Market Overview Analysis by Ipek Ozkardeskaya covering: EUR/USD, GBP/USD, USD/JPY, Nasdaq 100. Read Ipek Ozkardeskaya's latest article on Investing.com
notes, and Federal Reserve’s Neel Kashkari’s comments that the Fed cannot rule out hiking the interest rates as a next move sent the US treasuries lower yesterday. Happily, Mr. Kashkari isn’t a voting member this year, but his words saw a swift reaction from the Fed hawks. The US 2-year yield spiked to 4.98%, thelower yesterday before it reached the 1.09 resistance. Inflation expectations in the Eurozone fell to the lowest levels since 2021.
Elsewhere, the divergence between central bank expectations continues to drive the price moves in FX. The euro-sterling is testing the critical support of 0.85, while thehit the 200 psychological, the highest level in 16 years. What makes sterling stronger today is PM Sunak’s decision to hold a general election on July 4th which simply zeroed the chances of seeing the Bank of England cut the rates in June. But political uncertainties may not let the euro-pound comfortably trend below the 0.
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