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A dovish tone by the Federal Reserve Chairman Jerome Powell, in his testimony before Congress, pushed the U.S. Dollar (USD) lower on Wednesday. Powell acknowledged progress in an economic recovery but said the economy remains far from achieving the substantial further progress needed to begin tapering asset purchases and then …

The main indices of the New York Stock Exchange (NYSE) finished mostly higher on Wednesday, with Wall Street investors digesting the Federal Reserve Chairman Jerome Powell’s testimony before lawmakers, in which he vowed patience and no rush in raising interest rates in response to the rising inflation. Powell expects inflationary …

Oil prices closed lower on Wednesday after news reports pointed to expectations of an agreement between major producers about output policy in the coming months. Sources reportedly told Bloomberg that the OPEC+ alliance is planning another meeting soon to close the deal, while other media reports said that an agreement …

The United States Federal Reserve Chairman Jerome Powell assured lawmakers on Wednesday that the sharp rise in inflation this year will soon ease. In his testimony before the House of Representatives Financial Services Committee, Powell said that despite the rise in consumer prices, which he expects to remain elevated in …

Gold prices rose on Wednesday to finish at their best level in about a month, supported the decline of the U.S. Dollar (USD) and Treasury bond yields after the Federal Reserve Chairman Jerome Powell assured Congress that the high inflation will eventually ease. This means that the Fed will be …

Stocks in Europe closed lower on Wednesday, with investors reacting to the recent surges in inflation rates in both the U.S. and the U.K, with June’s readings of the consumer prices index (CPI) in both countries exceeding market expectations. STOXX Europe 600 lost 0.40 points, or 0.09%, to close to …

The U.S. Energy Information Administration (EIA) on Wednesday reported another decline in crude oil inventories for the eighth consecutive week. Crude oil inventories decreased by 7.9 million barrels for the week ended July 9. The eighth consecutive weekly fall in oil supplies, despite being expected, has exceeded most market expectations. …

The Bank of Canada (BoC) on Wednesday has decided to maintain the main interest rate unchanged at 0.25% The central bank has also revised downwards its expectations for economic growth this year but raised its growth forecasts for next year. BoC now expects the Canadian Gross Domestic Product (GDP) will …

The Bank of Canada (BoC) announced on Wednesday that it left its key rate unchanged at 0.25% following the July policy meeting as expected. However, the BoC decided to reduce the target of weekly net asset purchases of the government of Canada bonds to C$2 billion from C$3 billion.

The Producer Price Index (PPI) in the US for final demand rose to 7.3% on a yearly basis in June from 6.6% in May, the data published by the US Bureau of Labor Statistics showed on Wednesday. This reading beat the market expectation of 6.8% by a wide margin. On …