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Forex Discussions
Fundamental Analysis
Daily Global Market Overview By zForex
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[QUOTE="zForex, post: 230689, member: 88093"] Dollar Stabilizes Amid Global Economic Updates: Inflation Data, Central Bank Moves, and Commodity Price Shifts The dollar remained stable on Friday, poised to end a three-week decline, fueled by higher than expected US inflation figures that hinted at a possible delay in Federal Reserve interest rate cuts. The upcoming Federal Reserve meeting next week is highly anticipated, with investors keen on the interest rate projections (dot plot) and Federal Reserve Chair Jerome Powell's commentary, although no changes in interest rates are currently expected. Philip Lane, the Chief Economist of the European Central Bank (ECB), emphasized the need for the ECB to assess inflationary pressures more clearly in June. ECB President Christine Lagarde indicated that the initial rate reductions are more likely in June rather than April, as per her statements in the March meeting press conference. Additionally, the release of the February Consumer Price Index (CPI) data from France and Italy is awaited later on Friday. In the UK, GDP growth for January showed a 0.2% month-over-month increase, signaling an exit from recession. This development has led markets to adjust their expectations for a Bank of England (BoE) rate cut from June to August. BoE Governor Andrew Bailey discussed the duration for which high interest rates need to be maintained, acknowledging signs that tight monetary policies are effectively reducing inflationary pressures. The yen held steady as investors awaited a Bank of Japan (BOJ) meeting next week, which could mark a significant departure from its negative interest rate policy, especially if major Japanese companies implement expected wage increases. The full response of Japan's largest firms to union wage hike demands has bolstered expectations for a policy shift by the BOJ, supporting the safe-haven yen amid a generally cautious market sentiment. Gold prices were set to break a three-week winning streak on Friday, as the unexpected spike in US inflation led traders to reconsider the pace and magnitude of potential Federal Reserve rate cuts this year. Oil prices saw a slight decline on Friday but were on course for a nearly 4% weekly increase, led by the International Energy Agency's (IEA) upward revision of its 2024 oil demand forecast, the fourth such adjustment since November, and a surprising drop in US inventories. This revision comes in the context of disruptions to Red Sea shipping due to Houthi attacks. [/QUOTE]
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