Market Update

U.S. service providers expanded at a record pace in October, this surge comes on the back of resilient demand and stronger business activity as the impact of the delta variant faded.The Institute for Supply Management’s services index advanced to 66.7 last month, exceeding all expectations, from 61.9 in September, data …

USD/CAD surges during the New York trading session, up 0.06%, trading at 1.2424 as portrayed by European and US equity indices fluctuating between gainers and losers, the market sentiment is subdued ahead of the Federal Reserve’s November meeting.Retreating crude oil prices, with WTI falling by almost 3.5%, impacted the oil-linked …

Prices of the barrel of the U. S. benchmark for the sweet light crude oil have remained on the defensive and approach the $81.00 mark midweek.Crude oil prices lose ground for the second successive session on Wednesday and threaten to breach the $81.00 mark per barrel following another unexpected build …

US stock futures were almost flat in morning trading on Wednesday as investors awaited a decision from the Federal Reserve on its move to start tapering, and the Dow Jones Industrial Average futures fell 51 points. S&P 500 futures were flat, Nasdaq 100 futures rose slightly, and the three major …

Employment in the US’ private sector rose by 571,000 in October, the monthly data published by the Automatic Data Processing (ADP) Research Institute showed on Wednesday. This reading followed September’s print of 523,000 and was better than the market expectation of 400,000. Gold is now recording 1,785.47, down 0.13%, while …

The Turkish lira consolidated its strong losses against the US dollar today, especially with the release of Turkish inflation data, which showed that inflation continues to rise significantly. The Turkish lira clearly declined, bringing the dollar lira pair to a new record level at 9.8510, and is currently trading at …

The UK services sector activity expanded more than expected in October, the final report from IHS Markit showed this Wednesday. The seasonally adjusted IHS Markit/CIPS UK Services Purchasing Managers’ Index (PMI) was revised sharply higher to 59.1 in October compared to 58.0 expected and a 58.0 previous.

European shares recorded record highs on Wednesday, as positive results for companies’ business in the recent period and the rise in metal prices offset the impact of the decline in oil sector shares. The European Stoxx 600 index rose 0.2% by 0824 GMT, while global stocks settled at record heights …

The Asian session was quiet and markets are waiting for the Fed today. The dollar index was flat at 94.11, close to the 2021 peak of 94.563 hits last month. Against the euro, the dollar also settled at 1.1579, near the low of 1.1522 recorded in October, which was the …

The dollar hovered near recent peaks against the euro and the yen on Wednesday as investors awaited the Federal Reserve’s start to scale back pandemic-era stimulus and how Chairman Jerome Powell handled inflationary pressures. The dollar index settled little changed at 94.11, close to the 2021 peak of 94.563 recorded …