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The dollar traded higher against most major currencies during trading on Wednesday as major U.S. inflation data was closely awaited.


The midterm elections for the US Congress kicked off on Tuesday, and expectations indicate that the results will fluctuate between the Democratic and Republican parties.


Markets are looking forward later this week to America's important headline inflation data, which investors are waiting for to predict the Fed's next steps.


On the trading front, by 18:16 GMT, the dollar index was up 0.6% to 110.3 points, hitting a high of 110.3 points and a low of 109.4 points.


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The USDJPY rose 0.5% to 146.4 at 18:37 GMT.


Lending to Japanese banks last month rose 2.7 percent, beating expectations of a 2.5 percent rise, and the current account recorded a surplus of about 0.67 trillion yen.

 

...Read More... 2022-11-10 06:05:49

The Energy Information Administration (EIA) announced on Wednesday that oil inventories in the United States rose more than expected in the weekly reading.


The government agency revealed in its official data today that oil inventories in America rose by 3.9 million barrels to 440.8 million barrels, while analysts expected them to rise by about 0.2 million barrels.


Gasoline inventories fell by 900,000 barrels to 205.7 million barrels, while distillate inventories fell by 0.5 million barrels to 106.3 million barrels.

 

...Read More... 2022-11-10 06:05:42

‎The euro fell slightly in the European market on Wednesday against a basket of global currencies, falling from a two-month high against the U.S. dollar, with little activity in corrections and profit-taking, as German Treasury yields continue to strongly support the single currency, amid expectations of further tightening by the European Central Bank.‎

 

‎The U.S. currency has rebounded slightly, pending more results from the midterm elections of the U.S. Congress, the outcome of which could lead to entry from the government division in Washington, which would increase the risk of increased spending in the United States.‎

 

‎Euro Exchange Rate Today‎

‎EURUSD fell nearly 0.2% to $1.0056, from today's opening price of $1.0074, and hit today's high of $1.0088.‎

 

‎At Tuesday's settlement, the euro gained 0.55% against the dollar, its third consecutive daily gain, and hit a two-month high of $1.0096, thanks to a rise in German Treasury yields.‎

 

‎German bond yield‎

‎The two-year German Treasury yield fell 0.3% on Wednesday, extending losses for the second consecutive session, as part of a correction and profit-taking operations, after hitting the highest level since late 2008 in the previous session at 2.252%.‎

 

‎The rise in the yield of the two-year German bond to a 14-year high is related to the further aggressiveness expected from the ECB, which will narrow the large interest rate gap between Europe and the United States.‎

 

‎Pannoxburn Global Forex chief analyst Mark Chandler said the steady rise in German bond yields is supporting the euro, amid expectations of further tightening by the European Central Bank, reducing the spread with US Treasury yields.‎

 

‎US Dollar‎

‎The dollar index rose on Wednesday by about 0.15%, rebounding from a two-month low of 109.36 points recorded yesterday, reflecting a limited recovery in the greenback's levels against a basket of major and minor currencies.‎

 

‎Markets are awaiting the results of the midterm elections of the US Congress, the outcome of which could usher in an era of government division in Washington, which could thwart large social spending plans by Democrats.‎

 

‎There is also major US inflation data, due to be released on Thursday, as economists look forward to US inflation falling slightly in October, but any sudden increase will have positive effects on US currency levels.‎

 

...Read More... 2022-11-10 06:05:21

The dollar fell against most of the major currencies during Monday's trading, amid a divergence in risk appetite, and increased its losses in light of the closely awaited congressional elections.


Tomorrow, Tuesday, the midterm elections for the US Congress are expected to begin, and expectations indicate that the Republican Party will win a majority of seats to remove the Democrats from their current majority.


This, and the important key inflation data will be released in America later this week, which investors are waiting for to predict the Fed's next steps.


The US Department of Labor announced last week that the world's largest economy added 261 thousand jobs in October, while expectations indicated an addition of 220 thousand jobs.


The unemployment rate in America rose to 3.7% last month from 3.5% in September, while analysts expected the index to rise to 3.6%.


Last Wednesday, the Federal Reserve also announced a 75 basis point interest rate hike, in line with expectations.


In terms of trading, the dollar index fell by 18:25 GMT by 0.6% to 110.2 points, and recorded the highest level at 111.2 points and the lowest level at 110.1 points.

 

...Read More... 2022-11-08 05:16:13

US stock indices rose at the close of trading on Monday, getting rid of the slight losses recorded at the beginning of the session, while anticipating the congressional elections.


Tomorrow, Tuesday, the midterm elections for the US Congress are expected to begin, and expectations indicate that the Republican Party will win a majority of seats to remove the Democrats from their current majority.


This, and the important key inflation data will be released in America later this week, which investors are waiting for to predict the Fed's next steps.


Wall Street received support from gains in Meta shares, which jumped 6.5%, after a report that the company aims to cut thousands of jobs this week.


At the close, the Dow Jones Industrial Average rose by 1.3% (about 423 points) to 32,827 points, and recorded the highest level at 32,895 points and the lowest level at 32424 points.


The "S&P 500" rose by 1% (about 36 points) to 3806 points, and recorded the highest level at 3813 points and the lowest level at 3764 points.


Nasdaq rose by 0.8% (about 89 points) to 10,564 points, and reached the highest level at 10,588 points and the lowest level at 10,429 points.

 

...Read More... 2022-11-08 05:15:44