Forex Market Report - 21st 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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6 days ago
1. Federal Reserve policy outlook
- Fed Chair Jerome Powell's recent statements signal a cautious approach to interest rate adjustments, indicating potential rate hikes may still be on the table if inflation persists.
- Upcoming economic data releases, including GDP and inflation reports, will heavily influence the Fed’s next moves.
- Market participants are closely watching Fed commentary for hints on the timing and magnitude of future rate changes.
2. European Central Bank (ECB) decisions
- The ECB has reiterated its commitment to fighting inflation, with potential rate hikes under consideration if inflation data does not improve.
- Recent economic indicators from the Eurozone suggest mixed economic performance, influencing ECB policy considerations.
- Traders are eyeing ECB President Christine Lagarde’s speeches for insights on future monetary policy direction.
3. US-China trade relations
- Ongoing trade tensions between the US and China continue to impact market sentiment, with recent talks showing little progress.
- New tariffs and trade restrictions are under discussion, which could exacerbate economic pressures on both sides.
- Market volatility is expected to increase as traders react to any developments in the US-China trade negotiations.
4. Crude oil price fluctuations
- Crude oil prices have experienced significant volatility due to geopolitical tensions and supply chain disruptions.
- Recent OPEC+ meetings indicate potential adjustments to production targets to stabilize prices.
- Energy market traders are monitoring inventory reports and geopolitical developments for clues on future price movements.
5. Currency market movements
- The US Dollar Index (DXY) shows strength amid global economic uncertainties, affecting major currency pairs.
- Euro and Pound Sterling face pressure due to economic challenges within the Eurozone and UK.
- Emerging market currencies are particularly vulnerable to shifts in global risk sentiment and interest rate expectations.
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Yen: a managing decline
Expert market comment made by senior analyst Alex Kuptsikevich of the FxPro Analyst Team: Yen: a managing decline
FxPro
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1h 55min ago
Yen under pressure as USD/JPY hits new highs since 1986
The USD/JPY pair soared to 160.34 on Thursday, reaching levels not seen since 1986, as market participants increasingly anticipate potential interventions from Japanese authorities. Despite repeated verbal assurances, the Japanese government has not taken concrete financial measures, leaving the yen vulnerable.
RoboForex
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5h 26min ago
EBC Daily Snapshot Jun 27, 2024
The dollar trimmed gains from the previous session as Treasury yields slightly eased. US new home sales fell last month due to high mortgage rates.
EBC Financial Group
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5h 30min ago
Dollar rises to a 38-year high against yen
Dollar rises as investors digest Fed remarks - Dollar/yen breaks 160, triggers intervention warnings - Wall Street trades in the green, AI still the main driver
XM Group
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6h 4min ago
Buyers failed to pick up on the crypto market
Expert market comment made by senior analyst Alex Kuptsikevich of the FxPro Analyst Team: Buyers failed to pick up on the crypto market
FxPro
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7h 16min ago
EBC Markets Briefing | All eyes on Friday with a yen below 160
The yen hovered near a 38-year low below 160 per dollar. Finance Minister Shunichi Suzuki said authorities would take the necessary actions.
EBC Financial Group
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7h 42min ago
Japanese Yen Trades to New Low in Decades
The Japanese Yen plummeted to its weakest level since 1986 at 160.87 against the greenback, the currency pair has lost more than 12% this year
PU Prime
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9h 27min ago
Daily Global Market Update
The Euro and Gold dipped slightly, while the Dollar strengthened against the Yen. Meta's stock surged but might be overbought. Amazon hit $2 trillion in market cap, boosting investor optimism. Upcoming economic data include US GDP and Durable Goods Orders.
Moneta Markets
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10h 2min ago