The higher prices seen today are generally related to the pandemic, that’s no doubt. US consumer prices jumped in October at the fastest pace in three decades putting the Biden administration on the defensive and increasing prospects that the Federal Reserve will raise interest rates next year. Jerome Powell says Fed will discuss speeding up bond-buying taper at the December meeting. What does it mean for markets?
Morning Forex Report: Feb. 13
The US dollar is depreciating against most of the currencies.
The global equity markets showed some stability on Monday after the crucial selloff, and the US dollar is losing its positions. Experts suppose that the market will stay shaky until February 28 when the Federal Reserve Chairman Mr. Powell will deliver his first monetary policy report.
Another reason for the US dollar weakness is the tomorrow US inflation and retail sales data. The forecast is mixed compared to previous figures, that is why we can see the volatility of the market.
The EUR/USD pair is rising from the Friday, February 9. However, there is a possibility of the fall of the single currency in the future because of some events such as uncertainty in Germany related to the new coalition deal and the Italian March election. But the EUR/USD pair has a wide channel, so the next support is at 1.2205, resistance is at 1.2410.
The cable is growing as well. On Friday, February 9, GBP fell a lot. The reason is the comment of the one of Brexit negotiator about the likely difficulties of the UK/EU deal. But since Monday it is trying to recover. The same as the euro it has the wide channel. The support is at 1.3755, the resistance is at 1.4000.
The USD is strongly depreciating against the yen. Now it is nearly the lowest price at 107.29 since September 2017. If the pair breaks the level of 109.31, it has chances to rise.
Positions of the Canadian dollar and Australian dollar are unstable. A bearish trend is changed with a bullish trend.
The USD is strong after the comments of the Federal Reserve members. Gold is under the impact of contradictory factors. Watch the video to get trade ideas for EUR/USD, USD/JPY, XAU/USD, and XBR/USD!
Find out the insights for today's trading of the most popular instruments on the Forex market
Although the last week was intense, this one may be more dynamic and volatile. After the FOMC meeting and controversial decisions from the Bank of England, we saw a historical pound decrease, and the gold plunge. And there’s even more for you.
After the US CPI last week came out above the forecast, traders started expecting a 75-basis point rate hike…
In this video, we will talk about the potential change of a trend in the euro, another stock rally amid a global downtrend, gold prospects, and news that shakes the world right now. It’ll be a helpful video you don’t want to miss.