Market Update

Gold prices increased on Thursday recovering from its lowest level in a week, supported by hopes for piecemeal stimulus for the US economy. Gold futures for December delivery added $4.30, or 0.2%, and settled at $1,895.10 per ounce. Meanwhile, silver futures for December delivery declined by 2 cents, or 0.08%, …

The US Dollar (USD) is fluctuating during Thursday’s trading session, showing a mixed performance against major currencies. The Dollar Index (DXY), which measures the USD performance against a basket of six international currencies, is marginally down by 0.03% at 93.60. Yesterday, the index closed at 93.63, but today it has …

A rate hike in Brazil would result from inflation, not extra spending by the government, President of the Central Bank of Brazil, Roberto Campos Neto, explained. “It was interpreted in some way as if the central bank was saying it was going to raise interest rates, and it wasn’t that,” …

The United States Federal Reserve is set to maintain monetary easing after 2023 to realize the inflation target, even when it begins raising rates, President of the Federal Reserve Bank of Chicago, Charles Evans, said. “We are not going to follow a strict numerical formula to determine the time of …

President of the Federal Reserve Bank of New York, John Williams, has urged the US Federal Reserve to make it is target for inflation more clear, instead of stating that it would keep interest rates near 0% until inflation moderately exceeds 2%. “Moderate isn’t a number, it’s a guard rail” …

Oil prices returned to gains due to a number of support factors, led by the output disruptions in North America and Europe. Brent crude futures are up by 2.02%, trading at $42.84 a barrel, while the US West Texas Intermediate (WTI) futures are up by 2% at $40.75 a barrel. …

The Canadian Dollar (CAD) rose to its highest level against the US Dollar (USD) in more than two weeks, supported by a surge in oil prices. Recent remarks by the Bank of Canada (BoC) Governor Tiff Macklem suggested that negative interest rates remain an option. The CAD is up by …

The European Central Bank is more concerned about the impact of the COVID-19 crisis on the economy than previously expected, as shown by its September policy meeting minutes released on Thursday, Reuters reported. This indicates possibly more stimulus later this year. “The case was made for keeping a ‘free hand’ …

President of the Federal Reserve Bank of Kansas City, Esther George, said on Thursday that the Fed’s new framework, which aims for inflation above 2%, shows tolerance for higher inflation, but not a commitment to increase it. “I interpret the revised consensus statement as a tolerance, and less as a …

Square said Thursday it bought 4,709 bitcoins, worth approximately $50 million which represents about 1% of Square’s total assets as of the end Q2 of 2020. “Square believes that cryptocurrency is an instrument of economic empowerment and provides a way for the world to participate in a global monetary system, which …