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Solid ECN Securities | Best Place to Trade CFD Products
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[QUOTE="Solid ECN, post: 212259, member: 83167"] [JUSTIFY][img]https://i.ibb.co/GMW29Qk/ad-5.png[/img] [/JUSTIFY] [HEADING=1][JUSTIFY]Morning Market Review[/JUSTIFY][/HEADING] [JUSTIFY] [B]EURUSD[/B] The European currency is falling, again testing the level of 0.9900 for a breakdown and returning to the previous local lows, updated at the beginning of last week. The euro is again under pressure from the rising dollar, which received an impetus to grow on Friday after the speech of the Chair of the US Federal Reserve, Jerome Powell. The official emphasized the regulator's resolute readiness to continue the policy of high interest rates, even if this leads to a slowdown in the national economy. Thus, the majority of analysts (approximately 75%) are again counting on a correction of the value by 75 basis points during the September meeting of the Fed. In turn, the euro reacts negatively to the prospects for the European economy in the face of a sharp rise in energy costs. Natural gas quotes are once again updating record highs, and electricity suppliers are warning consumers about higher prices for their services. In Germany, the basic electricity tariff for 2023 exceeded 800 euros per MWh, a new record high. In addition, the country is still experiencing a sharp drop in consumer confidence: the September Gfk Consumer Confidence index fell from –30.9 points to –36.5 points, while analysts had expected a decline to –31.8 points. [B]GBPUSD[/B] The British pound is trading down, building on the "bearish" momentum that was formed last Friday. The GBP/USD pair is making new 40-year lows, testing 1.1650 for a breakdown, below which the instrument last traded in March 2020. The pound, like many other risky assets, is reacting to a noticeable strengthening of the US currency after the "hawkish" comments of the Chair of the US Federal Reserve, Jerome Powell, who spoke in favor of further raising interest rates at a record pace. The official urged to maintain a tight monetary policy, seeking to bring under control the high inflation rates that are still observed in the US economy. Thus, traders have revised their forecasts for the September meeting of the regulator: at the moment, most analysts expect a 75 basis point increase in interest rates, while earlier the chances of adjusting the value by 50 basis points and 75 basis points were estimated to be about the same. Meanwhile, the pound remains under pressure amid record inflation in the EU and the UK due to a sharp rise in energy prices. Ahead of the cold weather and the beginning of the heating season, politicians are trying to prepare their voters for an increase in tariffs for heat and electricity, which leads to a noticeable decrease in consumer activity and the level of confidence. [B]AUDUSD[/B] The Australian dollar is noticeably declining, developing the downward momentum formed at the end of last week. The instrument showed active negative trend, having reacted to the speech of the Chair of the US Federal Reserve Jerome Powell at the annual symposium in Jackson Hole. As expected, the official advocated further tightening of monetary policy in order to control the inflation rate in the country. In addition, despite receiving the first evidence of some slowdown in consumer prices in the US, the Fed is clearly concerned about the current situation. This is an extremely negative signal for the entire global economy, as the overall picture is complicated by a further rise in energy prices and the onset of cold weather in the northern hemisphere. Today, the instrument practically does not react to the publication of optimistic macroeconomic statistics from Australia. Thus, Retail Sales in July increased by 1.3% after an increase of 0.2% a month earlier, although analysts' forecasts suggested a slight correction of the indicator by 0.3%. [B]USDJPY[/B] The US dollar is actively adding in value during morning trading, testing the level of 138.80 for a breakout. The USD/JPY pair is approaching its previous record highs, updated in mid-July, while the US currency received a new impetus, reacting to the comments of US Federal Reserve Chairman Jerome Powell on the need to maintain a "hawkish" monetary policy. The official is convinced that raising interest rates will help bring record inflation under control, even if it means sacrificing economic growth. In turn, macroeconomic statistics from the US, published on Friday, put some pressure on the dollar. In particular, the Personal Income in July slowed down from 0.7% to 0.2%, which turned out to be noticeably worse than market expectations at the level of 0.6%, and Personal Spending decreased from 1.0% to 0.1%, with the forecast at 0.4%. Additional pressure on the position of the yen today is exerted by statistics from Japan: the Coincident Index in June fell from 99.0 points to 98.6 points, and the Leading Economic Index for the same period fell from 101.2 points to 100.9 points, while forecasts assumed a fall to 100.6 points. [B]XAUUSD[/B] Gold prices are noticeably declining, developing a "bearish" trend of the end of last week. On Friday, the US dollar received a powerful impetus to growth, reacting to statements by the Chair of the US Federal Reserve, Jerome Powell, about the need to continue high interest rates. In fact, the official confirmed the possibility of an additional 75 basis points correction in the value, which would negatively affect non-interest bearing gold. Recall that the target inflation rate is still at 2.0%. In turn, in July, consumer price growth in the US slowed down somewhat and receded from the record high at around 9.1% to 8.5%, which is still well above the target levels. [url=https://solidecn.com]Visit solidecn.com[/url] [url=https://www.trustpilot.com/review/solidecn.com]Trust Pilot Score 4.9[/url][/JUSTIFY] [/QUOTE]
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