EU leaders are meeting for an off-schedule summit with some progress regarding Russian sanctions. The EU Council President Charles Michel said the officials have agreed to ban the export of Russian oil to the EU. According to Michel, the EU ”agrees to de-swifting the largest Russian bank Sberbank, banning 3 …

The US dollar remains under pressure in the first trading day of the week, sliding against most major rival currencies. The USD/JPY pair, however, edged higher amid the better tone of stocks markets.Economic Data No remarkable economic data was released on Monday. Other Developments EU representatives are still discussing the …

The Reserve Bank of New Zealand General Manager Christian Hawkesby said, on Monday, that the central bank needs to tighten conditions past neutral of 2% and reduce stimulus. Hawkesby forecasts a period of subdued consumption. He also said the risk of a recession is a possibility. The NZD was boosted …

If the Russian ruble is, against any practical scale, an indicator of the nation’s economic conditions, one can easily conclude that an initial storm has been caused by the West’s sanctions. When the West reacted to Russia’s military operation in Ukraine with a bulk of financial and trade sanctions, the …

The first quarter of 2022 recorded US GDP growth rate of minus 1.5%, although nearly 1.7 million jobs have been created. For the second quarter, job growth is expected slow down, but most economists are forecasting growth to be in the 2% to 3% range. If economists are wrong and …

The cash crisis emerging at four rural banks in the central Chinese province of Henan is currently every saver’s nastiest nightmare.Deposits at four rural banks in the central Chinese province of Henan have been frozen since April 18, with looming protests in the capital city of Zhengzhou despite President Xi …

The USD/CAD continued to decline during the North American session and recorded a fresh one-month low at 1.2649. the pair is hovering now near the lows, holding onto daily losses, about to post the fourth consecutive decline.The combination of an improvement in market sentiment, higher crude oil prices and a …

Gold begins the trading week with relatively positive performance, up by 0.20%. the Holiday in the US is expected to keep the precious metal’s prices within a tighter range amid a busy US economic calendar week.An absent US economic docket on Monday keeps gold traders leaning on market sentiment and …

Member of Fed Board of Governors, Chris Waller said on Monday that he supports hiking interest rates by another 50 bps at the next several FOMC meetings and that the policy rate should be above neutral by the end of the year to reduce demand, reported Reuters. Waller also said …

The EUR/USD reached a fresh four-week high, around 1.0765, but in the last hour, retreated 30 pips, as the New York session come to close, on a positive trading session, courtesy of positive US data. At 1.0735, the EUR/USD is set to record weekly gains of 1.66% amidst a week …