Market Update

The British Pound (GBP) maintained its downwards trend against the U.S. Dollar (USD) for the third consecutive session on Thursday. A surprise hawkish change in tone by the U.S. Federal Reserve provided support for the greenback, while the Sterling remains impacted by uncertainty regarding easing lockdown measures in the U.K. …

The Euro (EUR) extended its losses against the U.S. Dollar (USD) on Thursday for the second consecutive day. This comes as the USD rose across the board following the U.S. Federal Reserve’s change in tone, expecting rising inflation and two rate hikes in 2023, sooner than previously expected. The EUR/USD …

The New York Stock Exchange (NYSE) showed a mixed performance on Thursday, with Wall Street investors reacting to the recent changes indicated in the U.S. Federal Reserve policy statement, from raising inflation forecasts to expecting two rate hikes in 2023. The Fed maintained the current main interest rate near 0% …

Oil prices declined on Thursday, as the U.S. Dollar (USD) surged across the board after the Federal Reserve pointed to plans to raise interest rates sooner the previously expected, in a surprise change in tone. However, the drop in crude prices was relatively limited compared with other commodities amid expectations …

Gold prices declined on Thursday and registered their largest drop in about seven months due to the strong surge by the U.S. Dollar (USD). The yellow metal futures for June delivery lost $85.70, or 4.61%, to close at $1,773.80 per ounce, its lowest closing level for gold’s most active contract …

European stocks closed lower on Thursday, with markets reacting to the relatively hawkish expressed by the U.S. Federal Reserve as it now expects to raise interest rates earlier than expected. The STOXX Europe 600 index declined by 0.12% to close at 459.33 points, after rising for nine consecutive sessions and …

Working natural gas in storage in the United States rose by 16 billion cubic feet (bcf) last week, according to estimates by the U.S. Energy Information Administration (EIA). The implied flow for the week is an increase of 67 bcf to working gas stocks, the weekly report indicated. The EIA …

There were 412,000 initial claims for unemployment benefits in the United States during the week ending June 12. The data published by the US Department of Labor showed on Thursday. This reading came in weaker than the market estimate of 359,000 and followed the previous print of 375,000.

Gold tumbles under $1,800 in the wake of the hawkish Fed decision to be updated …

The Central Bank of the Republic of Turkey (CBRT) announced on Thursday that it left its policy (one-week repo) rate unchanged at 19% as expected. Investor sentiment was hit by news that Turkish President Recep Tayyip Erdogan told President Biden that Turkey would not change its stance on the Russian …