Forex News Roundup for 13th July, 2023
- The market awaits the release of the United States’ Consumer Price Index (CPI) today, a crucial indicator of inflation. Forecasts suggest a 0.3% rise in monthly inflation, while the annualized rate is expected to sharply decrease to 3.1% following a significant drop in the previous month. If the actual CPI data surprises with a smaller decline or even an unexpected increase, it could have a positive impact on the USD, potentially boosting its value. Conversely, if the released figures align with expectations, it is likely that the USD will maintain its downward trajectory.
- As anticipated, the Reserve Bank of New Zealand made no adjustments to its Official Rate during its policy meeting, aligning with market forecasts. In light of this outcome, the impact on the New Zealand Dollar’s value remained subdued.
- Today, the Bank of Canada will convene for its policy meeting, and market expectations point towards a 0.25% interest rate hike to reach 5.00%. This decision reflects the anticipated course of action by the central bank to tighten its monetary policy.
- Today, market attention in the Forex market is focused on the USD/JPY currency pair, as the Japanese Yen continues to demonstrate strength, making it the strongest major currency in the current session. Conversely, the US Dollar is exhibiting weakness. With USD/JPY trading significantly below the ¥140 mark, it suggests that the previous long-term bullish trend has likely come to an end. The price action indicates more than just a bearish retracement, prompting growing sentiment that the Yen has reached a significant turning point. This shift is attributed to the Bank of Japan gradually moving away from its previous ultra-loose monetary policy.
- The GBP/USD currency pair is capturing market interest as it extends its rally, surpassing previous long-term highs and demonstrating a strong bullish trend. At present, GBP/USD is trading near $1.2970, reaching a level not seen in the past 15 months.
- Bitcoin’s value continues to stay below the crucial round number of $31,000, and the recent price action has introduced a sense of uncertainty. This uncertainty casts doubt on the likelihood of a bullish breakout occurring in the near future.
- Amidst varied performances in the equity markets, the Hang Seng Index stands out with a notable increase of over 1% observed throughout the day.
- The recently released UK unemployment claims data showed a marginal increase compared to initial expectations.
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