BOJ holds interest rates unchanged
The Bank of Japan voted today to hold interest rates unchanged at 0.5%, the highest since 2008 as expected.
The vote was unanimous in favor of holding interest rates, as policymakers prefer to take more time to assess the impact of US tariffs on the export-heavy economy.
Do you need help in trading decisions? Do you want to learn how to start trading?
Join Economies.com VIP Club and benefit from over 15 years of market analysis expertise and get:
- Full coverage of commodities such as gold, oil, silver, and more
- Full coverage of all major forex currency pairs
- Full coverage of key global indices and stocks
- Full coverage of major cryptocurrencies and meme coins
- Accurate analysis and daily updated price forecasts
- Exclusive and breaking news
- Reliable trading ranges for effective risk management
- Comprehensive educational materials, competitions and prizes!
- Innovative tools to enhance your trading performance
Special Offer: Subscribe to the Economies.com VIP channel and get also a free subscription to a trusted trading signals channel provided by Best Trading Signal.
Ripple tumbles 5% on US recession concerns
Ripple tumbled on Wednesday as most cryptocurrencies sustained losses amid a weak risk appetite following weak US data.
Earlier data showed US GDP shrank 0.3% y/y in the first quarter, while analysts expected a growth of 0.4%.
According to the ADP survey, the US private sector added just 62 thousand new jobs in April, below expectations of 120 thousand.
Trump commented on the GDP contraction data and blamed Biden’s heritage, asserting that his economic recovery that he promised will take time.
He asserted that tariffs will have their impact soon with corporations already shifting their production to the US in record numbers.
US consumer spending rose 2.6% y/y in March, down from a 3% rise in February.
Ripple
Ripple fell 4.7% on Coinmarketcap as of 20:37 GMT to $2.18.
Do you need help in trading decisions? Do you want to learn how to start trading?
Join Economies.com VIP Club and benefit from over 15 years of market analysis expertise and get:
- Full coverage of commodities such as gold, oil, silver, and more
- Full coverage of all major forex currency pairs
- Full coverage of key global indices and stocks
- Full coverage of major cryptocurrencies and meme coins
- Accurate analysis and daily updated price forecasts
- Exclusive and breaking news
- Reliable trading ranges for effective risk management
- Comprehensive educational materials, competitions and prizes!
- Innovative tools to enhance your trading performance
Special Offer: Subscribe to the Economies.com VIP channel and get also a free subscription to a trusted trading signals channel provided by Best Trading Signal.
Aussie rises after inflation data
The Australian dollar rose against most major rivals after positive data showed higher than expected inflation in the first quarter.
Australia’s consumer prices rose 2.4% y/y in March, above estimates of 2.3%, and same as the previous reading in February.
On a quarterly basis, consumer prices rose 0.9% in the first quarter, up from 0.2 % in the fourth quarter of last year.
The odds of a 0.25% interest rate cut in May by the Reserve Bank of Australia fell to 95%.
On trading, AUD/USD rose 0.4% as of 19:50 GMT to 0.6405.
Loonie
The Canadian dollar rose 0.4% as of 19:50 GMT against its US counterpart to 0.7254.
Earlier data showed Canada’s GDP contracted by 0.2% in February.
US Dollar
The dollar index rose 0.3% as of 19:52 GMT to 99.4, with a session-high at 99.6, and a low at 99.1.
Earlier data showed US GDP shrank 0.3% y/y in the first quarter, while analysts expected a growth of 0.4%.
According to the ADP survey, the US private sector added just 62 thousand new jobs in April, below expectations of 120 thousand.
Trump commented on the GDP contraction data and blamed Biden’s heritage, asserting that his economic recovery that he promised will take time.
He asserted that tariffs will have their impact soon with corporations already shifting their production to the US in record numbers.
Do you need help in trading decisions? Do you want to learn how to start trading?
Join Economies.com VIP Club and benefit from over 15 years of market analysis expertise and get:
- Full coverage of commodities such as gold, oil, silver, and more
- Full coverage of all major forex currency pairs
- Full coverage of key global indices and stocks
- Full coverage of major cryptocurrencies and meme coins
- Accurate analysis and daily updated price forecasts
- Exclusive and breaking news
- Reliable trading ranges for effective risk management
- Comprehensive educational materials, competitions and prizes!
- Innovative tools to enhance your trading performance
Special Offer: Subscribe to the Economies.com VIP channel and get also a free subscription to a trusted trading signals channel provided by Best Trading Signal.
US crude stocks fall more than expected
The Energy Information Administration reported a drop of 2.7 million barrels in US crude stocks last week to 440.4 million barrels, while analysts only expected a drop of 0.1 million barrels.
Gasoline stocks fell by 4 million barrelsto 225.5 million barrels, while distillate stocks rose 0.9 million barrels to 107.8 million barrels.
Do you need help in trading decisions? Do you want to learn how to start trading?
Join Economies.com VIP Club and benefit from over 15 years of market analysis expertise and get:
- Full coverage of commodities such as gold, oil, silver, and more
- Full coverage of all major forex currency pairs
- Full coverage of key global indices and stocks
- Full coverage of major cryptocurrencies and meme coins
- Accurate analysis and daily updated price forecasts
- Exclusive and breaking news
- Reliable trading ranges for effective risk management
- Comprehensive educational materials, competitions and prizes!
- Innovative tools to enhance your trading performance
Special Offer: Subscribe to the Economies.com VIP channel and get also a free subscription to a trusted trading signals channel provided by Best Trading Signal.