Forex Today: Dollar surges alongside fears of an economic downturn – by ValBednarik EURUSD XAUUSD China RiskAversion Growth
, which unexpectedly contracted by 4.2% MoM. The annual figure was up by 34.5%, well below the previous 45.8%. It is the first sign of easing inflation in the EU.Executive Board member Philp Lane was on the wires and said that any recession in the Union would be mild and short-lived. He also noted that the ECB would hike rates again in December, progressing towards the levels needed.
The Japanese yen was among the weakest US Dollar rivals, ending the day at around 142.05. In the meantime, the USD/CHF pair recovered to the 0.9590 price zone. The week will be mostly light regarding macroeconomic releases, focusing on the FOMC Meeting Minutes to be out on Wednesday. Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions.
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