Market Update

Oil rose for a second day after the US reported the biggest crude stockpile drop since September while the dollar slipped.Futures in New York gained 2.1% on Thursday in a thinly traded session as a weaker dollar helped bolster the appeal of commodities. The price of WTI crude rose by …

“Omicron is here and going to start spreading more rapidly”, said US President Joe Biden while speaking from Roosevelt Room in the White House.US looking at a winter of severe illness and death for those not vaccinated against COVID-19. “It’s past time for people to get booster shots, which they …

Eurozone government bond yields rose on Thursday after the Bank of England delivered a surprise rate rise and the European Central Bank cut stimulus, but the bonds selloff was limited as the ECB pledged to continue monetary support in 2022.Bond yields, which move inversely to their price, shot up when …

Former US Treasurer Rosie Rios among the experts who sees brighter future for the US economy, this means good news for businesses and shoppers.“I’m much more optimistic about 2022 than I was about 2021,” Rios, who served in that role as part of the Obama Administration from 2009 to 2016, …

The EUR/CHF pair has reversed sharply back from earlier session highs in the 1.0460s territory and now trades in the 1.0410s.The pair is expe to move lower as a reaction to the Swiss/Eurozone inflation figures in the wake of ECB and SNB policy announcements.With the bears eyeing an imminent test …

The British pound has skyrocketed during the trading session on Thursday against most currencies, and of course against the Japanese yen which was not an exception. There has been an overall risk on type of move for the session, and that will help this pair. It is worth noting that …

The White House will unveil its “Trucking Action Plan” on Thursday to address supply chain challenges that have plagued the US economy for several months.The plan is the product of the administration’s Supply Chain Disruptions Task Force, a group chaired by Commerce Secretary Gina Raimondo, Transportation Secretary Pete Buttigieg and …

At the last meeting in 2021, the Federal Reserve decided to increase the pace of the QE tapering and the projections of the FOMC staff showed a potential of three rate hikes for next year. Analysts at Wells Fargo, point out the bar for rate hikes now rests squarely on …

Though still affected by supply chain bottlenecks and constraints including labour shortages, the US industrial production grew just 0.5% in November, a marked slowdown from the upwardly revised 1.7% pick-up in October, mentioned analysts at Wells Fargo.Analysts have pointred out that slight improvements in supplier deliveries suggest things are at …

After the rate hike announcement on Thursday from the Bank of England, analysts at Rabobank held on to their forecast of a much less aggressive tightening cycle than what is currently priced in front-end rates. They expect another 25 bps hike early next year. The Bank of England MPC confused …