Market Update

The US dollar has significantly surged during the course of the trading session on Monday to start the week and slice through the ¥112.50 level.The dollar ticked up to a 2-1/2-year high versus the yen on Monday after a soft U.S. payrolls figure did little to alter market expectations that …

Turkey’s lira dropped to a record low on Monday as a stronger U.S. dollar weighed on emerging market currencies, adding to bearish momentum on the lira since the central bank unexpectedly cut interest rates in September. In addition, the latest statements by President Erdogan concerning the elimination of threats from …

The U. S. supports calls for OPEC+ to do more to manage the economic recovery worldwide, a White House official said on Monday, as crude prices hit multi-year peaks. The official noted that Biden’s administration is closely monitoring the cost of oil and gasoline and using every tool to address …

U.S. stock indexes rose on Monday as growth and financial stocks gained, shrugging off inflation concerns in the run up to third-quarter earnings reports from later this week.The S&P 500 financial sector index rose 0.7%, while banks added 0.6% ahead of earnings reports from JPMorgan Chase & Co and Bank …

Agustín Carstens, general manager for the Bank of International Settlements (BIS) warned of Big Tech’s increasing reach into financial servicesCarstens said that Big Tech needs monitoring as it broadens its scope of services into credit and beyond. He added that Facebook’s Diem, in particular, needs scrutiny.Carstens delivered his remarks as …

The Australian dollar has rallied about 0.9% so far today and is on track to close its best daily performance over the last months. The pair accelerated its uptrend, after breaking above the 0.7330 resistance area, to reach 0.7370 for the first time since mid-September.Australian dollar’s appreciation has been underpinned …

A one-off shift in workers’ pay in response to recent price spikes wouldn’t be a sign of sustainably higher inflation, European Central Bank Chief Economist Philip Lane said.“Differentiating between transitory and persistent shifts in the growth rate of wages” will play an important role in assessing the progress of underlying …

Speaking to Dubai TV on Monday, Mohamed Hashad, Director of Research and Development at Noor Capital, discussed the current situation across global markets, with anticipation for a number of developments over the course of the week. ECB Hashad explained that we had seen a lot of hints from the European …

Crude oil prices have risen to their highest levels in seven years as domestic supply shortages in a number of pockets of the global energy market are intensified by investors seeking protection from “stagflation” by betting on prices that are still higher. Net speculative long positions in crude oil rose …

Gold fell in Monday morning trading in Asia, as the US Federal Reserve is expected to start reducing asset purchases on schedule despite the disappointing data in the latest US jobs report. Gold futures were also down 0.14% at $1,754.95 by 12:14 AM ET, with the yellow metal hitting a …