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Forex Today: The ECB is expected to keep rates at 4.50%

Forex Today: The ECB is expected to keep rates at 4.50%

The European Central Bank will hold a policy meeting today, in which it is expected to keep the main refinancing rate at 4.50%.

➡️ Today Europe will hold a political meeting. It is widely expected that he will decide to keep the interest rate at 4.50%, but the statement will be carefully scrutinized for policy.

➡️ The Bank of Canada, in its policy meeting yesterday, maintained the interest rate at 5.00% as expected and did not give any surprises with its somewhat ambiguous statement. The Loonie subsequently fell, with the USD/CAD currency pair traded close to the one-month high price.

➡️ Yesterday the two main US stock indexes,  the NASDAQ 100 and the benchmark S&P 500 , have reached new all-time highs. Trend traders and investors will look to get involved here on the Long side. Historical precedent suggests that the S&P 500 Index will produce a return of approximately 13% over the course of the year.

➡️ In the Forex market, the Japanese yen has been the strongest major currency since Tokyo opened today. The Australian dollar was the weakest. Increased volatility has recently been observed in the currency pair USD/JPY  .

➡️ Despite reaching a long-term high almost 2 weeks ago,  Bitcoin  continued to struggle to get past the big round figure of $40,000.

➡️ Yesterday's Services and Manufacturing PMI data for the US, Germany, UK and France showed that services did better in the US and UK, while manufacturing did better in Germany and France.

➡️ Crude oil  extended recent gains to trade near a one-month high as U.S. supplies dwindle and tensions continue in the Red Sea and Indian Ocean.

➡️ Cocoa futures  they reached a new multi-year high price yesterday, which will keep trend traders interested in this commodity on the long side. It has been showing a powerful bullish trend for more than a year now.

➡️ Advance US GDP and unemployment claims data will be released later today.

 

Credit by DailyForex.com

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