GBP/USD jumps above 1.2100 πŸ“ˆ

GBP/USD climbed above $1.2100, a level not seen in more than three months. The dollar declined following the hint that the Fed would soon start reducing rate hikes sparked this move. The pound was already rising as investors were examining recent economic data while cheering Rishi Sunak’s and Jeremy Hunt’s economic plans.

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CAD weakens after GDP results

The Canadian dollar weakened aboveΒ $1.35β€”a level not seen since early November after the GDP results. The Canadian economy increased by 2.9% annually in Q3Β of 2022, beating expectations for a modest 1.5% growth.

US dollar continues downward πŸ“‰

On Monday, the dollar fell against a group of major currencies and is closing in on a price of 105. This is the lowest level since August, as investors reevaluated the outlook for growth and monetary policy. Fed’s possible slow down of rate hikes is currently driving the dollar pullback.

GBP/USD jumps above 1.2100 πŸ“ˆ

GBP/USD climbed above $1.2100, a level not seen in more than three months. The dollar declined following the hint that the Fed would soon start reducing rate hikes sparked this move. The pound was already rising as investors were examining recent economic data while cheering Rishi Sunak’s and Jeremy Hunt’s economic plans.

RBNZ lifts interest rates by 75 bps

The Reserve Bank of New Zealand raised its interest rates by 75bps to 4.25% during the November meeting. This is the highest since early 2009 and in line with market expectations. The rate hike was biggest in the central bank’s history in an efforts to tackle high inflation. NZD strenghtened 0.75% against most currencies after the announcement.

πŸ’· GBP/USD continues to rise

GBP/USD bounced back close to $1.2000, recovering from a slight loss on Thursday. Now it’s set to finish the week about 1% stronger. Fresh figures showed retail sales grew 0.6% in October, which helped GBP/USD to rise amid dollar weakness.

GBP/USD reaches 1.2000 πŸ’·

GBP/USD jumped by 2% today, mainly driven by the weak US dollar. GBP/USD reached 1.2000 for the first time since August, up from 1.05 just seven weeks ago.

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EU inflation eases to 10%

The annual inflation rate in the Euro Area decreased back to 10% from a record high of 10.6% in October. The result exceeded market expectations by 10.4%, finally declining after several increases.

WTI oil moves higher πŸ“ˆ

WTI crude oil increased toward $80 after a decline in US crude inventory by 8 million barrels last week. An upcoming OPEC+ meeting sparked fears of further output restrictions, as OPEC+ is supposed to meet on Dec. 4th to decide on output strategy. Rumors that the cartel will reduce output further in response to market weakness are gaining momentum.

Australia’s inflation decreases to 6.9%

Australia’s annual inflation rate fell to 6.9% in October 2022. It decreased from September’s record high of 7.3% and fell short of expectations of 7.4% due to a lower increase in food prices.

Phantom expands its reach

One of the largest Solana-based wallets Phantom is expanding to other blockchains. The wallet will expand to Polygon and Ethereum, threatning the market leader Metamask. Phantom reportedly now has more than 3 million users.

India starts the test of digital rupee

The Reserve Bank of India will start testing its central bank digital currency (CBDC) on December 1st. The testing will run in Mumbai, New Delhi, Bengaluru and Bhubaneswar. Some of the major banks, such as the State Bank of India, ICICI Bank, Yes Bank, and IDFC First Bank, will participate.

CAD weakens after GDP results

The Canadian dollar weakened aboveΒ $1.35β€”a level not seen since early November after the GDP results. The Canadian economy increased by 2.9% annually in Q3Β of 2022, beating expectations for a modest 1.5% growth.

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