16 June, 2017
The Euro has continued to tumble today, still reeling from yesterday’s bullish Fed speech and some believe that further losses are on the cards.
At 4.34pm (GMT) the European currency was trading at $1.1132 after trading as high as $1.1302 in yesterday’s trading.
At their latest board meeting, yesterday, the US Federal Reserve hiked rates by 25 basis points which was widely expected by the market, but it was the following monetary statement which caught investors off guard.
In her speech, Fed president Janet Yellen noted that overall she was happy with the direction of the US economy including the jobs market and inflation was also picking up which seemed to go against the recent release of economic data from the US
The Euro as well as most of the major currencies took a hammering after the speech and some mentioned it was well due for a steady correction.
The euro got a bit overextended on the recent run higher as it ran out of new good news to take it higher and the European Central Bank did its utmost to dampen expectations for the beginning of any asset purchase taper," John Hardy, Head of forex strategy at Saxo Bank,
How much further the Euro can now fall is anybody’s guess, but with the Fed poised to lift rates higher later in the year and the European Central Bank expected to keep rates on hold the potential for big losses is highly possible
"That's all the Fed. With the Fed, people were expecting a little more dovishness," said Martin Arnold, Global FX & Commodity Strategist at ETF Securities.
"I think we are close to seeing a near top for the euro and a near bottom for the dollar." he added.
The Australian dollar can’t seem to find a direction in today’s trading session after yesterday’s losses following the latest minutes from the Reserve...
The British pound received another boost today against its US counterpart after a round of solid local data which follow’s on from news earlier in the week...
Gold has remained largely range bound over the past 4 trading sessions but it seems as the today there is momentum gaining to the upside and the formation...
The US dollar jumped suddenly after yesterday’s release of better than expected inflation data and then suddenly reversed into negative territory which...
If we look at the arrow on the weekly gold price chart we can see that a resistance point that was first encountered in around august of last year...
The gold price has remained in a tight range over the last 3 trading sessions as equity markets in the US continue to swing wildly and are now down...
The US dollar finished off 2017 mostly weaker against the major currencies despite 3 rate hikes from the US Federal Reserve and although...
The Australian dollar has dropped sharply in today's Asian trading session on the back of disappointing data and throws into question yesterday...
The British pound has enjoyed a good run against its US counterpart ever since rumors spread that the EU and the UK were close to reaching a deal...
|8||Fort Financial Services||67%|