ForexMart's Forex News

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  1. #441
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    ForexMart's Forex News
    January 27. Central banks are buying gold at the fastest pace in half a century

    According to a report by economists of the International Monetary Fund and the University of California at Berkeley, gold not only did not leave the international reserve currency, but also significantly increased its performance, as the gold reserves of the world's central banks increased after the global financial crisis of 2008-2009.

    Experts note that in the third quarter of 2022, leading central banks bought more gold than in any other quarter for 55 years. The main buyers at the same time were banks of developing countries, such as Russia, China, India, Turkey, Argentina, Hungary and Belarus.

    Among the main reasons for the increase in purchases, analysts note the popularity of gold as a traditional and safe means of saving at a time when a number of countries are subject to financial sanctions.

    An interesting fact is that Russia, Iran and other countries that are subject to US sanctions can now combine blockchain technologies with gold to launch a digital currency that can compete with the dollar. Blockchain will allow these countries to make transactions with gold without actually redirecting coins or bullion.

    Moreover, gold today is the only significant asset that is not controlled by any country and that cannot be forged. It is also the only asset that largely guarantees financial confidentiality.
    Regards, PR-Manager ForexMart

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    January 30. The main economic events of the day: January 30, 2023

    At the end of last week, the dollar managed to finish trading in positive territory, and its DXY index showed a modest increase of about 20 points. Last week, which was the last full trading week of the month, turned out to be extremely volatile and saturated with the publication of important macro statistics.

    The current week promises to be no less interesting: meetings of the three largest world central banks (Fed, Bank of England, ECB) are expected at once, at which decisions on rates will be made. Market participants expect an interest rate increase of 0.50% from the ECB and the Bank of England, but only 0.25% from the Fed.

    The week will end with the publication of key data from the US labor market: the US Department of Labor will present a monthly Non-Farm Payrolls report with data for January.

    The main and only event of Monday, January 30, will be the publication of preliminary data on German GDP for the 4th quarter. Since the German economy is the locomotive of the entire European economy, a high value of the GDP indicator is considered a positive factor for EUR, and a low one is considered a negative factor.

    Analysts predict that German GDP growth in the 4th quarter of 2022 amounted to 0%, and in annual terms – 0.8%. The previous values were marked at the levels of 0.4% and 1.2%, respectively. The data is better than the forecast may strengthen the euro in the short term.
    Regards, PR-Manager ForexMart

  3. #443
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    February 1. Experts predict an increase in ECB rates by 50 bps

    Tomorrow, February 2, the first meeting of the European Central Bank in 2023 on the rate will be held. Market participants are confident that the ECB will raise key interest rates by 50 basis points, to the highest since 2008.

    If the market forecasts come true, the base interest rate on loans will be raised to 3%, the deposit rate to 2.5%, and the rate on margin loans to 3.25%. At the previous meeting, the ECB increased all three rates by 50 bps. In total, they were raised by 250 bps in 2022.

    Following the results of the December meeting, the head of the central bank, Christine Lagarde, said that the regulator intends to continue raising rates at a rate of 50 bps, and already in January, some representatives of the Central Bank confirmed the relevance of these plans. Now the main question for investors is whether the ECB will continue to increase rates by 50 bps in March, or will consider it necessary to slow down the pace of their increase.

    It is worth noting that the European regulator usually makes a decision on rates not in advance, but directly at each meeting, taking into account the emerging data.

    Today, data on inflation in the eurozone were published, according to which the growth rate of consumer prices in January slowed significantly – to 8.5% in annual terms (from 9.2% in December). This indicator has become the lowest since May last year, but it still significantly exceeds the ECB's 2% target.
    Regards, PR-Manager ForexMart

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    in ro ham eslah kon:
    February 6. Oil has stabilized after a sharp drop last week

    At the end of last week, oil prices showed a sharp drop from the level of $84 per barrel to $79.70. On Monday, Brent managed to stabilize, settling within the narrow sideways range of $80.00-$80.30 per barrel.

    North American WTI oil shows similar dynamics: the current quote of the asset is $73.60 per barrel. Last Friday, WTI was trading at $77.75. At the end of last week, Brent fell by 7.5%, WTI – by 7.9%.

    Pressure on the market was exerted by the weakening of investor optimism about the growth rate of demand in China after the lifting of anti-bullying restrictions, as well as strong data on the labor market of the United States. According to the report of the US Department of Labor, the number of people employed in the non-agricultural sector increased by 517 thousand, which is significantly higher than the forecast of 187 thousand and December growth of 260 thousand.

    At the same time, the unemployment rate fell to the lowest since 1969 (3.4%). Data from the US Ministry of Labor showed that the Federal Reserve System still has room for maneuver in terms of tightening monetary policy.

    Additional pressure on oil quotes was exerted by the statement of the head of the International Energy Agency that the economic recovery in China after the rejection of strict quarantine measures may be more powerful than expected. According to the IEA forecast, the Chinese economy will account for about half of the growth in oil demand this year.

    It is also worth recalling that on February 5, the decision of the European Union and the G7 to impose an embargo on the import of petroleum products from Russia came into force. Market participants are closely monitoring the consequences of these measures.
    Regards, PR-Manager ForexMart

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