Current American dollar rate declines against the euro and the pound
The current American dollar rate is getting cheaper against the euro and the pound sterling and is stable against the yen. According to the Financial Times, several British Conservative MPs and prominent figures from the City of London are calling on Truss herself to resign as prime minister after controversial economic decisions undermined her credibility.
Britain’s new finance minister told the BBC in an interview last Sunday, referring to the possibility of rolling back any of the government’s recent stimulus measures, that “nothing is out of the question.” Later Monday, Hunt is set to state regarding the country’s medium-term budget.
The U.S. dollar rate against the yuan rose 0.08% to 7.1982 yuan versus 7.1925 yuan at market close on Friday. Chinese President Xi Jinping, who spoke at the 20th Congress of the Communist Party of China (CPC), which opened on Sunday, signaled that the authorities would continue their tough policy to curb the spread of COVID-19, which has already seriously weakened the country’s economy this year.
The euro rose 0.28% to $0.9749 against the dollar, compared with $0.9722 at market close on Friday.
The exchange rate of American currency to yen grew by 0.04% to 148.73 yen against 148.69 yen at the end of the previous session.
The pound grew by 0.98% to $1.1282 from $1.1172. On Friday, British Prime Minister Liz Truss dismissed Finance Minister Kwasi Kwarteng, appointing Jeremy Hunt to the post.
The ICE-calculated index showing the dollar’s dynamics against six currencies (euro, Swiss franc, yen, Canadian dollar, pound sterling and Swedish krone) lost 0.29%, while the broader WSJ Dollar Index lost 0.27%.
The Fed is taking active measures to prevent the inflation of the dollar. Because of these economic measures, the stock market is seriously affected. Against this backdrop, Meta joins other tech companies such as Snap, which are laying off employees due to worsening economic conditions. We are also seeing how badly Facebook meta stock prices are falling. While many of these companies thrived during the coronavirus pandemic, some of the tech giants have reported in recent weeks on the impact of the global economic turmoil. Last week, Ilon Musk, the new owner of Twitter, laid off about half of the company’s 7,500 employees, saying the social network was losing $4 million a day.
Earlier we reported that almost all U.S. and European CEOs are preparing for an economic slowdown.
Wall Street futures rise after the U.S. Fed meeting
U.S. stock index futures are rising Thursday, trading data showed. Markets are assessing the outcome of the U.S. Federal Reserve (Fed) meeting.
The Dow Jones Industrial Average (DJIA) futures rose 0.22% to 32,329 points, the NASDAQ high-tech index rose 0.96% to 12,828.5 points and the S&P 500 broad market index rose 0.48% to 3,989.75 points.
The Fed on Wednesday expectedly raised its benchmark rate by 25 basis points to 4.75-5% per year. The regulator noted that it does not expect the rate reduction this year, but allows it next year. U.S. exchanges were down 1.6% in Wednesday trading.
According to the CME Group, 55.8% of analysts now expect the Fed’s discount rate to remain unchanged in May, while 44.2% expect it to rise another 25 basis points. Thus, markets concede that the Fed may interrupt the cycle of hikes that began last March.
At the same time, shares of cryptocurrency exchange Coinbase were down 10.6% in pre-bid trading. The exchange this week received notice from U.S. authorities of an impending charge of violating laws.
Later in the trading, statistics on initial jobless claims in the U.S. for the week through March 18 will be released. Analysts forecast that the figure would increase by 5 thousand to 197 thousand applications.
Earlier we reported that the US budget deficit was $262bn in February.
ITB (International Trading Brachium) Broker Announced Its YouTube channel
(Mahe, Seychelles-March 08, 2023) – ITB BROKER, LLC, an international forex broker, has announced that with our community growing, we believe that this will be the most effective medium to communicate with and so, we’re proud to announce the launch of ITB YouTube channel .
When a picture speaks a thousand words, How about a video?
- Throughout our community building initiative, we strongly believe in video as our means of communication. Video has played a pivotal role in describing our futuristic services to our audience and in communicating our disruptive vision to potential traders or investors.
- Over the next few weeks, we will be launching interesting videos on upcoming ITB features, bonuses, partnership or IB announcements and financial market expert interviews.
- YouTube is a great place to pick up forex trading tips and learn how to use them in the real world.
There are a number of YouTubers that make great educational videos, perfect for beginners or those considering taking up forex trading. ITB group with over 10 years of financial experience provides you with useful tips and hints of forex trading via its YouTube channel.
ITB Broker or ITBFX is a leading provider of online foreign exchange (FX) trading, CFD trading, and related services.
Founded in 2017, the company’s mission is to provide enthusiastic traders with access to the world’s largest and most liquid market by offering innovative trading tools, applying excellent trading platform, meeting strict financial standards, and striving for the best online trading experience in the market.
In addition, ITB offers educational courses on FX trading and Cryptocurrencies on academy section of ITBFX website.
U.S. budget deficit totaled $262 billion in February
According to a report from the U.S. Treasury Department, the U.S. budget deficit in February was $262,434 billion compared to a $38.8 billion deficit in January. The Dow 30 also had problems.
Analysts at DailyFX suggested that the nation’s budget deficit for February was expected to be $256 billion. A year earlier, in February, the U.S. posted a budget deficit of $216,590 billion.
According to the GAO report, U.S. government spending rose 3.5 percent year over year last month to $524.548 billion, while revenue, in contrast, declined 9.5 percent to $262,114 billion.
Earlier, the U.S. edition of the Washington Post published an editorial stating that the new draft budget proposed by the Biden administration undermines U.S. national security and its ability to invest in the future, because it suggests a further growth of the U.S. national debt.
The WP editorial board noted that the new draft budget assumes a $2 trillion budget deficit, including due to the high cost of providing health insurance to the elderly of the baby boomer generation.
Earlier we reported that the EU has agreed to reduce energy consumption by 11.7% by 2030.
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