Market Update

The US Dollar Index, a measure of the dollar’s value, is advancing 0.84%, sitting at 104.177, while the US 10-year benchmark note rises 21 basis points and is up at 3.154%.As investors expect an aggressive US Fed, USD/CHF rallies 0.80% post US hot inflation. Elevated US Treasury yields lifted the …

The Consumer Price Index published on Friday by the Bureau of Labor Statistics hiked by 8.6% from a year ago, up from April’s reading of 8.3% and higher than economists had projected.Federal Reserve policymakers tasked with bringing prices back down could likely to take clues from May’s CPI report on …

gold prices are soaring on Friday despite higher US yields and a stronger dollar. The Gold Index XAU/USD rebounded again at the $1830 but this time it broke $1850 and a few minutes later reach $1870, and even $1874 at the time of writing.Following the US May CPI report, XAU/USD …

Financial Japanese authorities had a meeting to address the weaker JPY and have agreed to act if the yen continues weakening. Despite falling on threats of an intervention by Japan, the GBP/JPY pair managed to gain 1.30% within a week.The GBP/JPY pair fell on Friday and trimmed weekly gains of …

Tesla announced in its annual proxy statement released late Friday it will seek shareholder approval to split its stock 3-for-1.Tesla said the proposed stock split, “would help reset the market price of our common stock so that our employees will have mor flexibility in managing their equity, all of which, …

Credit card companies are sweetening the bonuses they offer their customers, and American Express is doing just that through a new partnership with crypto wealth management platform and wallet provider Abra. The two companies announced the launch of the Abra Crypto Card on the Amex network today at Coindesk’s Consensus …

Next week, the Bank of England will have its monetary policy meeting. Analysts at MUFG Bank consider the meeting will pose some upside risk for the pound but they warn any rally should be short-lived in light of the still unfavourable UK cyclical backdrop. Key Quotes: “The weak outlook for …

US stocks sharply dropped on Friday after new data showed that inflation accelerated in May. The S&P 500 was recently down 2.4%. The Dow Jones Industrial Average declined 675 points, or 2.1%, while the Nasdaq Composite dropped about 3%. US stock benchmarks posted their biggest declines in more than three …

Economic data released on Friday showed the jobs in Canada rose by 39,800 in May, surpassing expectations. Analysts at CIBC, consider that recent economic data means that the Bank of Canada could raise its interest rates a little higher. Key Quotes: “A further solid rise in employment, decline in the …

The University of Michigan’s headline Consumer Sentiment Index slumped to 50.2 in June, its worst level since records began back in the 1970s, according to the preliminary release of the university’s widely followed monthly consumer survey. That was a large miss on the expected slight decline to 58.0 from 58.4 …