While some politically savvy people may have fallen off their chairs yesterday after the first round of voting for the new German Chancellor, the fx market seemed less than impressed, Commerzbank's Head of FX and Commodity Research Thu Lan Nguyen notes.
A pushback against the dovish market pricing could trigger some short-term weakness in the stock market due to overstretched positioning, but the optimism for trade deals will likely trump the negative reaction
The latest data published by the People’s Bank of China (PBOC) showed that China continued to build its Gold reserves for a sixth month in a row in April.
The AUD/USD pair breaks its three-day winning streak, trading around 0.6480 during the European hours on Wednesday. The technical analysis of the daily chart suggests a persistent bullish bias as the pair is moving upwards within the ascending channel pattern.
News that the US and China will start trade talks this weekend has Brent crude trading higher, extending a relief rally in oil yesterday. Talks would be a sign of potential de-escalation in trade tensions.
Pound Sterling (GBP) is likely to trade in a range vs US Dollar (USD), expected to be between 1.3300 and 1.3400. In the longer run, the current price movements are part of a 1.3240/1.3450 range-trading phase, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
The Eurozone’s Retail Sales increased 1.5% year-over-year in March, following a revised 1.9% growth in February, according to official data released by Eurostat on Wednesday. Markets estimated a 1.6% figure.
Last night's news that the US and China would begin formal trade talks on 10-11 May to de-escalate the tariff war saw the dollar briefly spike 0.4/0.5%.
China’s exports likely to plunge, but imports may also slow, mitigating the tariff impact on net exports. Import intensity has been falling due to ‘onshoring’ of production and economic rebalancing.
The US Dollar Index (DXY), which tracks the value of the US Dollar (USD) against a basket of six major currencies, is trading around 99.50 during European hours on Wednesday, rebounding after losing over 0.50% in the previous session.
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Sterling is trading steadily, but politics should be supportive this month. We've already seen a new UK-Indian trade deal announced yesterday, but speculation is rising that a US-UK trade deal could be reached this week, ING's FX analyst Chris Turner notes.
Price action did not result in any increase in either downward or upward momentum; Euro (EUR) is likely to trade between 1.1290 and 1.1390 vs US Dollar (USD).
It's been quite an attractive story to tell that if German fiscal expansion caused the EUR/USD exchange rate to rise significantly in March (from 1.04 to 1.09), then a weakened Friedrich Merz should see EUR/USD fall a few figures back, ING's FX analyst Chris Turner notes.
EUR/USD flattens near 1.1370 during North American trading hours on Wednesday. The major currency pair consolidates as the US Dollar (USD) trades flat ahead of the Federal Reserve’s (Fed) monetary policy announcement at 18:00 GMT.
Loukas Priovolos has taken on a new role as Financial Reporting Manager at Deriv, following an eight-year tenure at Tickmill where he most recently served as Group Financial Controller.
Analyzing Ethereum Futures price movement, showing signs of moderate bullish momentum with key levels to watch for potential breakout. Order Flow Intel highlights buyer support and bullish bias, suggesting a positive trend ahead.
Indian Rupee (INR) crosses trade mixed at the start of Wednesday, according to FXStreet data. The Euro (EUR) to the Indian Rupee changes hands at 96.27, with the EUR/INR pair rising from its previous close at 95.85.
The Dutch banking provider Finom has secured $105 million (€92 million) in growth funding from General Catalyst's Customer Value Fund, the company announced today (Wednesday).
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