What is going on in the market today ?
Evergreen buck is intact ahead of major data
On Friday, the evergreen buck stood still in Asia as financial markets wait for the upcoming non-farm payroll as well as job data for April.
Estimating the purchasing potential of the evergreen buck against its primary peers the USD index was intact, showing 97.586.
As the Commerce Department told, in March, factory goods orders went up by up to 1.9% year on year, confounding experts’ expectations for a 1% leap.
On Thursday, the US Department of Labor informed that initial jobless claims were still intact at 230,000, missing hopes for a dive of 10,000.
An everlasting ascend in American government bond gains was cited as supportive for the evergreen buck earlier in the day right after Fed Chair Jerome Powell confounded expectations for a rate cut yesterday.
At his regular press conference, Fed Chair Jerome Powell told that Fed policymakers don’t see a firm case for moving in any direction, pointing that the major US bank is assured that the weakness of inflation as well as private demand in the first quarter is going to be temporary.
Besides this, the currency pairs AUD/USD and NZD/USD both rallied by about 0.1%. Eventually, the Reserve Bank of Australia is going to hold a policy gathering on May 7. Meanwhile, the Reserve Bank of New Zealand is going to take place a day after. Some experts are assured that the two major financial institutions might have rates cut after recently below-forecast inflation reports.
The currency pair GBP/USD was nearly intact after the Bank of England decided to leave the benchmark rate on hold at 0.75%.
In July, Britain's inflation rate rallied for the first time in 2018, thus leaving many UK households feeling quite squeezed by prices, soaring at nearly the same tempo as their wages…
On Friday, the evergreen buck rallied versus its counterparts after data disclosed that the American economy generated more jobs than anticipated In October, thus backing the Fed’s case to proceed with gradual rate lifts…
On Tuesday, gold rallied because uncertainty over the latest developments in Britain’s departure from the EU backed safe haven demand and traders looked ahead for American inflation data to underpin the Fed’s pledge to remain on hold…