Today's forex news: Market sentiment supports optimism
EUR/USD⬇️
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AUD/USD⬇️
USD/CAD⬆️
XAU⬇️
WTI⬇️
The US dollar and commodity prices fell substantially on Wednesday on renewed optimism about resolving the Ukraine-Russia dispute. Ukraine's President Volodymyr Zelenskyy stated that his country is prepared for a diplomatic solution and is willing to make certain concessions if the other party does as well.
President von der Leyen of the European Commission stated that the EU had purchased enough LNG to be self-sufficient in gas until the end of winter.
Crude oil prices fell sharply on widespread risk aversion and rumors that Iraq is prepared to raise output if OPEC demands it. The Oil Minister, Ihsan Abdul Jabbar Ismail, added that the country has approximately 6% spare capacity and produces 4.4 million barrels per day. However, it is important to note that the country is now producing less than its quoted output. WTI is trading at approximately $108.00 per barrel at the moment.
Gold is currently trading at $1,981 per troy ounce, down almost $90 per troy ounce.
The EUR/USD pair flirted near 1.1100 throughout the day, before settling at around 1.1070. GBP/USD edged up to 1.3160. The AUD/USD pair has recovered to approximately 0.7300, while the USD/CAD pair has dipped below 1.2826. Finally, the USD/JPY pair has returned to a level greater than 115.00.
The European Central Bank will announce its monetary policy decision on Thursday, and market participants anticipate another round of hawkish comments from President Christine Lagarde as EU inflation continues to approach record highs. Simultaneously, the United States will release its February inflation data. The Consumer Price Index is expected to rise 7.8% year on year, a multi-decade high that may force the US Federal Reserve to hike rates by more than 25bps.
#WTI #gold #usd #russia #Fed
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EUR/USD⬇️
GBP/USD⬇️
AUD/USD⬇️
USD/CAD⬆️
XAU⬇️
WTI⬇️
The US dollar and commodity prices fell substantially on Wednesday on renewed optimism about resolving the Ukraine-Russia dispute. Ukraine's President Volodymyr Zelenskyy stated that his country is prepared for a diplomatic solution and is willing to make certain concessions if the other party does as well.
President von der Leyen of the European Commission stated that the EU had purchased enough LNG to be self-sufficient in gas until the end of winter.
Crude oil prices fell sharply on widespread risk aversion and rumors that Iraq is prepared to raise output if OPEC demands it. The Oil Minister, Ihsan Abdul Jabbar Ismail, added that the country has approximately 6% spare capacity and produces 4.4 million barrels per day. However, it is important to note that the country is now producing less than its quoted output. WTI is trading at approximately $108.00 per barrel at the moment.
Gold is currently trading at $1,981 per troy ounce, down almost $90 per troy ounce.
The EUR/USD pair flirted near 1.1100 throughout the day, before settling at around 1.1070. GBP/USD edged up to 1.3160. The AUD/USD pair has recovered to approximately 0.7300, while the USD/CAD pair has dipped below 1.2826. Finally, the USD/JPY pair has returned to a level greater than 115.00.
The European Central Bank will announce its monetary policy decision on Thursday, and market participants anticipate another round of hawkish comments from President Christine Lagarde as EU inflation continues to approach record highs. Simultaneously, the United States will release its February inflation data. The Consumer Price Index is expected to rise 7.8% year on year, a multi-decade high that may force the US Federal Reserve to hike rates by more than 25bps.
#WTI #gold #usd #russia #Fed
📱 Get instant market news delivered to you in real time on Mitrade