Forex News for 23 Feb 2023

EUR/USD
  • The FOMC members’ attempts to find a balance between averting a recession and keeping interest rates high enough to keep inflation under the Fed’s 2% target
  • The FOMC intends to achieve a terminal rate of 5.6% in 2023, according to the dot plot. 
  • Although the FOMC  members admitted that inflation has marginally decreased over the previous three months, more development is still needed in order to achieve their goals.
  • The S&P 500 Index ended below the critical 4000 level, reflecting a fall in the global stock markets, while the NASDAQ 100 Index closed higher. Nonetheless, there are signs of a modest revival in the stock market.
  • The S&P 500 Index formed a golden cross two weeks ago, which is typically seen as a reliable long-term purchase indication. Even so, the cost has since decreased.
  • The US 2-year treasury yield is still very close to its all-time high.
  • The New Zealand Dollar is currently the strongest of the major currencies, while the US Dollar is the weakest. Although the US Dollar has been generally strong in recent weeks, this is only a short-term trend.
  • Certain commodities, like sugar and cocoa, are still doing well, and their prices have risen following big positive breakthroughs. 
  • WTI Crude Oil’s price is trading lower and displaying a strong bearish trend.
  • Later today, preliminary US GDP figures will be made public.

 

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