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British pound edges higher after GDP surprise
UK GDP rises 0.2% US inflation accelerates by 3.2% The British pound is slightly higher earlier on Friday. In the European session, GBP/USD is trading at 1.2706, up 0.24%. UK GDP surprises to the upside The week wrapped up on a high note in the UK, as the economy grew by 0.2% q/q in the second quarter.
11-08-2023 05:08 GMT by Kenneth Fisher
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While the yen weakens again towards 145 against the dollar, EUR/JPY rises to highest levels since 2008
Japan last intervened in October when dollar-yen prices were at 150 Fed rate hike odds fall to 10% for the September 20th meeting Japan's material inflation data continues fell to 3.6% from a year earlier, lowest reading since March 2021 The dollar weakened against most of its major trading partners after soft inflation data supported the Fed's case to keep rates on hold in September.  Yen traders watched global stocks surge, which put a dent in demand for safe-havens.  Dollar-yen is now rallyi
10-08-2023 12:15 GMT by Edward Moya
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GBP/USD dips lower as US inflation rises
US inflation accelerates by 3.2% UK GDP expected to rise 0.1% in Q2 The British pound showed some strength earlier but reversed directions and lost ground after the US inflation report. In the North American session, GBP/USD is trading at 1.2725, up 0.05%. US headline CPI rises, core rate ticks lower The US inflation report was somewhat of a mix, but most important was that both headline and core inflation were within expectations.
10-08-2023 11:55 GMT by Kenneth Fisher
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Dollar drops as inflation continues to cool; Fed September skip confirmed   
Dollar falls as Fed rate hike odds soften to 10% for September and 20.2% in November US Annual CPI rose from 3.0% in June to 3.2% in July, snapping a streak of 12 consecutive declines Core CPI (ex-food/energy) fell to 4.7% year-over-year, lowest reading since October 2021 No surprises from the July CPI report After a roughly in-line inflation report, Wall Street remained optimistic that the Fed won’t need to raise rates in September.  Headline inflation rose but that was mainly due to the large
10-08-2023 09:29 GMT by Edward Moya
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Gold - Sell-off stalls ahead of June lows as traders eye the US CPI
A strong inflation number could send it lower again Major support zone below Gold appears to be stabilizing a little ahead of the US CPI report, with traders paying close attention to the outcome as it could ultimately determine whether the yellow metal breaks the June lows or rebounds higher. Prices have been pressured by rising yields and a stronger dollar recently as traders have pushed back expectations around rate cuts for next year. While they appear confident that the Fed is done with ti
10-08-2023 08:30 GMT by Craig Erlam
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Brent Crude - Momentum wanes as oil trades around 2023 highs
Stalling around 2023 highs Divergence a sign of waning momentum Oil prices have stabilized again today after another choppy, albeit broadly bullish, start to the week. They're now trading around their highest levels for the year and you have to wonder whether the recent announcements from Saudi Arabia and Russia, combined with better economic prospects, will be enough to lift the price to new 2023 highs, and above $90 in the case of Brent. Are we seeing some profit-taking? One thing that is
10-08-2023 08:21 GMT by Craig Erlam
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AUD/USD rebounds as inflation expections dip
Australia's inflation expectations ease US inflation is expected to rise to 3.3% The Australian dollar is in positive territory on Thursday. In the European session, AUD/USD is trading at 0.6552, up 0.37%. Australian inflation expectations ease  Australia's consumer inflation expectations dipped in August to 4.9%, down from 5.3% in July.
10-08-2023 05:13 GMT by Kenneth Fisher
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USD/JPY higher on strong demand for 10-year notes; Commodities diverge
Thursday's inflation report to seal the deal for a Fed hold in September Treasury sells 10-year notes with strong demand as yields drop China deflation raises prospects of more stimulus USD/JPY rose after a strong auction signaled that Wall Street is very confident that inflation will continue to fall. It looks like investors will gladly be eating all the extra issuance that comes from the Treasury.
09-08-2023 15:44 GMT by Edward Moya
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Gold - Drifts lower pressured by higher yields
Higher yields push gold lower Could the US CPI be a game-changer? A break of June lows could be very bearish The second half of the summer hasn't been kind to gold so far, with the yellow metal coming close to $2,000 once more before plunging back toward $1,900 where it spent most of late June and early July. Higher yields, particularly in the US, and a stronger dollar have been primarily responsible for this but there's probably also an element of uncertainty in the economic data that's making
09-08-2023 12:08 GMT by Craig Erlam
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Brent Crude - Another recovery but it's far from convincing
Chinese trade data only a temporary distraction Recovery not as bullish as it first appears Divergence a red flag Oil prices are advancing again today after briefly dipping on Tuesday following some weaker Chinese trade figures. While that data did appear to trigger some profit-taking in crude, it was never going to be a game-changer as oil market dynamics have turned much more bullish recently. Furthermore, weak global trade and an uninspiring Chinese rebound this year are not new stories.
09-08-2023 10:37 GMT by Craig Erlam
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EUR/USD: Euro steadies after Italy curtails windfall tax and ahead of US CPI
Italy cushions windfall tax blow China deflation to spark stimulus efforts US five-year inflation breakeven nears peak set in April 2022 Yesterday, the euro took a big hit after Italian Premier Meloni’s cabinet approved a 40% levy on lenders’ extra profits.  Today was all about damage control as the Italian government had to tweak and ease up this crushing windfall tax on banks. The initial tax plan crushed the European banking sector, but that might see some relief now that the finance ministr
09-08-2023 10:18 GMT by Edward Moya
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British pound flat on light data calendar
US inflation expected to rise to 3.3% UK GDP projected to fall to 0% Fed member Harker says rates may have peaked The British pound has had a relatively quiet week. In the North American session, GBP/USD is trading at 1.2731, down 0.13%. Markets eye US inflation, British GDP It has been a quiet week on the data calendar, with no tier-1 events out of the UK or the US.
09-08-2023 10:07 GMT by Kenneth Fisher
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New Zealand dollar shrugs as inflation expectations rise
New Zealand inflation expectations rise to 2.83% China's inflation decreases for the first time since February 2021 The New Zealand dollar is showing limited movement on Wednesday, trading at 0.6060 in the European session. New Zealand inflation expectations nudge higher to 2.83% Like most major central banks, the Reserve Bank of New Zealand has been waging a long and tough battle against inflation by raising interest rates. CPI fell to 6.0% in the second quarter, down from 6.7%.
09-08-2023 08:16 GMT by Kenneth Fisher
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Australian dollar edges higher after mixed confidence data
Australian consumer confidence declines, business confidence steady Fed member Harker says Fed may be done raising rates The Australian dollar has bounced back on Wednesday and is trading at 0.6552, up 0.13%. AUD/USD slipped 0.45% on Tuesday and dropped to its lowest level since June 1st. Australian consumer confidence slips, business mood stays steady Australia's consumers remain deeply pessimistic about economic conditions.
09-08-2023 05:35 GMT by Kenneth Fisher
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Brent Crude - China data weighs on oil prices
Chinese trade data disappoints again Saudi and Russian cuts continue to support prices Divergence a potential red flag The data from China appears to be weighing on oil prices today, which is understandable with it being the world's second-largest economy. Still, oil remains not far from yesterday's highs, having recovered more than 20% since late June.
08-08-2023 16:44 GMT by Craig Erlam
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