Today’s interesting news in Forex came from Portugal.
Speaking at a panel discussion at the European Central Bank’s monetary policy conference in Sintra, Portugal, Federal Reserve Chairman Jerome Powell said: He expressed his satisfaction with the progress made in the area of inflation. But he stressed that he wanted to see more evidence before he could gain enough confidence to start cutting interest rates.
These are certainly not harsh comments.
But it’s not a dove… yet.
The Fed faces a difficult task of trying to balance the timing of interest rate cuts to avoid reaccelerating inflation or causing a recession.
Powell stressed that achieving the 2% inflation target remains a priority and that the labor market is cooling appropriately, reducing inflationary pressures.
Most economists expect the first rate cut in September, but Powell did not provide any specific time frame..
While he did not commit to cutting interest rates in September, he said that The risks between inflation and the labor market have become more balanced.
translation: “While we won’t tell you when we will do that.” Cuts Our prices, we tell you we won’t do it. Lifts Rates.
If you’re interested or perhaps need a natural sleep aid, here’s a video of JPow participating in a panel discussion alongside Christine Lagarde, President of the European Central Bank, and Roberto Campos Neto, President of the Brazilian Central Bank.
In the 2:36 Mark, you were asked about a rate cut in September.
Forex Market Drivers
Which currency pairs made the biggest gains today?
Canadian Dollar/Swiss Franc He was the leader of the group, and got 0.52% or 34 points.
As explained by us Foreign exchange market drivers Page, the top 5 gainers had very small gains.
look at me CAD/CHF Currency Pair Classification According to Trading Trendshe shows rising evaluation.
Which currency pairs lost the most today?
usd/cd He was the biggest loser, as he fell. 0.42% or 57 points.
currency strength
What is the overall strength or weakness of the individual major currencies today?
Based on currency strength meter On MarketMilk™, scoundrel It was the strongest currency, while Swiss Franc It was the weakest currency.
If we dig a little deeper and look at how the major currency pairs work Moved in the last 24 hoursWe can see that the US dollar started to decline after JPY Pao’s comments.
Short term currency trends
When it comes to Short term trend strengththe British pound (GBP) shows the greatest upward strength, along with the euro (euro)
the Japanese Yen (Japanese Yen) and Swiss Franc (CHF) shows the strongest bearish force.
Keep an eye on U.S. dollar (USD) The trend is still up but seems to be weakening.
Heat map of currencies
If we take a look at Heat map of currenciesWe can see the yen continuing to weaken.
It’s business. less that it weekly, monthly, And Annual Lows.
currency fluctuations
What is the most volatile currency today?
Based on our website Currency Volatility MeterIt’s the Canadian Dollar (scoundrel – scoundrel).
What is the most volatile currency pair today?
Since the Canadian dollar was the most volatile currency, it had to be a currency pair. But which one?
Canadian Dollar/Swiss Franc. I moved 0.65% or 42 points.
