Market Update

There were 218,000 Initial Jobless Claims in the week ending on 14 May, a tad above the expected rise to 200,000 from 197,000 one week ago, data released by the US Department of Labour on Thursday showed. That meant the four-week average number of claims rose to 199,500 from 191,250 a week …

Gold prices rebounded again on Thursday as a weaker dollar and lower US Treasury yields coupled with a drop in risky assets revived demand for the precious metal, which is considered a safe haven for value amid concerns about global growth. The price of gold in spot transactions jumped 0.8 …

European shares fell 1.7 percent on Thursday after heavy selling on Wall Street, as weak results from retail companies highlighted the impact of high inflation on the world’s largest economy. European retail stocks fell, following in the footsteps of their American counterparts, by 2.4 percent and was the biggest loser …

The euro rebounded somewhat on Thursday after investors digested the possibility that the European Central Bank would tighten monetary policy aggressively in the near term, while the safe-haven dollar picked up a breath after making big gains in previous sessions. Financial markets are currently expecting a 106 basis point hike …

Japanese Prime Minister Fumio Kishida told reporters on Thursday that his country will double its financial aid to Ukraine to $600 million in a coordinated move with the World Bank to support the near-term financial necessities of the Russian-invaded country. “Our country stands by Ukraine,” Kishida said, adding that Japan …

The US dollar Index was unable to attract speculative interest, now hovering around $1,816 a troy ounce. Crude oil prices edged lower, with WTI now changing hands at $106.90 a barrel. The yield on the US 10-year Treasury note stands below 2.90%, as investors rushed into bonds’ safety.The EUR/USD pair …

The USD/JPY pair has witnessed a slight rebound after hitting 128.00 low late during the US trading session. The pair has faced decent selling pressure on Wednesday despite a broader strength in the US dollar. The heightened risk-off impulse in the market is behind the dollar against the majority of …

The USD/CAD pair meets sellers around 1.2900, retreating from the previous day’s recovery moves from a two-week low, as traders take a breather from the latest risk-aversion amid a sluggish start to the Asian session. That said, the Canadian dollar pair takes offers to renew intraday low around 1.2875 by …

Philadelphia Fed’s President Patrick Harker said he believes the central bank can bring inflation down without sending the economy into a recession, in part because the labour market is currently strong.“We may have a few quarters of negative growth, but again, that’s not what I’m estimating, what I’m forecasting right …

The AUD/USD reverses the pullback from the weekly high, after posting the biggest daily fall in a week, as traders prepare for the Australia employment report for April. Even so, the broad risk-off mood probe the recovery moves near 0.6975-80 amid the early Thursday morning in Asia.Market sentiment soured the …