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What happened in the US session?<\/b><\/p>\n
Fed Chair Powell said again that the central bank might increase interest rates faster to combat stubbornly high inflation to the 2% target. This reiteration, solid ADP Non-Farm Employment Change and upbeat JOLTS Job Openings helped sustain Tuesday\u00e2\u20ac\u2122s gain in the USD.<\/span><\/p>\n As expected, the BOC held its target for the overnight rate at 4.5%.<\/span><\/p>\n What does it mean for the Asian Session?<\/b><\/p>\n China’s CPI y\/y forecast is 1.9% (previous 2.1%), and the PPI y\/y forecast is -0.8% (previous -1.3%), impacting AUD as China is Australia’s biggest trade partner. Higher CPI may boost AUD, while better PPI could raise demand for Australian raw materials, increasing AUD’s value.<\/span><\/p>\n The Dollar Index (DXY)<\/b><\/p>\n Key news events today<\/b><\/p>\n Unemployment Claims<\/span><\/p>\n What can we expect from DXY today?<\/b><\/p>\n US Unemployment Claims data is due for release, with forecasted claims at 195K, compared to the previous figure of 190K. A better-than-expected figure could increase the dollar’s value and vice versa.<\/span><\/p>\n Central Bank Notes:<\/span><\/i><\/p>\n Next 24 Hours Bias<\/b><\/p>\n Bullish<\/span><\/p>\n Gold (XAU)<\/b><\/p>\n Key news events today<\/b><\/p>\n No major news events.<\/span><\/p>\n What can we expect from Gold today?<\/b><\/p>\n The reiteration of the US central bank\u00e2\u20ac\u2122s hawkish stance towards inflation during Fed Chair Powell\u00e2\u20ac\u2122s testimony should put further downward pressure on the price of gold.<\/span><\/p>\n Next 24 Hours Bias<\/b><\/p>\n Bearish<\/span><\/p>\n The Australian Dollar (AUD)<\/b><\/p>\n Key news events today<\/b><\/p>\n No major news events.<\/span><\/p>\n What can we expect from AUD today?<\/b><\/p>\n As there is no major news event for the AUD, the price direction of the currency is likely to be influenced by the recent comments made by RBA Governor Lowe. The chief mentioned the possibility of halting interest rate hikes as the monetary policy becomes more restrictive but emphasised the need for further tightening to achieve the inflation target.<\/span><\/p>\n Central Bank Notes:<\/span><\/i><\/p>\n Next 24 Hours Bias<\/b><\/p>\n Weak Bearish<\/span><\/p>\n The Kiwi Dollar (NZD)<\/b><\/p>\n Key news events today<\/b><\/p>\n No major news events.<\/span><\/p>\n What can we expect from NZD today?<\/b><\/p>\n More robust than previous BusinessNZ Manufacturing Index (50.8) and Manufacturing Sales q\/q (5.1%) data releases could temporarily strengthen the NZD.\u00c2\u00a0<\/span><\/p>\n Central Bank Notes:<\/span><\/i><\/p>\n Next 24 Hours Bias<\/b><\/p>\n Weak Bullish<\/span><\/p>\n The Japanese Yen (JPY)<\/b><\/p>\n Key news events today<\/b><\/p>\n No major news events.<\/span><\/p>\n What can we expect from JPY today?<\/b><\/p>\n Upcoming data releases include Final GDP Price Index y\/y (expected 1.1%, previous 1.1%), Final GDP q\/q (expected 0.2priorous 0.2%), and M2 Money Stock y\/y (expected 2.8priorous 2.7%). The impact on JPY is expected to be moderate, with M2 Money Stock y\/y having a slight potential impact due to a possible increase in inflationary pressure.\u00c2\u00a0<\/span><\/p>\n Central Bank Notes:<\/span><\/i><\/p>\n Next 24 Hours Bias<\/b><\/p>\n Weak Bullish<\/span><\/p>\n The Euro (EUR)<\/b><\/p>\n Key news events today<\/b><\/p>\n No major news events.<\/span><\/p>\n What can we expect from EUR today?<\/b><\/p>\n Upcoming French Final Private Payrolls q\/q data is forecasted at 0.0%, same as previous. If there’s a surprise increase or decrease, it could impact the EUR value.\u00c2\u00a0<\/span><\/p>\n Central Bank Notes:<\/span><\/i><\/p>\n <\/p>\n Next 24 Hours Bias<\/b><\/p>\n Mixed<\/span><\/p>\n The Swiss Franc (CHF)<\/b><\/p>\n Key news events today<\/b><\/p>\n No major news events.<\/span><\/p>\n What can we expect from CHF today?<\/b><\/p>\n No major news event for CHF today, so price direction may draw from the recent SNB Chairman’s speech about tightening economic policy through interest rates and currency interventions to stabilise prices.<\/span><\/p>\n Central Bank Notes:<\/span><\/i><\/p>\n Next 24 Hours Bias<\/b><\/p>\n Weak Bullish<\/span><\/p>\n The Pound (GBP)<\/b><\/p>\n Key news events today<\/b><\/p>\n No major news events.<\/span><\/p>\n What can we expect from GBP today?<\/b><\/p>\n UK’s RICS House Price Balance data’s forecasted figure of -48% (previous -47%) may negatively impact GBP due to decreased consumer confidence and a slower housing mar. This leads to investors seeking alternatives and reducing demand for GBP.\u00c2\u00a0<\/span><\/p>\n Central Bank Notes:<\/span><\/i><\/p>\n Next 24 Hours Bias<\/b><\/p>\n Weak Bearish<\/b><\/p>\n The Canadian Dollar (CAD)<\/b><\/p>\n Key news events today<\/b><\/p>\n No major news events.<\/span><\/p>\n What can we expect from CAD today?<\/b><\/p>\n No major news event for CAD today, so price direction depends on the recent slightly hawkish BOC monetary announcements: Overnight Rate maintained at 4.5%; BOC is ready to raise the policy rate to return inflation to 2%.<\/span><\/p>\n Central Bank Notes:<\/span><\/i><\/p>\n Next 24 Hours Bias<\/b><\/p>\n Weak Bullish<\/span><\/p>\n Oil<\/b><\/p>\n Key news events today<\/b><\/p>\n No major news events.<\/span><\/p>\n What can we expect from Oil today?<\/b> Next 24 Hours Bias<\/span><\/p>\n Weak Bearish<\/span><\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" What happened in the US session? Fed Chair Powell said […]<\/p>\n","protected":false},"author":8,"featured_media":56102,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[196,215],"tags":[],"class_list":["post-57170","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fundamental-analysis","category-market-analysis"],"_links":{"self":[{"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/posts\/57170","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/comments?post=57170"}],"version-history":[{"count":1,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/posts\/57170\/revisions"}],"predecessor-version":[{"id":57171,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/posts\/57170\/revisions\/57171"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/media\/56102"}],"wp:attachment":[{"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/media?parent=57170"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/categories?post=57170"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/tags?post=57170"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
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\n<\/span>The recent reaffirmation by Fed Chair Powell regarding the prospect of a more rapid increase in interest rates has sparked a substantial surge in the value of the US dollar. This development has the potential to exert a downward influence on oil prices and could have wider repercussions for the global economy.<\/span><\/p>\n