On June 9, the European Central Bank published its interest rates and Monetary Policy Statement. In general, as expected, the central bank kept its interest rate's unchanged. Meanwhile, the central bank revealed that it would hike its interest rates by 0.25% in July. Moreover, the ECB is set to end its Asset Purchase Program on July 1. However, the monetary
The release of the monthly US employment data at 12:30 GMT caused a surge of the US Dollar's value. The EUR/USD reacted to the news with a 30 base point decline over a span of 15 minutes. The US Average Hourly Earnings increased by 0.3%, compared to the expected 0.4%. Non-farm Employment Change was revealed to be at 390,000 and
On June 1, the Bank of Canada hiked its Overnight Cash Rate from 1.00% up to 1.50%. In addition, the bank stated that it would continue its monetary tightening program. The initial announcement caused a spike in the value of the Canadian Dollar. However, it almost immediately was reversed, as the markets spotted that in the official statement the Canadian
On May 25, the Reserve Bank of New Zealand hiked its Official Cash Rate from 1.50% up to 2.00%. The hike was already expected by the markets. The announcement strengthened the New Zealand Dollar. Meanwhile, the bank revealed that inflation is above the bank's targets, despite its recent efforts and rate hikes, some of which were higher than expected. Quoting the statement:
On Tuesday, at 08:30 GMT, the GBP/USD plummeted because of the publication of the Markit Flash Manufacturing and Services Purchasing Managers Index survey results. The Pound lost value due to the revelation that the Services PMI was at 51.8 instead of the forecast 56.9. The GBP/USD reacted to the news by dropping 103 base points or 0.82%.
Next week, notable data releases will start on Tuesday, at 12:30 GMT. At that time, the US Retail Sales and Core Retail Sales data will be published. The data is set to reveal whether the US consumer had continued to make purchases in the market. On Wednesday, at 06:00 GMT, the UK Consumer Price Index data will reveal how inflation had
On Wednesday, the United States Labour Statistics Bureau released the monthly US Consumer Price Index and Core Consumer Price Index data for April. The markets expected the data for clues in regards to the effectiveness of the first US Federal Reserve Rate hike done on March 15. At 12:30 GMT, the CPI and Core CPI came in at 0.3%
During the week, most attention will be put on the US Consumer Price Index and Producer Price Index data. The data sets are expected to reveal the inflation in the United States in the aftermath of the first Federal Reserve Rate hike done in March. Consumer Price Index and Core Consumer Price Index number will be published on Wednesday at
At 12:30 GMT, the USD/CAD was treading near the day's low levels at 1.2812, as the United States and Canada published their respective employment statistics. In general, the US data surprised and caused a strengthening of the USD, and the Canadian data revealed the situation to be worse than forecast, which beat down the value of the Canadian Dollar. The
On May 5th, the Bank of England hiked its interest rate from 0.75% up to 1.00%, which is the highest level in 13 years. In addition, the bank revealed how the monetary policy makers voted on the rate hike. Namely, six of the committee voted for a 0.25% hike, but three members wanted a 0.50% hike that would set the
On May 4, the US Federal Reserve released its Federal Open Market Committee Statement and hiked the Federal Funds Rate from 0.50% up to 1.00%. The rate hike was expected by the markets, as the members of the central bank had revealed their plans for May. Meanwhile, the markets looked at the FOMC Statement for clues about the future policy
All attention during the week will be on the US Federal Reserve Rate Hike on Wednesday at 18:00 GMT. The central bank rate is forecast by the markets to be increased by 0.50%. However, a larger or smaller than expected increase could shock the markets by impacting the US Dollar's value. In addition, at 18:30 GMT, the Federal Reserve will
On April 28, the Bank of Japan released its Outlook Report and Monetary Policy Statement. In general, the bank is set to continue its monetary easing policy, which is weakening the value of the Yen. Namely, the bank is keeping its bank rates at previous levels and 10-year Japanese government bond yield target is set to be the same. Meanwhile, the
During the week, minor moves could be created by some data releases. Meanwhile, note that the whole financial market continues to adjust to the latest comments made by the Federal Reserve about monetary tightening. On Tuesday, the US Durable Goods Orders might impact the USD value at 12:30 GMT. On Thursday, the US Advance GDP is expected to cause USD volatility across
At 06:00 GMT, the UK statisticians revealed that the monthly retail sales had declined in the UK by 1.4% instead of the expected 0.3%. Namely, there is a lot less demand for the GBP in the local economy. The GBP/USD reacted to the news with a drop of 115 base points or 0.88% in an hour and half after the
At 12:30 GMT on Wednesday, the Canadian Consumer Price Index data revealed that monthly inflation in Canada had increased by 1.4%, compared to the market forecast of 0.9%. The news signaled that the local demand for the Canadian currency is higher. Moreover, the Bank of Canada could tighten the supply of the Canadian currency event further in an effort
On Wednesday, the Canadian Consumer Price Index data is set to impact the value of the Canadian Dollar by revealing the changes in local prices in Canada. On Thursday, the weekly US Unemployment Claims at 12:30 GMT might cause a minor USD move. On Friday, at 06:00 GMT the value of the GBP could adjust to the UK Retail Sales
On April 14, the European Central Bank kept its base rates in the negative zone and revealed that it would end asset purchases only in the third quarter of 2022. The news indicate that the rampant inflation in the European Union is set to continue, and the value of the Euro is going to decline. Quoting the statement: "Inflation has increased significantly
On April 13, the Bank of Canada published its monetary policy statement. The central bank hiked its interest rate from 0.50% up to 1.00%, which was an expected 50 base point hike. Moreover, the bank stated that more increases are to be expected, as inflation continues to surge. Meanwhile, the statements of the central bank were seen variously by market participants.
On April 13, at 02:00 GMT, the Reserve Bank of New Zealand hiked interest rates. The markets expected a 0.25% hike that would increase rates up to 1.25%. However, the bank hiked 0.50%, which put the Official Cash Rate at 1.50%. This was the most aggressive rate hike in a period of 22 years. The central bank is beating down on
On Tuesday, the US Consumer Price Index was released. Monthly inflation in the US was revealed to be at 1.2%. Due to the news, the value of the USD plummeted, as the markets interpreted the news as a signal of incoming US monetary tightening.
The second week of April is set to be busy, as US Consumer and Producer Price Index data will be published. In addition, the central banks of New Zealand, Canada and Euro Zone are set to make rate statements. On Tuesday, at 12:30 GMT, the US Consumer Price Index will reveal, how the US inflation has continued to grow, as some
On April 5, the Reserve Bank of Australia published its Rate Statement. The central bank kept the Australian base interest rate at 0.10%. Meanwhile, the central bank revealed that due to the ongoing surge in commodity prices, the Australian economy is doing very good. Quoting the statement: "The Australian economy remains resilient and spending is picking up following the Omicron setback. Household
During the week, almost all attention will be paid to the US Federal Reserve Federal Open Market Committee Meeting Minutes on Wednesday at 19:00 GMT. The meeting minutes are a protocol of the central bank's committee, which decides US and, subsequently, global monetary policy. The document is set to reveal, what the committee talked about and detailed information about their