Market Update

The OPEC+ group of producers continues to underproduce, which had taken the sting out of the highly anticipated 430k bpd output hike this month.While there are no formal plans to push OPEC to increase oil output, some members have plans for so doing particularly given that Russian output is likely …

The EUR/USD reached new weekly lows below 1.0700 despite the EU inflation breaking above the 8% threshold. The euro retreats during the American session but bounced off daily’s lows in a high volatility trading session that witnessed the EUR/USD rallying near 1.0780 and falling to 1.0678, but is stabilizing. At …

Higher mortgage rates did a little to stop home price momentum in March. US home values leaped by 20.6% in March from the year before, according to the S&P CoreLogic Case-Shiller national home price index, up from a 20% increase in February and marking the largest year-over-gain in the index’s …

The economic consequences of Russia-Ukraine conflict include price surge in Germany hitting a record and inflation in Estonia topping 20 percent. In Spain, the annual inflation has reached 8.5 percent.In Germany, starting June, for example, the government will offer reductions for the price of gas at the pump and a …

The Gold Index has suspended two successive days of gains and retreats towards the 20-DMA after bouncing off the 200-DMA amidst a sour market sentiment during the current trading session as US traders come back from a three-day weekend with positive attitude towards the US dollar and US Treasury yields. …

The Bank of Canada will announce its interest rate decision on Wednesday, June 1 and as financial markets get closer to the release time, expectations were published as forecast by the economists and researchers of six major banks, regarding the upcoming policy decision announcement. The Bank of Canada is expected …

Gold prices fell on Tuesday after rising dollar and US bond yields offset support for the precious metal on rising inflation fears and appeared to be on track for a second consecutive monthly decline. Spot gold fell 0.4 percent to $1,848.60 an ounce at 1025 GMT, and was down 2.5 …

Canadian real GDP expanded at a pace of 0.7% MoM in March, according to the latest data release by Statistics Canada on Tuesday. That was above the median economist forecast for a 0.5% MoM pace of expansion but down from February’s 0.9% MoM growth rate.

The euro extended losses on Tuesday after data showed that inflation in the eurozone hit a record high in May, but expectations that the European Central Bank will raise interest rates soon kept the single European currency on track for its best monthly performance in a year. Inflation in the …

European Union leaders agreed in principle on Monday to cut oil imports from Russia by 90 percent by the end of this year, ending a standoff with Hungary over the bloc’s toughest sanctions yet on Moscow since the invasion of Ukraine three months ago. Diplomats said the agreement would pave …