Forex Market Report - 26th June 2024
Our forex market report offers an overview of critical economic and financial events that impact the global forex markets. Traders should closely monitor developments to fine-tune their trading strategies accordingly.
DNA Markets
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1. US Consumer Confidence Report
- Consumer confidence rose to 110.2, above forecasts of 108.
- Positive consumer sentiment may support USD strength in the short term.
- Analysts suggest increased consumer spending could boost Q2 GDP.
2. ECB President Speech
- ECB President emphasized the need for sustained monetary policy tightening to combat inflation.
- Indications of possible rate hikes in the upcoming July meeting.
- Eurozone bond yields responded with a slight increase, supporting the EUR.
3. UK Inflation Data
- UK CPI data showed a slight decrease to 7.8% YoY from 8.2% last month.
- Lower inflation may reduce pressure on the Bank of England to raise interest rates.
- GBP experienced minor fluctuations but remained stable post-release.
4. US Durable Goods Orders
- Durable goods orders increased by 1.2% in May, exceeding expectations of 0.8%.
- Strong orders indicate robust manufacturing activity and economic resilience.
- The positive data supports USD, especially against JPY and EUR.
5. Japan Retail Sales
- Japan's retail sales grew by 3.5% YoY in May, beating the forecast of 3.0%.
- Increased domestic spending suggests economic recovery momentum.
- JPY strengthened slightly against USD and EUR following the release.
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Fed hawks lower expectations for Powell’s Jackson Hole speech
September rate cut in question as Fed officials reluctant to switch policy. Dollar firms as bets grow that Powell will not send strong rate cut signal. Wall Street slips again as tech stocks continue to wobble. Oil headed for weekly gains as Ukraine peace efforts run into trouble.
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GBP/USD: Friday correction after surge
On Friday, the GBP/USD pair declined to 1.3401 after strong gains earlier in the week. The previous rally was triggered by July business activity data, which showed the best performance in a year, mainly supported by the services sector.
RoboForex
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The dollar finds its footing, but the Fed holds the cards
Expert market comment made by Chief Market Analyst Alex Kuptsikevich of the FxPro Analyst Team: The dollar finds its footing, but the Fed holds the cards
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EBC Markets Briefing | Gas prices jump following huge Russian attack
Oil prices were little changed on Friday, set to end a two-week losing streak as fading peace hopes between Russia and Ukraine raised the risk premium.
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Markets Brace for Powell’s Speech: Gold and Silver Slip, Oil Rallies, Currencies Hold Steady | 22nd August 2025
Markets hold steady ahead of Powell’s Jackson Hole speech, with gold near $3,330 and silver slipping toward $38.00 as Fed cut bets fade. WTI rallies toward $63.50 on strong U.S. demand and supply concerns. AUD/USD stays under pressure near 0.6410 on dollar strength, while USD/CNY steadies around 7.1320 after a firmer PBoC fix. Traders brace for Powell’s policy signals.
Moneta Markets
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ATFX Market Outlook 22nd August 2025
Ahead of Fed Chair Jerome Powell’s speech tonight, three Fed officials poured cold water on expectations of a September rate cut. U.S. PMI data showed stronger business activity in August, but weekly jobless claims posted the most significant increase in nearly three months, highlighting continued labor market weakness.
ATFX
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