Market participants are eagerly awaiting key data pieces due be released today. The European Central Bank is expected to cut Interest Rates by 50 basis points and weekly U.S. unemployment numbers are predicted to be high. These two events will be the main drivers of currencies in the forex market today.
The U.S. Dollar weakened during yesterday's trading session, correcting the sharp gains against the EUR and GBP seen last week as steep job losses in the private sector rekindled fears of a prolonged U.S. recession. After yesterday, the USD ... ( read more )
Posts Tagged with ‘cut’
February 3, 2009 - Rates Were Cut in Australia; European Rate Cuts May Foll...
The currency pair which could experience the highest volatility today may be the AUD/USD. The Royal Bank of Australia (RBA) slashed Interest Rates by 100 basis points this morning at 3:30 GMT. This would be the 5th consecutive rate cut by the RBA. In the coming days, the European Central Bank and the Bank of England are expecting similar meetings to their discuss interest rates. These falling global interest rates have been bouncing the market to bizarre highs and lows. Forex traders should take advantage of this volatility today and start open... ( read more )
October 30, 2008 - Feds Cut Rate By 0.5%, USD Drops
In a move anticipated by most market analysts, the Federal Reserve cut target lending rates yesterday to a level not seen in almost 50 years! This was done in an attempt to prevent a widening financial crisis from tipping the U.S. economy into a prolonged recession. It was not the first time the Fed cut rates to stave off further economic disaster during these most recent times of financial hardship.
Less than a month ago the Fed joined the European Central Bank (ECB), as well as other counterparts from the U.K., Canada, Sweden and Switzerla... ( read more )