Market Update

The U. S. dollar’s dominant role in global markets is most likely to continue, but the rapid rise of cryptocurrencies may diminish the dollar’s status, according to a new paper by the Federal Reserve. Private digital currencies, such as Bitcoin and Ether, as well as government backed coins, could reduce …

Fed Governor Lael Brainard is getting closer to a key banking position as U. S. President Joe Biden studies who will chair the central bank and who will specifically supervise banks.Even without getting the Chair’s position, Brainard can be a major influence on banks. If she is not nominated as …

Investors will be watching loan numbers like a hawk when banks kick off earnings season next week.Any Fed’s tapering decision in the near future, with the prospected rising in the interest rates could help banks go ahead to widen their net interest margin and consequently the profits they make on …

Retailers are racing to import the goods and gadgets for consumers to buy during holiday shopping season, the growing list of shortages has made it difficult for them to find enough stock. Due to inflation concerns, consumers expect higher prices, delays, and opportunistic resellers as Black Friday and Cyber Monday …

Market attention now shifts to the U. S. Nonfarm Payroll data. U. S. Fed Chief Jerome Powell has said that a good employment report could be enough to convince him on tapering.Markets are in a better mood on Thursday, amid news that U. S. Senate’s deal on extending the debt …

Gold for December delivery fell $2.60 to $1,759.20 per ounce. Silver for December delivery rose 13 cents to $22.66 an ounce and December copper rose 9 cents to $4.24 a pound.The U. S. dollar rose to 111.63 Japanese yen from 111.44 yen. The euro was unchanged at $1.1550.Benchmark U.S. crude …

U.S. government debt yields edged up Thursday, with the 10- and 30-year rates hitting their highest levels since June, as stocks advanced on a temporary debt ceinling deal by Congress and a drop in weekly jobless benefit claims. Steven Mnuchin, the former U.S. Treasury secretary, warned about the risks of …

Commodity currencies and sterling are at the best levels of the day against the U. S. dollar as equities extend gains and oil up into positive territory.There’s an interesting inverse relationship to oil and the dollar unfolding when you might think it would be the opposite, seeing as how it …

Gold, erasing yesterday’s gains touching 1767.27, is losing 0.31%. Gold is trading at $1,757.44 during the New York session.The XAU/USD price action in the last week has been dull. The yellow metal keeps trading within the $1,745 – $1,769 range, with no intention of going beyond the traditional territory.The market …

Bank of Canada Governor, Tiff Macklem, said Thursday that Canada’s high inflation rate is largely related to the unique circumstances of the Covid-19 pandemic, although there is a risk it could be more persistent than policy makers had expected.Speaking virtually before the Council on Foreign Relations, in Washington, Macklem said …