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[QUOTE="Solid ECN, post: 206732, member: 83167"] [JUSTIFY][ATTACH type="full"]20980[/ATTACH][/JUSTIFY] [HR][/HR] [HEADING=1][JUSTIFY]The United States of America[/JUSTIFY][/HEADING] [JUSTIFY]USD is strengthening against JPY but weakening against GBP and EUR. Yesterday, the March Non-Manufacturing PMI was released in the US: the figure rose from 56.1 to 58.3 points but fell short of the projected value of 58.4 points. This dynamic signals that the US service sector continues to grow steadily. Investors are focused on the monetary policy of the US Federal Reserve. On Tuesday, regulator officials Lael Brainard and Mary Daly made their comments. Brainard, the governor of the regulator, said that to reduce inflation, it is necessary to continue raising rates and start a sharp reduction in the balance sheet of departments immediately after the May meeting. The head of the Federal Reserve Bank of San Francisco, Mary Daly, also supported the "hawkish" rhetoric, stressing that rate hikes are necessary because high inflation is bad for the economy. Tightening monetary policy may strengthen the position of the USD, but it creates the possibility of economic slowdown and even recession, so investors are ambivalent about these actions. The market expects to receive additional data on the regulator's further intentions today from the publication of the minutes of the last meeting of the Federal Open Market Committee of the US Federal Reserve (FOMC). [/JUSTIFY] [HEADING=1][JUSTIFY]Eurozone[/JUSTIFY][/HEADING] [JUSTIFY]EUR is moderately strengthening against its main competitors – JPY, GBP, and USD. Today, the February data on the Eurozone producer price index was published: the figure fell from 5.1% to 1.1% MoM, but it rose from 30.6% to 31.4% YoY points. Inflationary pressure in the European economy continues to grow, which requires the ECB to take additional action to contain it. The factory orders in Germany also did not please investors: the volume decreased by 2.2% after rising by 2.3% in January, helped by a decrease in demand for German goods from abroad amid rising inflation and uncertainty caused by the Ukrainian crisis. It is worth noting today's comments of the officials of the European regulator. European Central Bank Vice President Luis de Guindos said the Eurozone's financial system is coping well with the fallout from the conflict in Ukraine and the associated economic sanctions. The head of the Bank of Italy, Fabio Panetta, was not so optimistic. He noted that the European economy might shrink this year, and the tightening of the monetary policy of the European Central Bank in the short term will lead to negative economic consequences. [/JUSTIFY] [HEADING=1][JUSTIFY]The United Kingdom[/JUSTIFY][/HEADING] [JUSTIFY]GBP strengthens against USD and JPY but weakens against EUR. Today, March Construction PMI was published in the UK. Instead of the expected decline to 57.8 points, the indicator remained at 59.1 points. The British construction market is recovering despite the pressure of high inflation. The National Insurance and Social Security (NHS) tax hike went into effect today. Now, most citizens and businesses are required to contribute up to 1.25%, which will put even more pressure on households already suffering from declining living standards. Business representatives asked the government to postpone tax increases, but they were never heard. [/JUSTIFY] [HEADING=1][JUSTIFY]Japan[/JUSTIFY][/HEADING] [JUSTIFY]JPY is weakening against its main competitors – EUR, GBP, and USD. Due to a lack of significant economic releases, JPY is traded under the influence of external factors. Investors are waiting for the opening of the country's borders for travelers from 106 countries, including the Eurozone and the US, lifting restrictions imposed in connection with the coronavirus pandemic. It should stimulate the growth of the Japanese economy, especially the tourism and service sectors. Today, the Japan Economic Research Center reported a seasonally adjusted real GDP growth of 0.3% in February. This first increase in three months was due to increased exports of local products to China. [/JUSTIFY] [HEADING=1][JUSTIFY]Australia[/JUSTIFY][/HEADING] [JUSTIFY]AUD strengthens against EUR, GBP, and US dollar but has ambiguous dynamics against JPY. Investors are discussing the results of the meeting of the Reserve Bank of Australia. Yesterday, the regulator left the rate unchanged at 0.10% but said that it would evaluate data on wage inflation and determine whether to start raising interest rates in the coming months. Currently, experts are counting on the first rate increase to 0.25% in June, and by the end of the year, there may be six more, and the rate, in their opinion, should be 1.75%. However, analysts also see several negative factors from a sharp tightening of monetary policy. In particular, it could seriously affect Australian borrowers, who have not seen an adjustment in value since 2010, and Australian households have record levels of mortgage debt. [/JUSTIFY] [HEADING=1][JUSTIFY]Oil[/JUSTIFY][/HEADING] [JUSTIFY]Oil quotes have ambiguous dynamics: after the morning growth, a correction followed, and the asset lost its previously won positions. The American Petroleum Institute (API) report on energy stocks published yesterday recorded their increase by 1.080M barrels instead of the projected decrease by 1.558M barrels, which put pressure on quotes, which then recovered. Currently, prices are falling again as the market continues to be pressured by a new wave of the coronavirus pandemic in China: 26M residents of Shanghai remain in quarantine, and the threat of a decrease in oil consumption in the Chinese economy remains. During the day, the publication of a report on oil reserves from the Energy Information Agency (EIA) is expected. A contraction of 2.056M barrels is forecast, which could provide additional support to oil prices.[/JUSTIFY] [/QUOTE]
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