Market Update

Manufacturing activity in the U.S. continued to show signs of improvement this month, as shown by survey data by the Federal Reserve Bank of Richmond on Tuesday. The Fifth District Survey of Manufacturing Activity’s Composite Index rose from 18 in May to 22 in June, maintaining a positive performance since …

U.S. Federal Reserve Chairman Jerome Powell told lawmakers on Tuesday that the economy has notably improved amid recovery from the Coronavirus pandemic and that inflation will ease over time following the recent surge. Testifying for the second consecutive day before the House of Representatives Select Subcommittee on the Coronavirus Crisis, …

Home sales in the United States continued to decline for the fourth consecutive month during May, data showed on Tuesday. Existing home sales fell by 0.9% last month to a seasonally adjusted annual rate of 5.80 million units, according to the National Association of Realtors. Resale activity soared by 44.6% …

The Swiss National Bank announced today, Tuesday, that Switzerland achieved a current account surplus of 16 billion Swiss francs (17.40 billion dollars) in the first quarter of 2021, 6 billion francs more than it was in the previous quarter. The weakness of the Swiss franc against the dollar since the …

The headline Regional Business Activity Index of the Federal Reserve Bank of Philadelphia’s Nonmanufacturing Business Outlook Survey improved decisively to 59.6 in June from 36.9 in May.

Bitcoin plunged 5.8% during the session, reaching its lowest level since late January to below $30,000 Cryptocurrency bitcoin plunged below $30,000 for the first time in nearly five months, weighed down by China’s recent crackdown on cryptocurrencies. The world’s largest cryptocurrency fell 6.4% to $29,614, its lowest since Jan. 27. …

Two sources with Reuters knowledge of the OPEC + group talks today, Tuesday, said that the group is considering another gradual increase in oil production from August as oil prices rise thanks to the recovery in demand, but it has not yet made a decision on the exact size. The …

Bitcoin recouped some of its losses on Tuesday, a day after hitting a two-week low after the People’s Bank of China (the central bank) confirmed its crackdown on cryptocurrencies in the country and its restriction of its circulation channels among the population. The world’s largest cryptocurrency was last up 3% …

The US dollar paused for breath on Tuesday, as traders awaited testimony by Federal Reserve Chairman Jerome Powell for more guidance on the recent sudden shift in central bank policy expectations. The dollar has made significant gains since the Federal Reserve indicated last week to raise interest rates earlier than …

European shares rose to record levels today, as optimism about economic recovery from the Covid-19 pandemic led by the stimulus outweighed fears of global central banks tightening monetary policy earlier than expected. The pan-European STOXX 600 index rose 0.1%, with gains led by shares that are sensitive to the economy, …