BERLIN (Reuters) – The German cabinet on Wednesday approved a draft budget for next year with new debt of nearly 100 billion euros ($119 billion) to finance more COVID-19 measures, pushing up total pandemic-related borrowing in the period 2020-2022 to 470 billion euros.
The British pound has initially dipped a little bit during the trading session on Wednesday but then turned around to show signs of life again as we are approaching the 1.40 handle.
WASHINGTON (Reuters) – Inflation driven by the quick reopening of the U.S. economy could take “some time” to ease, Federal Reserve Gov. Michelle Bowman said on Wednesday, adding a note of caution about the durability of price increases Fed officials have largely characterized as temporary.
LONDON (Reuters) – A global securities watchdog plans to publish its first regulatory guidance for raters of corporate environmental, social and governance (ESG) performance in July to stem growing concern among asset managers about overstated green credentials.
BRUSSELS (Reuters) – Heineken NV, the world‘s second largest beer maker, has taken control of India’s largest brewer United Breweries Limited (UBL), cementing its position in a vast market where beer consumption could grow from a low base.
The Indian rupee depreciated by nearly 24 paise against the U.S. dollar on Monday as the strong greenback and high oil prices continued to put pressure on the battered Asian currency.
It was a bearish week for the European majors, with a hawkish FOMC outlook on monetary policy doing the damage late in the week.
The dollar continues to rally
NEW YORK (Reuters) -Oil futures rose on Friday, reversing early losses and set for a fourth week of gains after OPEC sources said the producer group expected limited U.S. oil output growth this year despite rising prices.
Silver markets initially tried to rally during the course of the week but have since been hammered to reach down towards the $26 level.
USD/CAD tested resistance at 1.2480.
(Reuters) – The coming reduction in the Federal Reserves bond purchases may bear little resemblance to the “automatic pilot” tapering exercise the U.S. central bank conducted seven years ago, as officials grapple with volatile data – on inflation in particular – during the rebound from the COVID-19 pandemic, a Fed official said on Friday.
Traders may be using this week‘s hawkish tone in the Fed’s monetary policy statement as an excuse to book profits after posting a 17-day rally.
The US dollar initially fell during the trading session on Friday, but then turned around to show signs of life again. However, there is a major divergence flashing.
The direction of the gold market on Friday will be determined by trader reaction to the technical retracement zone at $1798.80 to $1770.40.
Meanwhile, WTI oil is trying to settle below the $70 level.
Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger EUR/USD-bearish contrarian trading bias.
USD/CAD received support near 1.2065 and returned to 1.2100.
The direction of the EUR/USD is likely to be determined by trader reaction to the 50% level at 1.2185.
The US dollar has gone back and forth during the course of the trading session on Wednesday as we continue to see this market try to build up momentum to channel higher.
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