Created
: 2024.09.12
- English
- English
- What's Myforex
- Share
- Use tools
- Get information
- What's New
- Help center
- About us
- Customer support
- Terms and policies
-
-
PortfolioShare your portfolio and performance in real time -
Events & contestsEvents and contests held by retail brokers around the world
-
-
Real-time spread comparisonCompare spreads of major retail brokers in real time -
Volatility analysisVisualize volatility as a measure of daily market activity -
Swap point comparisonCompare buy and sell swap values for each broker by symbol -
Market rates & chartsCheck prices for all instruments offered by each broker -
IndicatorsProviding in-house developed indicators for MT4/MT5 -
Trading calculatorsCalculation tools for each broker to help you trade
-
-
World FX newsLatest news on forex and cryptocurrencies from around the world -
Broker informationTrading information of retail brokers worldwide -
MetaTrader4/5 user guideUser guide collection for the latest MetaTrader4/5 -
Economic calendarRelease calendar for indicators from official sources of major economies
Forex Today: ECB policy announcements and US data to drive market action
World FX news
Breaking news
Forex Today: ECB policy announcements and US data to drive market action
New
2024.09.12 16:48
2024.09.12 16:48
2024.09.12 16:48
Here is what you need to know on Thursday, September 12:
Financial markets stay relatively quiet early Thursday as investors await the next batch of macroeconomic events. The European Central Bank (ECB) will announce monetary policy decisions on Thursday and ECB President Christine Lagarde will speak on the policy outlook in a press conference. The US economic docket will feature weekly Initial Jobless Claims and Producer Price Index (PPI) data for August.
US Dollar PRICE This week
The table below shows the percentage change of US Dollar (USD) against listed major currencies this week. US Dollar was the strongest against the Swiss Franc.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.66% | 0.65% | 0.40% | 0.03% | -0.25% | 0.51% | 1.06% | |
| EUR | -0.66% | -0.05% | -0.22% | -0.62% | -0.95% | -0.14% | 0.38% | |
| GBP | -0.65% | 0.05% | -1.44% | -0.56% | -0.89% | -0.11% | 0.43% | |
| JPY | -0.40% | 0.22% | 1.44% | -0.36% | -0.62% | 0.11% | 0.86% | |
| CAD | -0.03% | 0.62% | 0.56% | 0.36% | -0.23% | 0.46% | 1.19% | |
| AUD | 0.25% | 0.95% | 0.89% | 0.62% | 0.23% | 0.80% | 1.31% | |
| NZD | -0.51% | 0.14% | 0.11% | -0.11% | -0.46% | -0.80% | 0.54% | |
| CHF | -1.06% | -0.38% | -0.43% | -0.86% | -1.19% | -1.31% | -0.54% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
On Wednesday, mixed August inflation data from the US helped the US Dollar (USD) stay resilient against its rivals. On a yearly basis, the Consumer Price Index (CPI) rose 2.5% in August, down from the 2.9% increase recorded in July. However, the core CPI, which excludes volatile food and energy prices, increased 0.3% on a monthly basis, surpassing the market expectation of 0.2%. The benchmark 10-year US Treasury bond yield recovered toward 3.7% with the immediate reaction to CPI readings and the USD Index erased its losses to end the day flat. Early Thursday, the USD Index holds steady above 101.50 and the 10-year yield fluctuates slightly below 3.7%. Meanwhile, US stock index futures trade marginally higher on the day.
The ECB is widely expected to lower key rates by 25 basis points (bps) after the September policy meeting. Following a short-lasting recovery attempt, EUR/USD lost its traction and touched its lowest level since mid-August at 1.1000 on Wednesday. The pair stays in a consolidation phase above this level in the European morning on Thursday.
GBP/USD lost nearly 0.3% on Wednesday and registered its lowest daily close in three weeks. The pair holds steady at around 1.3050 to begin the European session.
Bank of Japan (BoJ) board member Naoki Tamura said on Thursday that he sees a very long the path towards ending the easy policy. "We must raise short-term rates in several stages while scrutinizing how the economy, inflation respond to such steps," he added. After touching a fresh 2024-low of 140.70 on Wednesday, USD/JPY reversed its direction and was last seen trading modestly higher on the day above 142.50.
Gold closed modestly lower on Wednesday but managed to stabilize above. XAU/USD inches higher early Thursday and was last seen trading slighlty below $2,520.
ECB FAQs
The European Central Bank (ECB) in Frankfurt, Germany, is the reserve bank for the Eurozone. The ECB sets interest rates and manages monetary policy for the region. The ECB primary mandate is to maintain price stability, which means keeping inflation at around 2%. Its primary tool for achieving this is by raising or lowering interest rates. Relatively high interest rates will usually result in a stronger Euro and vice versa. The ECB Governing Council makes monetary policy decisions at meetings held eight times a year. Decisions are made by heads of the Eurozone national banks and six permanent members, including the President of the ECB, Christine Lagarde.
