Market Update

Ahead of Thursday’s key US Consumer Price Index data scheduled for New York’s morning session, the White House says tomorrow’s inflation data will show a high year-on-year figure.The White House states that its irrelevant month on month number will continue trending lower the rest of the year.The consensus in the …

The sterling remains passive on Wednesday during the New York session, so far up 0.02% in the day and the GBP/USD pair is trading at 1.3539. Financial markets mood is positive, as European equity indices finished in the green territory. US equity indices led by the heavy tech Nasdaq Composite …

Loretta J. Mester, president and CEO of the Federal Reserve Bank of Cleveland, is crossing the wires and has stated that there’s a strong case to start reducing accommodation and she supports rate increase in March.Key RemarksFuture rate increases will be guided by the economy.If inflation is not coming down …

Versus the expected 369K Increase, commercial crude oil inventories in the US dropped by 4.756 million barrels in the week ending on 5 February, a weekly report published by the US Energy Information Administration revealed on Wednesday. Market consensus pointed to an increase in crude oil stocks.Distillate stocks saw a …

Macklem is speaking live to the Canadian chamber of commerce.Key QuotesCovid recovery phase is chance to make long overdue gains in Canadian productivity.Productivity growth is vital to economic growth, increasing wages without raising unit labour costs.US capital has moved to higher-productivity sectors in larger amounts than in Canada, ‘has been …

Isabel Schnabel, member of the Executive Board of the European Central Bank (ECB), mentioned during a Twitter session of Q&A that rising interest rates would not lower energy prices. She added that if current inflation “threatens to lead to a de-anchoring of inflation expectations, we may still need to respond”. …

USD/TRY navigates a narrow range around the usual 13.50/60 band on Wednesday. The pair remains sidelined around the familiar 13.50/60 territory for an additional session, extending the muted price action that kicked in in mid-January.The Turkish lira appears vigilant and follows the recent developments from a series of meetings between …

The AUD/USD has printed gains for the third successive day, so far up 1.5% in the week as market players prepare for Thursday’s US inflation figures. At the time of writing, the AUD/USD is trading at 0.7185.Wednesday’s economic docket is light, except for Fed speakers Michelle Bowman and Loretta Mester, …

Oil prices stabilized at around $90 a barrel on Wednesday, but the prospect of increased supplies from Iran and the United States kept prices under pressure. Brent crude futures fell 36 cents, or 0.4 percent, to $90.42 a barrel by 1150 GMT. West Texas Intermediate crude fell 43 cents, or …

The US trade deficit widened in December as imports soared, hitting the largest-ever level in all of 2021. The Commerce Department said on Tuesday that the trade deficit rose 1.8 percent to $80.7 billion in December. November’s data was revised down to $79.3 billion, instead of $80.2 billion in the …