WTI hit fresh three-month highs near $121 earlier in the session, but has since pulled back to the $118s. Oil prices were initially boosted on Monday amid a Saudi hike, China lockdown easing and following last week’s OPEC+ meeting.Having at one point come within a whisker of hitting the $121 …

Around the end of 2021, nobody was talking about a US recession, but now, the dreaded ‘recession’ word is on everybody’s lips. During the week, Tesla CEO Elon Musk voiced this fear using the “super bad feeling” phrase about the US economy. “Lots of luck on his trip to the …

US equities finished the last trading session of the week with heavy losses, between 1.05% and 2.47%. Positive US jobs report further cemented the case for a US Federal Reserve rate hike of 50 bps in the June meeting, despite worries that the US central bank could cause a recession.Economic …

US President Joe Biden ignores Elon Musk’s fears about the US economy by pointing to latest investments made by the electric-carmaker’s competitors. Biden also took an indifferent situation at Musk saying “Lots of luck on his trip to the moon”.Biden, on Friday, warmly praised some of Musk’s competitors for expanding …

US energy companies have kept oil and natural gas rigs unchanged this week as crude output slowly recovers from the impact of the coronavirus pandemic with many producers still more focused on returning money to shareholders.The oil and gas rig count, an early indicator of future output, were flat at …

On the week’s last trading day, the USD/CHF pair jumps from weekly lows erasing Thursday’s losses, the pair also gains 0.56% as the New York session gets closer to its end. The USD/CHF is trading at 0.9626, reflecting a downbeat mood and a strong US Dollar, underpinned by high US …

The S&P 500 fell 1.6%, while the Dow Jones Industrial Average shed 350 points, or 1%. The Nasdaq Composite tumbled 2.5%. Meanwhile, the most notable move following the jobs report came from the bond market, with the yield on 10-year Treasury jumping as much as 7 basis points to near …

The USD/CAD pair is set to finish the week with losses of 1.09%, despite Friday’s recovery. Market sentiment remains negative as fears of a US recession accelerate.On the US front, the Federal Reserve officials begin their blackout period. However, investors’ eyes would be on the inflation report alongside the UoM …

The GBP/USD pair prepares to finish the week with losses of almost 1% amid risk-off market mood and robust US employment data. The GBP/USD pair is seen struggling at 1.2600 and slides sharply below the 1.2500 figure after upbeat US economic data boosted the greenback, while UK traders remain on …

The AUD/USD is ready to finish the week positive, up by 0.90%. The chance of a US Federal Reserve 0.50% rate hike in September lies at 80%. The Australian dollar slumps during the last day of the week but it obstinately remains above the 0.7200 threshold as AUD/USD sellers mount …