Market News

As expected, the Fed kept interest rates on hold during their January meeting but made some notable changes in their official statement, enough to keep bulls hoping for more hikes later in the year.

The U.S. Federal Reserve kept interest rates unchanged on Wednesday but said inflation likely would rise this year, bolstering expectations borrowing costs will continue to climb under incoming central bank chief Jerome Powell.

U.S. private sector payrolls rose at a brisk pace in January as hiring increased across the board despite unseasonably cold weather, pointing to sustained labor market strength at the start of the year.

The Canadian economy accelerated in November by the most in six months, with growth broad-based across a number of sectors including manufacturing, oil and gas extraction, and real estate, data from Statistics Canada showed on Wednesday.

AUD and NZD outperformed their peers and were the best-performing currencies of the session, likely because of the risk-on vibes. GBP, meanwhile, got slapped broadly lower when Brexit-related rumors began to make the rounds.

European shares staged a partial recovery from a slump in the previous session as investors surveyed a mixed bag of results from some of the region’s biggest industrial names.

Heads up! Another NFP report is coming our way this Friday, which means it’s time to read up on another edition of my Event Preview.

There were tons of market-moving data during the Asian session, which is probably why forex traders showed minimal reaction to the POTUS’ first address.

Japan’s industrial output grew in December at the fastest pace in eight months, and up for a third straight month, in a sign that its humming factories have likely driven economic expansion for an eighth consecutive quarter.

The Bank of Japan ramped up efforts to dispel market speculation of an early withdrawal of its massive stimulus, boosting its bond buying plan on Wednesday .

The dollar inched lower against a basket of major rivals on Wednesday, showing scant reaction so far to U.S. President Donald Trump’s State of the Union address.

Risk aversion was the name of the game for the most part of the New York session, leading equity indices and commodities to close in the red, possibly on profit-taking at the end of the month as well.

Oil prices slid for a second day on Tuesday, driven by ongoing evidence of rising U.S. crude output, while wary investors sold off stocks, bonds and commodities.

Bank of England Governor Mark Carney appeared on Tuesday before the Economic Affairs Committee in the upper house of Britain’s parliament, the House of Lords.

Britain’s economy will be worse off after Brexit whether it leaves the EU with a free trade deal, single market access, or with no deal at all, according to leaked analysis that fed the view that the government is badly prepared.

Price action was a bit wonky during today’s morning London session since USD surrendered its earlier gains while GBP stage a broad-based recovery, even though there were no apparent catalysts for either currencies.

World stocks were in their biggest two-day dive in six months on Tuesday and commodities were also jammed in reverse, as rising U.S. borrowing costs cooled financial markets’ euphoric start to the year.

If you’re looking to catch a few last-minute pips before the Fed’s statement, then you’ll definitely want to take a look at this one.

It’s 2-0 for Asian session dollar bulls this week, as forex traders extended their parties across the board ahead of this week’s major market movers.

The dollar held above a recent three-year low against a basket of major currencies on Tuesday, with traders turning their attention to U.S. President Donald Trump’s State of the Union speech and a Federal Reserve policy meeting for catalysts.