Forex Today: The US Federal Reserve will keep raising rates – by ValBednarik EURUSD XAUUSD Inflation Fed
Financial markets traded with an optimistic yet cautious tone throughout the first half of the day, as investors awaited the release ofrose at an annualized pace of 6.4% in January, better than the previous 6.5% but missing the 6.2% expected.
Financial markets struggled with the figures, as inflation eased, but at a slower-than-anticipated pace. That means the US Federal Reserve could keep tightening the monetary policy until achieving its 2% target. Markets moved away from high-yielding assets, withComments from Dallas Federal Reserve President Lorie Logan added pressure on stocks, as she noted that “we must remain prepared to continue rate increases for a longer period than previously anticipated.
EUR/USD traded between 1.0700 and 1.0800 to finally settle at around 1.0730. GBP/USD peaked at 1.2268 but ended the day around 1.2160. TheAUD/USD hovers around 0.6980 as market players await Reserve Bank of Australia Governor Philip Lowe’s testimony before the Senate. USD/CAD trimmed early losses and stands in the 1.3340 region.are little changed on a daily basis, with WTI changing hands at $79 a barrel.
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