The Bank of England took steps to cut interest rates, as a second official backed a cut and Governor Andrew Bailey said more cuts were likely to be implemented than investors expected. On Thursday, the Bank of England (BoE) announced that the Monetary Policy Committee (MPC) decided by voting 7-2 to keep rates at a 16-year high of 5.25%, after Deputy Governor Dave Ramsden joined Swati Dhingra in voting for a reduction to 5%. Analysts polled by Reuters mostly expected another 8-1 split to hold the rate. Sterling fell against the US dollar and euro after the announcement while British governm ..read more

"Between Trump and Biden, which one do you support?" Shortly after publicly revealing his support for cryptocurrencies, Republican candidate for the 2024 United States (US) Presidential Election Donald Trump said he would protect the rights of digital asset investors. In contrast to Joe Biden's administration which has no idea how crypto works, Trump has been very clear that he will never crack down on BTC or other digital assets through the use of regulatory powers. However, it should be known that Trump's view on BTC is not the same in 2021 as he once called the digital asset a fraud and ..read more

The Bank of England took a different step towards cutting interest rates on Thursday, when a policymaker backed a cut and Governor Andrew Bailey said he was "optimistic that things are moving in the right direction". Here are comments from a press conference from Governor Andrew Bailey: "Most likely we will have to reduce bank rates in the next few quarters and make monetary policy a little less restrictive in the forecast period, perhaps more than what is currently priced in market rates. "This will be consistent with ensuring that inflation does not fall significantly below target at the ..read more

XAU/USD hovered around the usual $2,300 level throughout yesterday amid rising US Treasury yields and a strengthening USD. Key economic data in the United States remains limited and investors look forward to Thursday's jobless claims data and Friday's University of Michigan (UoM) Consumer Sentiment survey. Meanwhile, the price of gold traded at $2,310.18 which is up by 0.07% since it opened at the beginning of the Asian trading session. Throughout the week, market participants remained focused on the speech of Federal Reserve (Fed) officials amid growing speculation that the US central ban ..read more

Price movements on the main charts were seen as 'sad' on Wednesday's trade yesterday in the absence of economic data to drive the currency market. The US dollar is showing a flat move after a recovery at the beginning of the week compared to a sharp decline that erupted at the end of last week's trade. The hawkish view by members of the Federal Reserve (Fed) managed to prevent the US dollar from continuing to fall with the market's focus returning to the central bank's monetary policy. Although the consolidation is not aggressive, but investors examine the indicators on the main charts for ..read more

"It is indeed the future, but there are still many who do not believe and are wary." Christopher Giancarlo, former Commodity Futures Trading Commission (CFTC) asserts that Central Bank Digital Currencies (CBDCs), stablecoins and cryptocurrencies are the future of finance, he commented while at the Financial Times Crypto and Digital Assets Summit. Also leading the Digital Dollar Project as co-founder and executive chairman, Giancarlo said the US should only consider issuing a CBDC once key design elements are properly understood to avoid security and privacy risks. He added, some will be dec ..read more

The Pound Sterling was traded cautiously by investors ahead of the outcome of the Bank of England's monetary policy meeting today. The Bank of England (BOE) is expected to keep interest rates unchanged at 5.25% and a follow-up speech by the governor will be watched for further indications of the central bank's monetary policy direction. On the chart of the GBP/USD currency pair, it can be observed that the price experienced a decline from the beginning of the week with the movement of the Pound being more gloomy compared to the US dollar. The US dollar has shown a recovery at the beginning ..read more

The ringgit moved strongly against the US dollar since it opened early this morning as local market participants await the announcement of the overnight policy rate (OPR) by Bank Negara Malaysia (BNM) later today. At 10.30 this morning, the ringgit moved positively to the level of 4.7400 compared to when it opened at 4.7450 this morning. The chief economist of Bank Muamalat Malaysia Bhd, Mohd Afzanizam Abdul Rashid said that the US Dollar Index (DXY) continued to rise to 105,546 points (0.1%). At a time of lack of economic reports, the market will continue to pay full attention to the comm ..read more

The price movement pattern on the GBP/JPY pair chart looks similar to the one on the USD/JPY chart for the past few weeks triggered by the Yen controversy. However, the pattern is expected to change after the central bank of England's monetary policy meeting today which will drive the Pound trade. Until today, there is still no explanation given by the Japanese authorities regarding the expected measures of intervention in the market that took place to witness the drastic movement of the Yen currency. Neither the government nor the central bank refused to comment on the matter despite vari ..read more

Differences between the western economic bloc led by the United States and China have threatened global trade cooperation and overall economic growth. A senior official of the International Monetary Fund (IMF) said that the whole world is now driven by economic security and national security concerns in determining with whom they trade or invest. The two topics will continue to cause small countries to widen their gap in either favor between China and the United States. Although global economic resilience is seeing improvement and strengthening, the trend of fragmentation in the trading sy ..read more