Market Update

A prolonged lockdown in Germany to help combat the spread of the Coronavirus is expected to impact the growth of the largest economy in Europe, according to market experts, Reuters reported. Ifo is expecting the second quarter (Q2) of 2021 to see a growth rate of 3%. As for Q1, …

The British Pound (GBP) is rising on Wednesday against the U.S. Dollar (USD), after data showed that inflation in the United Kingdom (UK) rose more than expected during December. The GBP/USD pair is up by 0.19% for the day, trading at 1.3656. The pair has been moving today in a …

The U.S. Dollar (USD) is showing a positive performance in the early trade of the American session on Wednesday ahead of the inauguration of President-elect Joe Biden. The Dollar Index (DXY), which measures the greenback performance against a basket of six international peers, is up marginally by 0.05% at 90.54. …

The US Energy Information Administration said in a monthly report, Tuesday, that US oil production from the seven major shale formations is expected to decline by about 90 thousand barrels per day in February to about 7.52 million barrels per day. The data showed that production in nearly every rocky …

Inflation in Canada, as measured by the Consumer Price Index (CPI), fell 0.2% MoM in December, data published by Statistics Canada showed on Wednesday. On a yearly basis, the CPI eased to 0.7% as against consensus estimates pointing to a reading of 1%. The readings were well below market expectations. …

The Turkish Treasury said on Wednesday that it had borrowed $ 3.5 billion from a double-tranche international bond issue and had received more than $ 15 billion in demand. It added that the return on the five-year tranche is 4.90%, while the return on the ten-year tranche is 5.95%. The …

Official data revealed today, Wednesday, that British house prices increased in November at the fastest pace since June 2016, as the rise in the housing market due to the Corona pandemic is likely to be near its peak. The Office for National Statistics said house prices rose 7.6% year-on-year in …

Oil prices exceeded $56 a barrel today, Wednesday, with the support of expectations that the new US administration will adopt huge stimulus spending to boost demand, as well as restrictions imposed by OPEC on production and expectations of lower US crude stocks. On Tuesday, US Treasury Secretary Candidate Janet Yellen …

According to Eurostat’s final reading of the Eurozone CPI report for December, the consumer prices came in at -0.3% on a yearly basis, meeting the flash estimate of -0.3% and -0.3% expectations. While the core figures rose by 0.2% versus +0.2% previous and +0.2% expectations.

GBP/USD has jumped above 1.37, hitting a new 2021 high at 1.3711. Cable has surpassed its previous high of 1.3711 and trades at the highest since 2018.