Forex News for 2nd May, 2023

My FX List
May 2, 2023
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  • The risk of prevailing inflation is still present despite having lessened, and the Federal Reserve plans to hike interest rates to their highest level in 16 years. 
  • Interest rates are expected to rise by 0.25 basis points, according to ANZ analysts, who believe the ECB is currently unable to halt the tightening cycle. 
  • The Japanese employment market is under pressure due to the rise in inflation, which is forcing smaller businesses to raise pay. 
  • The IMF anticipates a 4.6% growth in Asian economies and is confident that China and India will play a significant role in economic growth, but they also warn of various risks, including the predominance of inflation. 
  • As officials confirm the information, the kingdom of Bhutan finally explains the mystery surrounding their secretive Bitcoin mining operations. 
  • As a result of the Bank of Japan’s dovish policies clashing with the ECB’s hawkish stance, the Japanese Yen dropped to its lowest level in 15 years. 
  • Following a 0.25 bp rate hike in May, Goldman Sachs predicted that the Federal Reserve might decide to take a break and decide to pause the rate hikes in June. 
  • As the direction of the XAU/USD pair will be determined by the important economic data releases from the US, gold prices decline ahead of Fed interest rate decisions. A strong US dollar could drive gold prices down.  

 

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