(MENAFN- Daily Forex) Forex Brokers We Recommend in Your Region 1 Read full review Get Started
Market sentiment is dominated by the fallout from the lower-than-expected US and UK inflation data last week which suggests that the Federal Reserve will likely make no further rate hikes, and having reached a terminal rate at 5.50%, will cut its interest rate by 0.50% by July 2024. This sentiment is lifting many riskier assets and is sending the US Dollar lower.
The Japanese Finance Minister tweeted that bright signs are beginning to emerge in the Japanese economy, with wage growth finally becoming established, which could leave the door open for the Bank of Japan to finally abandon its ultra-dovish monetary policy in 2024. This could be expected to strengthen the Japanese Yen.
In the Forex market, the New Zealand Dollar has been the strongest major currency since today's Tokyo open, while the US Dollar has been the weakest major currency, putting the NZD/USD currency pair in focus.
Stock markets look bullish, and the best day trades today are likely to be on the long side of certain major stock indices, with the NASDAQ 100 Index looking especially interesting.
There will be a release later today of the Reserve Bank of Australia's most recent monetary policy meeting minutes.
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.