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Fundamental Analysis * Dovish Outlook: The EUR/USD climbed as the US Dollar faced widespread selling, driven by improved market sentiment. The surge followed Federal Reserve Chair Jerome Powell’s dovish statements during his congressional testimony, where he highlighted concerns that prolonged high interest rates could impede economic growth. Powell also acknowledged some easing in inflation andContinue Reading

* Jerome Powell’s first day of Testimony had a limited impact on both the dollar and Wall Street. *Japanese Yen lost ground to the 161 mark against the dollar, raising concern by central Japanese banks. *Oil slip as the Hurricane Beryl damage on U.S. oil-producing hubs is limited. Market Summary The highly anticipated testimony ofContinue Reading

Fundamental Analysis * Barrel Blues: Crude oil prices dropped by more than 1% as traders realized that Hurricane Beryl’s expected impact on U.S. crude hubs was less severe than initially feared. The storm weakened into a tropical storm, causing minimal damage to major refineries along the Gulf Coast. Oil production in Texas resumed quickly afterContinue Reading

* Eyeing Powell’s testimony, be cautious about the impact on the dollar. *RBNZ’s interest rate is due tomorrow, and a potential hawkish stance from the RBNZ may bolster the Kiwi. *Gold slid as the Middle East Ceasefire talk progressed. Market Summary Jerome Powell’s 2-day testimony at Capitol Hill begins today, and traders will be closelyContinue Reading

Fundamental Analysis * Loonie Dip: The Canadian Dollar has weakened against the U.S. Dollar due to anticipated consecutive rate cuts by the Bank of Canada (BoC). This expectation is fueled by turmoil in the labor market. Recently, Canada’s unemployment rate rose more than expected, hitting 6.4% compared to the forecasted 6.3% and the previous 6.2%.Continue Reading