Dollar slides after Fed’s Powell, Gold breaks above $1,970
The post Dollar slides after Fed’s Powell, Gold breaks above $1,970 appeared on BitcoinEthereumNews.com. During the Asian session, trade data from New Zealand and the National Consumer Price Index for Japan are expected. Market expectations are that China will keep its Loan Rates unchanged. Later in the day, UK Retail Sales and German Producer Price Index figures will be published. While there are scheduled speeches from Fed officials, it appears there might not be much additional impact following Powell’s speech on Thursday. Here is what you need to know on Friday, October 20: In the week ending October 14, US Initial Jobless Claims dropped to 198,000, the lowest level since January, indicating that the labor market remains tight. However, Continuing Claims rose to 1.734 million in the week ended October 7, the highest level since July. Existing Home Sales experienced a smaller decline than expected but still reached the lowest level in 13 years. Federal Reserve (Fed) Chair Jerome Powell suggested that the central bank will not raise rates in the short term. However, he explained that further monetary policy tightening could be warranted if there is more evidence of above-trend growth or if the labor market stops easing. Powell also mentioned that the risk is still inflation. Despite three consecutive declines in US stocks, the US dollar dropped during the American session. The US Dollar Index (DXY) consolidated losses after Powell’s remarks but remained above 106.00. The bond market remains volatile, with the 10-year Treasury yield settling at 4.99%, the highest since 2007, while the 2-year yield decreased from 5.26% to 5.16%.Geopolitical tensions continue to weigh on market sentiment, with Israel preparing for a ground invasion of Gaza. US President Biden is scheduled to address the nation late on Thursday. China is expected to keep the 1-year and 5-year Loan Prime Rates unchanged at 3.45% and 4.20%, respectively. There are no top-tier reports…
The post Dollar slides after Fed’s Powell, Gold breaks above $1,970 appeared on BitcoinEthereumNews.com.
During the Asian session, trade data from New Zealand and the National Consumer Price Index for Japan are expected. Market expectations are that China will keep its Loan Rates unchanged. Later in the day, UK Retail Sales and German Producer Price Index figures will be published. While there are scheduled speeches from Fed officials, it appears there might not be much additional impact following Powell’s speech on Thursday. Here is what you need to know on Friday, October 20: In the week ending October 14, US Initial Jobless Claims dropped to 198,000, the lowest level since January, indicating that the labor market remains tight. However, Continuing Claims rose to 1.734 million in the week ended October 7, the highest level since July. Existing Home Sales experienced a smaller decline than expected but still reached the lowest level in 13 years. Federal Reserve (Fed) Chair Jerome Powell suggested that the central bank will not raise rates in the short term. However, he explained that further monetary policy tightening could be warranted if there is more evidence of above-trend growth or if the labor market stops easing. Powell also mentioned that the risk is still inflation. Despite three consecutive declines in US stocks, the US dollar dropped during the American session. The US Dollar Index (DXY) consolidated losses after Powell’s remarks but remained above 106.00. The bond market remains volatile, with the 10-year Treasury yield settling at 4.99%, the highest since 2007, while the 2-year yield decreased from 5.26% to 5.16%.Geopolitical tensions continue to weigh on market sentiment, with Israel preparing for a ground invasion of Gaza. US President Biden is scheduled to address the nation late on Thursday. China is expected to keep the 1-year and 5-year Loan Prime Rates unchanged at 3.45% and 4.20%, respectively. There are no top-tier reports…
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