💶The European Central Bank takes center stage today. The ECB is expected to raise Main Refinancing Rate by 75 basis points to 1.25% at 15:15 MT time. EURUSD is trading near parity after rising by 1% yesterday.
💹The yen retraced some of its losses after Japanese officials arranged a meeting to discuss international financial markets. USDJPY is below 144.00.
🏢Reserve Bank Governor Philip Lowe said, “All else equal, the case for a slower pace of increase in interest rates becomes stronger as the level of the cash rate rises.” The AUD got under pressure as traders now expect smaller rate hikes in 2022.
💵Federal Reserve officials reiterated their determination to get inflation under control. Vice Chair Brainard said interest rates will need to rise to restrictive levels, while cautioning risks would become more two-sided in the future. Chair Jerome Powell is due to speak at 16:10 MT time.
🛢XBRUSD dropped by 6% on Wednesday. Now it is trading below 89.00. Oil was hurt by demand risks from monetary tightening. Moreover, the megacity of Chengdu extended a weeklong lockdown in most downtown areas.
📈US100 (Nasdaq) rose on Wednesday as Wall Street clawed back from a three-week long sell-off across. What’s your target?
Coming next
🇪🇺15:15 MT time – ECB interest rate decision (EUR)
🇺🇲16:10 MT time – Fed Chair Powell speaks (USD)
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