Todays Free Forex Signal 04 11 2022

Today’s free signal is

XAUUSD SELL 1646.82
SL1662
TP 1630

Upgrade now for up to 15 signals per day including updates on www.fxpremiere.com and Www.cryptocurrencysignal.com for Crypto days to get the best deals on the

#forex #forexsignals #forextemplate #forexindicators #forextrader #forexlifestyle #forexmoney #forexlife #forexmarket

Todays Free Forex Signal 04 11 2022

NEW YORK (Reuters) – The dollar gained against major currencies on Thursday after Federal Reserve Chair Jerome Powell signalled U.S. interest rates will likely peak at a higher level than markets expected, while sterling fell after the Bank of England raised rates but warned of a “very challenging outlook.”

The BoE lifted UK interest rates to 3% from 2.25% in its largest single increase since 1989, as it battles the twin forces of a slowing economy and red-hot inflation.

The central bank forecasts inflation will hit a 40-year high 11% during the current quarter, but it pushed back against expectations for further steep rate hikes. The bank said Britain has already entered a recession that could potentially last two years, longer than during the 2008-09 financial crisis.

The Fed on Wednesday raised interest rates by 75 basis points to a target range of 3.75%-4.00%, the fourth such increase in a row, as Powell dampened hopes of a pivot to an easier monetary policy.

“It is very premature to be thinking about pausing” on the effort to lift the federal funds target rate, Powell said in a news conference on Wednesday.

Juan Perez, director of trading at Monex USA in Washington, said the dollar’s dominance will continue “as thoughts of a recession grow for the global economy, which will drive more flight to safety bids towards the buck.”

The futures markets on Thursday has priced in U.S. rates peaking at 5.15% at the June meeting in 2023, which was up from about 4.9% initially expected in May.

In afternoon trading, the euro fell 0.6% against the dollar to $0.9758. That pushed the dollar index up 0.7% on the day at 112.86. Earlier, it touched 113.15, its highest since Oct. 21.

The higher terminal rate “may postpone the U.S. dollar peak that we’ve been expecting by 1-3 months,” wrote BMO Capital currency strategists Greg Anderson and Stephen Gallo.

Thursday’s data showed a U.S. economy that still seemed to be humming along. The number of Americans filing new claims for unemployment benefits unexpectedly fell to a seasonally adjusted 217,000 for the week ended Oct. 29, while nonfarm productivity, which measures hourly output per worker, rose at a 0.3% annualized rate last quarter after slumping at a 4.1% pace in the April-June quarter.

The market is now focused on Friday’s U.S. non-farm payrolls report for October, with Wall Street economists forecasting 200,000 new jobs and 3.6% unemployment rate, according to a Reuters poll.

“That would still be much too strong to change the Fed’s tightening plans, although we suspect the average hourly earnings data will show a further gradual slowdown in wage growth, which the surveys suggest has further to fall,” said Andrew Hunter, senior U.S. economist at Capital Economics.

The pound dropped to a two-week low against the dollar and a one-week trough versus the euro in wake of the BoE statement. Sterling was last down nearly 2% against the dollar at $1.1165, while the euro rose 1.4% to 87.37 pence.

today forex signals

The BoE’s decision – the biggest rate rise in 33 years apart from a failed attempt to support the pound on Black Wednesday in 1992 – was in line with economists’ expectations in a Reuters poll, but was not unanimous.

The pound, like most major currencies, had already been on the backfoot against the dollar on Thursday.

The dollar rose 0.2% against the yen to 148.205 yen, as traders continue to watch for any further official intervention to shore up the battered Japanese currency.

Japan spent a record $42.8 billion propping up the yen last month via a series of unannounced purchases, after spending almost $20 billion in September.