Dovish Fed triggers rally against USD By Ipek Ozkardeskaya The Federal Reserve’s (Fed) July meeting has been a big disappointment for the US dollar bulls. The Fed maintained the interest rates unchanged as expected, yet refrained from giving out more details regarding its balance sheet normalisation plans. The[…]
Is Cable’s bullish reversal sustainable? Cable finally cleared the critical Fibonacci resistance at 1.3045, the major 38.2% retracement on post-Brexit sell-off, and advanced to 1.3117 in the continuation of the mid-term bullish reversal. The UK June inflation and the Bank of England (BoE) inflation report[…]
The US dollar has been the weakest link last Friday, amid the US inflation came in softer-than-expected and the retail sales contracted by -0.2% month-on-month in June, versus +0.1% expected by analysts.
The weakness in the US dollar throws a red-herring in the pound’s path. The Bank of England (BoE) hawks have been discouraged this week, after the BoE Deputy Governor Ben Broadbent said that he is not ready to support a rate hike for the moment.
The risk appetite is back in force after Janet Yellen hinted that the cost of borrowing could increase slower than previously thought at the first day of her semiannual testimony in front of the Congress.
EUR/USD..seen as the first of several attempt at breaching this immediate resistance. Chart/Comment – Nicole Elliott, FT
Japan flat lines GDP growth is zero Data released this morning shows that the Japanese economy did not grow at all in the second quarter of this year, following a 0.5 per cent increase in Q1, taking the annualised rate down to 0.8 from 0.9[…]