Started by PocketOption, Feb 10, 2022, 09:43 am
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During the Asian session, the euro is under milder pressure but still retains most of last week’s gains against the dollar. Better data (than expected) on German exports in December were released this morning. On the other hand, the President of the ECB, Christine Lagarde, tried yesterday to reject the speculations about increasing the interest rate in the Eurozone, which put pressure on the common European currency. The euro is now being exchanged for 1.14240 dollars, which is a weakening of the common European currency by 0.10% since the beginning of trading tonight. Tomorrow, the figures of the consumer price index (inflation) will be published for January.
During the Asian session, the British pound strengthened against the dollar. The American currency is in withdrawal because the yields on ten-year US bonds have slowed down, slightly deviating from the highest level recorded yesterday. The Bank of England raised the interest rate last week to 0.5%, sending a cautious forecast on the prospects of the British economy. This gave the pound limited power. Currently, the pound is exchanged for 1.35795 dollars, which represents the strengthening of the British currency by 0.30% since the beginning of trading tonight.
Germany’s exports continued to grow in December, data released by Destatis showed on Wednesday.
Exports rose 0.9 percent on a monthly basis in December. And this was weaker than the 1.8 percent increase recorded in November, and the monthly growth erased the expected decline of 0.2 percent. At the same time, import growth climbed to 4.7 percent from 3.4 percent in the previous month. Economists forecast a 1.5 percent drop.
For the entire 2021 year, exports increased by 14.0 percent, and imports by 17.1 percent compared to the previous year. Exports were 3.6 percent, and imports were 8.9 percent above the levels from the pre-crisis 2019.
The euro stabilized on Wednesday, from a three-week high, after the president of the European Central Bank, Christine Lagarde, lowered the forecast for an aggressive increase in interest rates.
The dollar was unchanged, a day before the release of U.S. consumer price data that could offer new indications of the pace of tightening Federal Reserve monetary policy.
The hawkish tone of both the ECB and the Fed last week found markets unprepared and boosted eurozone yields and U.S. debt, following reports of rising rates that could grow faster and higher than previously expected.
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