Market Update

President of the Federal Reserve Bank of New York, John Williams, said on Wednesday that the pace of economic recovery would determine when the Fed could begin raising interest rates. Wide distribution of vaccines, containing the virus, and strong economic growth could lead the U.S. Federal Reserve to pull back …

Gold prices returned to gains on Wednesday, following two consecutive daily declines, amid increased demand for safe-havens, amid concerns about a third wave of the Coronavirus pandemic and renewed lockdowns in Europe. The rise of the yellow metal futures came despite the rise of the U.S. Dollar (USD) to its …

Customers of Tesla can now purchase the company’s famous electric cars using Bitcoin, the company’s CEO Elon Musk announced on Wednesday through Twitter. “You can now buy a Tesla with Bitcoin,” Musk tweeted. Earlier this year, Tesla decided to invest $1.5 billion in the cryptocurrency, which helped Bitcoin reach new …

Chairman of the United States Federal Reserve Jerome Powell spoke in an optimistic tone about the recovery of the U.S. economy from the impact of the Coronavirus pandemic, during his testimony before the Senate Banking Committee. Powell said that 2021 “is going to be a very, very strong year in …

U.S. Treasury Secretary Janet Yellen believes that American banks could be allowed to pay dividends and repurchase stock as they show recovery to a healthy position, she told the Senate Banking Committee in her testimony on Wednesday. According to Yellen, banks “should have some ability to, abiding by the rules, …

The Euro (EUR) is showing a downward performance against the U.S. Dollar (USD) on Wednesday, with the later nearing its best level in about four months against rivals. The EUR/USD pair is trading lower for the day by 0.17% at 1.1829. The pair has been moving today in a range …

European stocks showed a mixed performance on Wednesday, amid concerns about the resurgence of the Coronavirus pandemic through a third wave, a slow rollout of vaccines, and the implications on the global economy. The STOXX Europe 600 index finished nearly unchanged, adding     0.24 points, or 0.057%, and closing at …

The U.S. Dollar (USD) continued an upward trend on Wednesday, supported by the rise in Treasury bond yields. The Dollar Index (DXY), which measures the greenback’s performance against a basket of six major international currencies, is up by 0.15% at 92.48. The index has been fluctuating today in a range …

The IHS Markit’s Manufacturing PMI edged higher to 59 in March from 58.6 in February, revealing that the business activity in the manufacturing sector continued to expand at a robust pace. This reading came in slightly lower than the market expectation of 59.3.

Durable Goods Orders in the United States declined by 1.1%, or $2.9 billion, in February to $254 billion, the data published by the US Census Bureau showed on Wednesday. This reading followed January’s increase of 3.5% and missed the market expectation of +0.8%.