rocket domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/befikry/energyscan.befikry.com/wp-includes/functions.php on line 6121
The yield on the US 10-year treasury bond hit the 3% mark for the first time since late 2018 ahead of the Fed meeting planned today and tomorrow to raise interest rates further (probably by 50 basis points) to combat soaring inflation and slowing growth. In the UK, the BoE is also expected to raise interest rates again at its next meeting on Thursday in a similar context, but with a market consensus at 25 basis points only which could push its key interest rate at its highest level since 2009.
PMI figures released yesterday for the US and the Euro Zone were mixed. They were down month-on-month but above market consensus for manufacturing and services activities in Europe, while the US manufacturing ISM was below consensus and at its lowest level since September 2020 at 55.4, confirming the decline in US industrial activity in the context of soaring production costs, lingering supply chain issues and a rise in factory workers quitting their jobs.
On the agenda today, the Euro Area Unemployment Rate for March will be released at 10:00 AM while the EURUSD rate remains under bearish pressure towards the 1.05 mark this morning.
Get more analysis and data with our Premium subscription
Ask for a free trial here