Market Update

President Joe Biden is acknowledging historic inflation, but at the same time, Biden believes it is tapering off this year. President Joe Biden said Thursday he sees signs of relief on the horizon for US consumers, after a government report showed inflation staying at a 40-year high.“According to Nobel laureates, …

Gold rose further during the American session and climbed to $1836, reaching a fresh daily high. It remains near the top with a bullish tone. The upside move started after finding support again above $1820.If XAU/USD ends at current levels, it will post the highest weekly close since November, with …

The US 10-year bond yield has hit 2%. It may well pause within the said territory in a narrow range around 2% for a while.But beyond this, some analysts and observers as well as investors expect an additional rise to the 2.25% area and view this scenario as more likely, …

According to the University of Michigan’s preliminary February Consumer survey, the Consumer Sentiment Index fell to 61.7 in February, well below expectations for a slight rise to 67.5 from 67.2 in January. That marked the lowest such reading since October 2011. The Current Conditions Index fell to 68.5 from 72.0 …

The Central Bank of Russia announced on Friday that it raised its policy rate by 100 basis points to 9.5% from 8.5%. This decision came in line with the market expectation. “Key rate decisions will be made taking into account actual and expected inflation movements relative to the target and economic developments over the forecast horizon as well …

The dollar rose to an eight-day high on Friday after US inflation rose to a 40-year high and statements from a Federal Reserve official launched a wave of bets on a major hike in US interest rates. At the same time, the euro, which rose last week, is heading for …

Oil prices fell on Friday as rising inflation in the United States stoked fears of a major interest rate hike as investors awaited the outcome of nuclear talks between the United States and Iran that could increase the global supply of crude. Brent crude futures were down 58 cents, or …

European shares fell on Friday, heading for a sell-off in global markets, after strong US inflation data fueled bets for a bigger US interest rate hike, although comments hinting at monetary easing from the European Central Bank head limited losses. The pan-European Stoxx 600 index fell 0.5 percent after data …

Official figures revealed on Friday that Britain’s economy grew 7.5% in 2021, recovering from its historic 9.4% decline in 2020 when coronavirus restrictions curbed economic activity. On a quarterly basis, UK gross domestic product is estimated to have risen by 1% in the final three months of the year, and …

Major pairs were quite volatile on Thursday following the release of US inflation figures. The US Consumer Price Index soared in January, higher than expected. The headline spurred a short-lived dollar’s rally, although the greenback quickly changed course and moved from daily highs to fresh weekly lows against most of …