Market Update

The US Federal Reserve on Wednesday announced that it had lifted interest rates by 75 bps to 1.50-1.75%, as expected. More details are awaited as Fed Chair Jerome Powell proceeds with the press conference after the FOMC meeting concluded. The vote split was 10 to one, with Esther George favouring …

Gold is poised for another downside but a short squeeze is not off the table. The Fed at the top of the hour is expected to seal the deal one way or another.As per the pre-open analysis on gold for the week, Gold, Chart of the Week: XAU/USD bulls need …

The USD/CHF extends its weekly rally and is up by 1.60%. Risk appetite is back as stocks rally, and safe-haven peers suffer.The USD/CHF clings to parity for the second successive day, trading at 1.0028, recording minimum gains of 0.11%, ahead of the US Fed monetary policy decision. Positive sentiment is …

European Central Bank President Christine Lagarde said on Wednesday that crises are never the same twice and that they must have the courage to act when facts are not clear, as reported by Reuters.“We cannot just be bold, we must be consistent too,” Lagarde added and said that they must …

The Euro seems under pressure after ECB emergency meeting. Meanwhile, the US dollar’s performance is mixed ahead of the Fed’s decision. FOMC statement will be released at 18:00 GMT.The EUR/USD is falling on Wednesday, trading at daily lows near 1.0380 ahead of the Fed’s decision. The US dollar is posting …

The WTI crude oil recently fell to fresh session lows and is eyeing a test of its 21DMA pre-Fed rate announcement. Commentary about a weak outlook for demand growth and China lockdowns is being cited as a reason for price’s retreat.The American benchmark for sweet light crude oil is looking …

US stocks are climbing ahead of the Federal Reserve monetary policy decisions, expected to hike 75 bps. The Nasdaq Composite leads the pack, followed by the S&P 500 and the Dow Jones.US equities recovered some ground after a string of five days of losses and are gaining between 1.05% and …

Retail Sales in the US fell by 0.3% MoM in May, versus expectations for a 0.2% rise and following a 0.7% MoM gain in April (revised down from 0.9%), data released by the US Census Bureau on Wednesday showed. Meanwhile, Core Retail Sales rose by 0.5% MoM, below the expected …

Oil prices fell on Wednesday amid concerns about fuel demand and global economic growth ahead of an expected big hike in interest rates by the Federal Reserve. Brent crude futures fell $1.27, or 1 percent, to $119.90 a barrel by 1001 GMT. The price of US West Texas Intermediate crude …

Gold prices rose more than 1% on Wednesday, supported by a weak dollar, as investors braced for a possible sharp interest rate hike by the Federal Reserve. Spot gold rose 1.2 percent to $1,829.99 an ounce by 1225 GMT, while US gold futures rose 1.1 percent to $1,832.70. The dollar …