ECB’s Nagel: Interest rates are close to the their peak

Bundesbank President Joachim Nagel said on Wednesday that interest rates in the Eurozone are close to their peak. He explained that economic data will determine whether more tightening is needed.

Regarding inflation, Nigel mentioned it is on track to move towards the ECB target while speaking at an even in Milan.

Market reaction

The EUR/USD is falling on Wednesday; it trimmed losses during the last two hours, rising from near 1.0850 to 1.0880.

Nov 22, 2023

Gold Price Analysis: XAU/USD continues to wrestle with $2,000

XAU/USD tipped back into a daily high above the $2,000 mark, at $2,006.48, but the key handle is proving a difficult target to nail down.

US Dollar advances amid resilient US labor market

On Wednesday, the US Dollar found momentum after the report of positive weekly Initial Jobless Claims from the US, which flashed further warning among investors regarding further tightening from the Federal Reserve (Fed).