Forex Market

Recent rate increases by central banks, headed by the BoE on Thursday, fuel concerns about a decline in oil demand. Despite recent decreases in OPEC+ output and an unexpected drop in US petroleum stocks, WTI declines. In light of worries about an economic downturn, traders are turning their attention to …

The USD/JPY pair is climbing to a YTD peak of 142.88 as Fed Chair Jerome Powell’s hawkish commentary strengthens the US Dollar. Global economic slowdown fears resurface as major central banks, including the Bank of England, tighten monetary conditions.The USD/JPY benefits from rising bond yields and dovish commentary from Bank …

Turkey’s central bank raised its base interest rate by 650 basis points to 15 percent on Thursday, reversing President Recep Tayyip Erdogan’s policy of cutting interest rates, but the move towards post-election tightening still fell short of expectations. In its first meeting after the appointment of Hafiza Ghaya Arkan as …

The Bank of England hiked interest rates by a half-point more than predicted on Thursday, citing “significant” data indicating that British inflation will take longer to decline. The Bank of England’s Monetary Policy Committee (MPC) voted 7-2 to raise its main interest rate to 5% from 4.5%, the highest since …

The Kremlin said Russian President Vladimir Putin and Qatari Prime Minister Mohammed bin Abdulrahman al-Thani will discuss maintaining fair prices in global energy markets when they meet on Thursday in Moscow at 1100 GMT.

European stocks opened lower on Thursday on fears of continued monetary tightening, and with the London Stock Exchange slipping amid uncertainty over the extent to which the Bank of England will raise interest rates later in the day. And by 0716 GMT, the European Stoxx 600 index fell 1.2 percent, …

Oil prices maintained most of the gains achieved on Wednesday in early trading on Thursday, while markets assessed a sudden drop in US crude stocks against the possibility of weak demand after the Federal Reserve Chairman hinted at the possibility of further interest rate hikes. And by 0015 GMT, Brent …

Cryptocurrencies rose sharply, with BTC/USD rising more than 5% above $30,400, the highest level in two months. Ethereum climbed towards $1,900. Crude oil prices rose more than 2% to the strongest level in two weeks. The WTI barrel surpassed $72.50The US dollar dropped despite cautious market sentiment, amid a decline …

Financial markets were focusing on the Fed Chairman Powell’s testimony. Gold retreated on Wednesday even as the US dollar fell and bond yields climbed. The Gold Index declined from the $1,939.57 high to the $1,919.24 low. Markets were reacting to the congressional testimony from Federal Reserve chair Jerome Powell on …

Following the release of UK inflation data, the GBP/USD pair is benefiting from the US dollar’s decline as a result of testimony made by Fed Chair Jerome Powell regarding rate hikes.Powell’s comments keep investors on edge, but the GBP/USD pair seems unaffected by the testimony. With a potential increase of …