Market Update

The positive market sentiment discouraged USD/CHF sellers from confirming the double top chart pattern.The USD/CHF pair has fallen for the fifth successive day, though bounced off weekly lows reached during the day near 0.9521, towards the 0.9580s region. The pair is still shy of reclaiming the 0.9600 figure. At 0.9589, …

“We want to bring inflation down without crippling growth and stalling the labor market”, San Francisco Federal Reserve President Mary Daly, said on Friday. Daly is the latest US central bank monetary policymaker to signal that she is supporting another big increase in interest rates in July in an effort …

Gold continues for the second consecutive week with losses, down 0.64% despite climbing on Friday. Lower US 10-year T-yields and the weaker US dollar account for the latest advance. So far, the Gold Index bounces off weekly lows near $1816, recovering some ground in the week, reclaiming above the $1825 …

The AUD/USD broke above 0.6920 and jumped to 0.6957 on Friday, reaching the highest level in two days. Stocks are sharply surging and this helps the Australian dollar.Despite recession fears, investors flocked to stocks. US stocks indexes are up by more than 2%, extending weekly gains. Negative economic data did …

US shares are surging for the second successive day despite being during the US trading session. The major indices prepare to post solid gains in the week, within 4% to 6% range.The S&P 500 reclaimed the 3,800 mark; around 3,887.19 and is up by 2.74% in the day, while the …

The USD/CAD pair is dragged downwards during the American session as US stocks surge and crude oil price jumps. The pair dropped to 1.2899, hitting the lowest level in a week.The mixture of improved risk appetite, higher crude oil prices and a softer dollar do drag the pair downwards on …

The University of Michigan’s Consumer Sentiment Index declined to 50 in June’s final reading from 50.2 in the flash estimate. This marked the lowest print on record.Further details of the survey revealed that the Current Conditions Index dropped to 53.8 in June from 63.3 in May and the Consumer Expectations …

New Home Sales in the US rebounded sharply in May. The data published by the US Census Bureau showed on Friday that New Home Sales in the US rose by 10.7% in May to a seasonally-adjusted rate of 696,000 following April’s shrinkage of 12% (revised from -16.6%). “The median sales …

Oil prices rose by more than $1 a barrel on Friday, boosted by tight supply, although crude is heading lower for a second week amid concerns that higher interest rates could push the global economy into recession. On Thursday, Federal Reserve Chairman Jerome Powell said the Fed’s focus on curbing …

The UK retail sales arrived at -0.5% over the month in May vs. -0.7% expected and 1.4% previous. The core retail sales, stripping the auto motor fuel sales, stood at -0.7% MoM vs. -1.0% expected and 1.4% previous. On an annualized basis, the UK retail sales plunged 4.7% in May …