The US Dollar Index (DXY), which measures the value of the US Dollar against a basket of currencies, hovered near 99.30 on Wednesday as investors remained cautious ahead of the Nonfarm Payrolls and inflation data later in the week.
The Dow Jones Industrial Average (DJIA) plunged more than 200 points or over 0.51% as the economy in the United States (US) contracted for the first time since 2022, fueling fears that the economy could be at risk of a recession under the Trump administration.
The Bank of Canada (BoC) revealed the minutes of the meeting held on April 16, which showed that the Governing Council was divided over whether to cut rates or keep them unchanged.
US President Donald Trump said Wednesday that Canadian Prime Minister Mark Carney is seeking to strike a trade deal and is expected to visit the White House within the next week. He also hinted at the possibility of reaching a deal with China eventually.
Irish users of Bunq can now trade cryptocurrencies directly from their banking app, as the Dutch neobank launches its digital asset platform in six European countries.
The USD/CHF is trading with losses, staying close to its recent lows after a wave of soft US data and deteriorating macro signals from China triggered broad risk-off flows in the market.
The EUR/GBP pair is trading with mild gains on Wednesday, hovering around the mid-0.8500 zone following the European session. The pair rebounded within the day’s range, showing modest upward pressure.
The Pound Sterling (GBP) tumbled against the US Dollar (USD) as the economy in the United States (US) contracted, as revealed by Gross Domestic Product (GDP) figures for Q1 2025. At the time of writing, GBP/USD trades at 1.3331, down 0.51%
After the European session on Wednesday, EUR/USD was seen moving lower toward the 1.1350 area, retreating modestly from earlier highs. Despite this intraday softness, the pair maintains a bullish outlook, largely supported by the positioning of its moving averages.
Weak Chinese manufacturing PMIs kicked off the selling activity in Copper, but CTA selling activity into the liquidity vacuum has exacerbated the downside with algos on track to sell more than -7% of their max size, TDS' Senior Commodity Strategist Daniel Ghali notes.
Inflation in the US, as measured by the change in the Personal Consumption Expenditures (PCE) Price Index, edged lower to 2.3% on a yearly basis in March from 2.5% in February, the US Bureau of Economic Analysis (BEA) reported on Wednesday. This reading came in above the market expectation of 2.2%
The USD/CAD pair has not moved much and stays around 1.3830 during the North American trading session on Wednesday after the release of the Gross Domestic Product (GDP) data of both the United States (US) and Canada.
State Street Corporation has named longtime finance executive John F. Woods its next Chief Financial Officer. Woods, who will join the firm in late August, brings a 38-year career in financial lead...
China’s April manufacturing PMIs clearly hit by US-China trade war. Official non-manufacturing PMI and composite PMI also came down. Concrete signs of export shock make stepping up of support likely.
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