Market Update

Bitcoin continued to struggle below the critical USD 50,000 resistance level on Thursday. The short-term downtrend over the past month remains in effect, which could limit further upside beyond $50,000-$60,000.The famous cryptocurrency is down about 4% over the past 24 hours, although support at around the 200-day moving average (now …

The USD/CAD moved back above 1.2700 on Thursday as oil prices came under accelerating selling pressure.BoC’s Gravelle spoke and largely stuck to the bank’s script after it held policy settings/guidance as expected on Wednesday.USD/CAD has been on the front foot on Thursday, gaining about 0.4% to move back to the …

Bank of Canada Deputy Governor Toni Gravelle said on Thursday that concerns about upside inflation risks are heightened much more than usual. “We are likely to react a little bit more readily to the upside risk given it’s already above our inflation-control range”, Gravelle added.For reference, the bank’s inflation-control range …

Crude oil prices fall during Thursday’s session after rallying for six weeks, retreating by 2.82%. COVID-19 restrictions, and the spread of the Omicron variant, dented market mood as oil demand cut are among factors that are dragging prices lower.The factors together hit oil prices as lockdowns loom as a number …

The AUD/USD is now depending on o the US CPI to be released on Friday. Traders are eying the deviation between the US Fed and Reserve Bank of Australia. The AUD/USD pair is traded at 0.7150, lower by 0.25% during Thursday’s session and is set to settle between a range …

Higher Saudi prices for January delivery, lower overall demand for crude amid the Omicron uncertainty, the Chinese crackdown on illicit practices at its independent refiners, and refinery maintenance season starting in late Q1 2022 have resulted in Asian refiners abstaining from extra Saudi crude supply for loading in January.Refiners in …

Chinese policymakers want to stimulate growth, but they are forced to follow policies designed to hold back debt and speculative behavior.Chinese leaders are trying to reverse a sharp growth slowdown without abandoning policies that triggered much of the weakness to begin with a tricky task that could test Beijing’s ability …

Markets retreated from their previous surging for three successive trading sessions, opening lower Thursday morning, despite fresh data from the US Labour Department that showed the number of Americans filing initial jobless claims fell to the lowest level in 52 years. All major US indexes were down in early trading, …

France’s Emmanuel Macron criticized the British government on Thursday, saying post-Brexit relationships with the UK are difficult because the UK does not do what it promises to do. “I hope Britain will re-commit to proper relations”, he said. French president’s comments come against the background of the negotiations with France …

The US Energy Information Administration reported on Thursday that domestic supplies of natural gas fell by 59 billion cubic feet for the week ended 3 December.That compared with the average decline of 55 billion cubic feet forecast by analysts polled by S&P Global Platts. Total stocks now stand at 3.505 …