPUSD: UK budget deficit in February exceeds $20 billion

Public spending in the UK has exceeded government revenue by 16.7 billion pounds ($20 billion), aggravating the financial woes of the British government. Later today, Mitrade expects the UK year-on-year inflation rate to increase by 9.9%, slightly lower than 10.1% last month. GBP/USD then declined 62 pips to 1.2214, and AUD/USD fell 50 pips to 0.6668. EUR/USD...

Fed rate estimates falling weaken the greenback
GBPUSD
, 30
GBPUSD: Fed rate estimates falling weaken the greenback

Recent banking crises were partly caused by aggressive rate hikes, which lowered the value of long-term Treasury bonds. As a result, Mitrade expects the Federal Reserve to scale back on future rate hikes, with current market consensus aiming for a 25 basis point increase on Thursday. The news slowed the dollar, with EUR/USD advancing 53 pips to 1.0719. GBP/USD...

UBS bails out Credit Suisse
GBPUSD
, 30
GBPUSD: UBS bails out Credit Suisse

On Sunday, the market was relieved as Swiss bank UBS agreed to acquire Credit Suisse for over $3 billion, backed by the Swiss central bank. Last Friday, the Eurozone's year-on-year inflation rate increased by 8.5% as expected by Mitrade, and EUR/USD increased 61 pips to 1.0666. Before the bailout announcement Sunday, the Dow Jones Industrial Average plunged 384...

European Central Bank raises rates by 50 basis points
GBPUSD
, 30
GBPUSD: European Central Bank raises rates by 50 basis points

The European Central Bank has decided to raise its interest rate by 50 basis points to 3.00% - the highest level since 2008. The ECB President remained confident in the continent's banking sector despite recent doubts raised within Credit Suisse. As a result, EUR/USD added 30 pips to 1.0605. Later tonight, Mitrade expects the Eurozone's year-on-year inflation rate...

Credit Suisse jitters worries investors
GBPUSD
, 30
GBPUSD: Credit Suisse jitters worries investors

Credit Suisse just announced borrowing plans from the Swiss Central Bank, once again raising concerns in the banking sector. As previous issues remain unresolved in the investment bank, its share price plunged over 10%, currently at $2.16. As for the major US indices, the Nasdaq 100 managed to add 51 points to 12,251. On the other hand, the Dow Jones Industrial...

US dollar and stocks recover as inflation cools
GBPUSD
, 30
GBPUSD: US dollar and stocks recover as inflation cools

The market rebounded as most US inflation readings met estimates, with a 6.0% year-on-year increase, though monthly core inflation was slightly higher at 0.5%. US stocks also closed higher as the aftershock of Silicon Valley Bank’s collapse subsided, with the Nasdaq 100 surging 276 points (+2.32%) to 12,199. The S&P 500 added 64 points (+1.68%) to 3,920, and the...

Market expects US inflation to drop further
GBPUSD
, 30
GBPUSD: Market expects US inflation to drop further

Later today, the US inflation data for February will be released, with Mitrade anticipating the annual reading to slow from 6.4% to 6.0%. With the SVB collapse in mind, the projection for next week’s Fed interest rate decision is swaying towards a more moderate target. USD/CAD then fell 41 pips to 1.3724, and USD/JPY plunged 180 pips to 133.18. GBP/USD surged...

SVB crash shocks market
GBPUSD
, 30
GBPUSD: SVB crash shocks market

The Silicon Valley Bank collapse marked the second biggest bank failure in the US, after the 2008 financial crisis. Although bank deposits remain intact, shareholders are not protected. Shares of the parent company’s SVB Financial Group have plummeted over 70%, currently at $106.04. The S&P 500 slid 56 points to 3,861. The Nasdaq 100 traded 165 points lower at...

High US Initial Jobless Claims readings caused market jitters
GBPUSD
, 30
GBPUSD: High US Initial Jobless Claims readings caused market jitters

The US initial jobless claims rose to 211,000, higher than the expected figure of 195,000. Investors then worry about February’s Nonfarm Payrolls report, which will be released later today with Mitrade estimating a reading of 205,000. USD/CAD added 23 pips to 1.3827, and USD/JPY dropped 120 pips to 136.14. As UK GDP is expected to grow by 0.1% in the month,...

Bank of Canada halts rate hikes
GBPUSD
, 30
GBPUSD: Bank of Canada halts rate hikes

The Bank of Canada just announced its interest rate decision - leaving as it is at 4.50%. While the decision has been expected by Mitrade, it is also the first major central bank to put an end to months of rate hikes. USD/CAD then added 50 pips to 1.3804, and USD/JPY added over 20 pips to 137.34. Though EUR/USD slipped 6 pips to 1.0544, GBP/USD managed to add 12...

Market sentiment muted in advance of Powell testimony
GBPUSD
, 30
GBPUSD: Market sentiment muted in advance of Powell testimony

Federal Reserve Chairman Powell will testify in the US Congress's Joint Economic Committee, explaining recent policy decisions and providing the central bank’s economic outlook. The uncertainty raised risk-aversion sentiment in the market, leading USD/CAD to add 19 pips to 1.3612, USD/JPY also moved up 5 pips to 135.91. EUR/USD increased 46 pips to 1.0678,...

AUD strengthens ahead of the rate decision
GBPUSD
, 30
GBPUSD: AUD strengthens ahead of the rate decision

On Tuesday, the Reserve Bank of Australia is expected to raise the interest rate by 25 basis points to 3.6%. Mitrade estimates Australia's retail sales in February to grow by 1.9%. Meanwhile, AUD/USD increased 39 pips to 0.6768. EUR/USD added 36 pips to 1.0632, and GBP/USD surged 99 pips to 1.2040. USD/CAD slid 3 pips to 1.3593, and USD/JPY fell 90 pips to...

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