In extreme situations, the European Central Bank can enact a policy tool called Quantitative Easing. QE is the process by which the ECB prints Euros and uses them to buy assets - usually government or corporate bonds - from banks and other financial institutions. QE usually results in a weaker Euro. QE is a last resort when simply lowering interest rates is unlikely to achieve the objective of price stability. The ECB used it during the Great Financial Crisis in 2009-11, in 2015 when inflation remained stubbornly low, as well as during the covid pandemic.
Quantitative tightening (QT) is the reverse of QE. It is undertaken after QE when an economic recovery is underway and inflation starts rising. Whilst in QE the European Central Bank (ECB) purchases government and corporate bonds from financial institutions to provide them with liquidity, in QT the ECB stops buying more bonds, and stops reinvesting the principal maturing on the bonds it already holds. It is usually positive (or bullish) for the Euro.
Last updated
: 2024.09.12
Related articles
AUD/USD strengthens above 0.6800 on RBA-Fed policy divergence, eyes on PBoC rate decision
53 minutes agoJapan's National CPI climbs 3.0% YoY in August, Core CPI rises as expected
2024.09.20 08:32EUR/USD grapples with higher ground as Fed cuts weigh on Greenback
2024.09.20 08:32US Treasury Sec. Yellen: The Fed rate cut is very positive sign for the economy
2024.09.20 08:12GBP/USD tests 1.33 as Greenback weakness prevails
2024.09.20 08:03USD/CAD softens near 1.3550 on bearish US Dollar, investors await BoC's Macklem speech
2024.09.20 08:01
FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.
Was this article helpful?
We hope you find this article useful. Any comments or suggestions will be greatly appreciated.
We are also looking for writers with extensive experience in forex and crypto to join us.
please contact us at [email protected].
Thank you for your feedback.
Thank you for your feedback.
Most viewed
AUD/USD strengthens above 0.6800 on RBA-Fed policy divergence, eyes on PBoC rate decision
The AUD/USD pair trades on a stronger note near 0.6810 during the early Asian session on Friday.
New
2024.09.20 09:12Japan's National CPI climbs 3.0% YoY in August, Core CPI rises as expected
Japan's National Consumer Price Index (CPI) climbed 3.0% YoY in August, compared to the previous reading of 2.8%, according to the latest data released by the Japan Statistics Bureau on Friday, Further details unveil that the National CPI ex Fresh food arrived at 2.8% YoY in August versus 2.7% prior.
New
2024.09.20 08:32EUR/USD grapples with higher ground as Fed cuts weigh on Greenback
EUR/USD found the high end on Thursday, holding fast to the 1.1150 level, though most of the pair's bullish momentum comes from a broad-market selloff in the Greenback rather than any particular bullish fix in the Euro.
New
2024.09.20 08:32US Treasury Sec. Yellen: The Fed rate cut is very positive sign for the economy
US Treasury Secretary Janet Yellen said on Friday that the US Federal Reserve (Fed) rate cut is very positive sign for the US economy.
New
2024.09.20 08:12GBP/USD tests 1.33 as Greenback weakness prevails
GBP/USD found a fresh 30-month high bid on Thursday, with a broad-market selloff in the US Dollar sparking a risk bid in Cable and bolstering the Pound Sterling.
New
2024.09.20 08:03USD/CAD softens near 1.3550 on bearish US Dollar, investors await BoC's Macklem speech
The USD/CAD pair attracts some sellers near 1.3560, snapping the two-day winning streak during the early Asian session on Friday.
New
2024.09.20 08:01Bank of Japan set to keep rates on hold after July's hike shocked markets
The Bank of Japan (BoJ) is expected to keep its short-term interest rate target between 0.15% and 0.25% on Friday, following the conclusion of its two-day monetary policy review.
New
2024.09.20 08:00Silver Price Forecast: XAG/USD surges as Fed rate cut spurs rally toward $31.00
Silver climbed sharply during Thursday's North American session, printing solid gains of over 2%, and closed at around $30.77.
New
2024.09.20 07:14NZD/USD Price Analysis: Bulls attempt to retake the 20-day SMA, outlook promising
On Thursday, the NZD/USD pair rose to 0.6239, above the 20-day Simple Moving Average (SMA) which served as a strong resistance in the last sessions.
New
2024.09.20 06:53Australian Dollar on the rise amid Greenback weakness
The AUD/USD rose by 0.70% to 0.6815 in Thursday's session. This marks the fourth consecutive session of gains for the AUD/USD, as the Greenback continues to weaken in the wake of the Federal Reserve's (Fed) 50-basis-point rate cut.
New
2024.09.20 05:30Disclaimer:
All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.
The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.
Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users. Cookie policy
