2024 has been a positive year for the cryptocurrency industry. In the eight months that have passed this year, the number of cryptomillionaires has shot up by nearly 100% thanks to the boost the market has received from Bitcoin and Ethereum ETFs. According to a recent report by Henley & Partners, about 172,300 people around […]
Dollar Hovers Near Recent Lows, Labor Market Data Decisive
The U.S. dollar traded little changed in early European trading on Tuesday, supported somewhat by rising geopolitical tensions, although it remained near its recent lows ahead of the Federal Reserve’s impending interest rate cut. Job Market Data Boosts the Dollar The dollar rose on Tuesday as geopolitical tensions in the Middle East, Libya, and Ukraine […]
Daily Technical Analysis EUR/USD: Moves Up to Around 1.1200 on Powell’s Conservative Fed Stance
The EUR/USD is extending its gains for the second session in a row, trading around 1.1190 during the Asian session on Monday. This rise in EUR/USD follows the weaker US dollar after the Fed Chairman’s dovish-sounding speech at the Jackson Hole Symposium last Friday. Fed Chairman Jerome Powell said, “The time has come to tighten […]
Dollar Rebounds but Continues Near Seven-Month Lows
The U.S. dollar rose in early European trading on Wednesday but remains near seven-month lows, as the Federal Reserve minutes from its last meeting and likely revisions to payroll data point to a rate cut next month. The dollar loses strength in anticipation of Fed minutes and payroll revisions The dollar has been under pressure, […]
Daily Technical Analysis EUR/USD: The Pair Rises Nearly 1% This Week Ahead of Jackson Hole
The most important event this week is the Federal Reserve’s Jackson Hole symposium, where Fed Chairman Jerome Powell is expected to speak publicly on Friday. At the same time, the market will focus on whether expectations of a 100 basis point rate cut by the central bank this year will be confirmed. Another factor that […]
Dollar Steady Ahead of Fed Meeting; Traders Remain on Alert
The US dollar was trading flat on Tuesday as traders remained cautious and on alert ahead of the start of the Federal Reserve’s latest interest rate meeting. Here is what is moving the currency market today. Dollar Quiet Ahead of Fed Meeting The Federal Reserve begins its two-day policy meeting on Tuesday and is expected […]
Dollar Falls Ahead of Fed Meeting, Pound Slides
During the early part of the European trading session, the US dollar retreated, supported by a safe-haven bid, as tensions escalate in the Middle East, while sterling retreated ahead of the Bank of England’s monetary policy meeting this week. Here is what is happening in the forex market today. Dollar Rises Amid Middle East Tensions […]
Daily Technical Analysis EUR/USD: Rises Above 1.0850, With All Eyes on the Data
The EUR/USD is up slightly, trading around the 1.0860 level in early Asian trading hours on Monday. The pair rose as market traders widely anticipate the US Federal Reserve will cut interest rates in September, causing the dollar (USD) to move sharply lower. US inflation, generally measured by the change in the personal consumption expenditures […]
Dollar Rises, Euro Falls on PMI Weakness
The US dollar appreciated on Wednesday, while the euro fell following the release of poor data on Eurozone activity, pointing to further rate cuts by the European Central Bank. Here are the highlights of what is happening in the currency market. Dollar Shelters Amid Political Uncertainty The dollar has taken advantage of the volatile political […]
Dollar Falls on Biden Withdrawal, Euro Bounces Back After Losses
The dollar was lower on Monday after US President Joe Biden’s decision not to seek re-election, while the euro gained despite its not-so-strong tone after the European Central Bank’s meeting the previous week. Here’s everything you need to know about the major market currencies. Dollar loses ground amid political uncertainty The dollar lost ground after […]