RBA hiked rates by 50 bps, Target's loss becomes US stocks' gain
EUR/USD ⬇️
GBP/USD ⬆️
AUD/USD ⬆️
USD/CAD ⬇️
XAU ➡️
WTI ⬆️
Yesterday (7 June), the Reserve Bank of Australia (RBA) raised the interest rate by 50 basis points to 0.85%. The decision was made to control inflation, despite the RBA believing in the resilience of the Australian economy. After declining to 0.7161, AUD/USD closed with gains at 0.7227.
US retail chain Target has expected its quarterly profit to decrease, its stock prices fell subsequently. However, a follow-up statement by Target announcing a price cut on products led investors to believe the inflation had peaked. The news cheered other US stocks, and major currencies drove back the US dollar.
The UK Composite Price Manager Index (PMI) went down to 53.1, though outperforming the forecast of 51.8, and the British Pound recovered from a low of 1.2440 to close with gains at 1.2588. EUR/USD dipped to 1.0654, then rebounded to 1.0699.
Canada's PMI had a reading of 72.0, a considerable improvement from 66.3 last month, this also strengthened the loonie in the process, which dragged the USD/CAD pair to dip from a high of 1.2617 to stabilize at 1.2530 level. Gold futures traded flat and closed at 1,852.1, nullifying yesterday's loss from 1,840.
EIA Short-Term Energy Outlook had mentioned the US requested OPEC to increase oil production, but recent responses were not positive. Since the market foresaw US Crude Oil Inventories to be further reduced by 1.917 million barrels, oil prices fluctuated to a 13-week high closing price of $119.41, currently flirting with the $120 level.
More details on Mitrade website
GBP/USD ⬆️
AUD/USD ⬆️
USD/CAD ⬇️
XAU ➡️
WTI ⬆️
Yesterday (7 June), the Reserve Bank of Australia (RBA) raised the interest rate by 50 basis points to 0.85%. The decision was made to control inflation, despite the RBA believing in the resilience of the Australian economy. After declining to 0.7161, AUD/USD closed with gains at 0.7227.
US retail chain Target has expected its quarterly profit to decrease, its stock prices fell subsequently. However, a follow-up statement by Target announcing a price cut on products led investors to believe the inflation had peaked. The news cheered other US stocks, and major currencies drove back the US dollar.
The UK Composite Price Manager Index (PMI) went down to 53.1, though outperforming the forecast of 51.8, and the British Pound recovered from a low of 1.2440 to close with gains at 1.2588. EUR/USD dipped to 1.0654, then rebounded to 1.0699.
Canada's PMI had a reading of 72.0, a considerable improvement from 66.3 last month, this also strengthened the loonie in the process, which dragged the USD/CAD pair to dip from a high of 1.2617 to stabilize at 1.2530 level. Gold futures traded flat and closed at 1,852.1, nullifying yesterday's loss from 1,840.
EIA Short-Term Energy Outlook had mentioned the US requested OPEC to increase oil production, but recent responses were not positive. Since the market foresaw US Crude Oil Inventories to be further reduced by 1.917 million barrels, oil prices fluctuated to a 13-week high closing price of $119.41, currently flirting with the $120 level.
More details on Mitrade website