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Forex Today: Ahead Of The ECB, Sentiment Deteriorates On Recession Concerns

Forex Today: Ahead Of The ECB, Sentiment Deteriorates On Recession Concerns

Wednesday was a busy and worrying day, but the FX board didn't reflect it because of investors' lingering caution over the European Central Bank's monetary policy statement.

As the Consumer Price Index in the UK and the Canadian CPI increased from May to June, rising by a combined 9.4% YoY, inflation is one of the significant worldwide challenges.

The UK's Conservative leadership race has been down to two remaining contenders: Rishi Sunak and Liz Truss. One of them will succeed Boris Johnson as the next prime minister. Following the completion of a postal ballot by 160,000 Tory party members, the winner will be declared on Monday, September 5.

Wall Street started with small gains, but as word of major firms eliminating employment spread, US indexes began to decline. The first was Google, which announced it would stop hiring for two weeks. Later that day, Ford revealed plans to slash up to 8000 positions in the upcoming weeks. The news stories resurfaced recession worries.

Despite winning a motion of confidence in Italy, Prime Minister Mario Draghi is expected to resign and call for early elections after three main cotillion parties boycotted the vote. Additionally, EU authorities worry that a complete cutoff of Russian gas will harm the GDP of the Union.

Russia has announced that the geographic goals of the special operation in Ukraine have been modified to include the new territory.

The EUR/USD pair fluctuates about 1.0170, while the GBP/USD pair has again failed to hold gains over the 1.2000 price level and is currently trading in the 1.1960 range. The USD/CAD pair is consolidating at about 1.2870, while the AUD/USD pair is slightly weaker, maintaining below 0.6900.

The US dollar made slight gains against the CHF and JPY. On the other hand, gold is currently trading in the $1,697 price range after dropping to a new weekly low below $1,700.

The price of crude oil decreased somewhat, and WTI is now trading at $99.80 per barrel.

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