Market Update

The rally of oil prices continued on Wednesday, supported by the decline in the United States crude inventories last week, as shown by the weekly report of the U.S. Energy Information Administration (EIA) earlier today. In addition, the prospects of increases government stimulus spending in the U.S. is proving support …

Gold prices rose on Wednesday for the fourth consecutive session, as the U.S. Dollar (USD) declined following the release of the reading of the Consumer Price Index (CPI) in January. The market is still expecting the United States Congress will soon pass a huge stimulus relief package, around $1.9 trillion, …

The United States Federal Reserve Chair, Jerome Powell, on Wednesday said that he does not see a large nor sustained rise in inflation. Powell noted that an increase in consumer prices as spending rises after the economy reopens are not expected to be continue for long. “Inflation has been much …

The United States Federal Reserve Chair, Jerome Powell, called for more efforts to help the American economy recover from the impact of the Coronavirus pandemic, in order to reach full employment. Powell’s remarks came in a speech to the Economic Club of New York on Wednesday, Reuters reported. “Given the …

The Governor of the Bank of England (BoE), Andrew Bailey, said on Wednesday that now is not the right time for disagreements between the European Union (EU) and the United Kingdom (UK) regarding financial services. Nonetheless, Bailey said that he believes the EU is imposing standards on the UK, which …

The Deputy Governor of the Bank of Canada (BoC), Tim Lane, said on Wednesday that cryptocurrencies such as Bitcoin are a flawed payment method, Bloomberg reported. Lane also pointed to the costly verification methods and the digital currencies’ unstable purchasing power. “Our view remains unchanged, a digital currency is by …

The German government plans to extend the lockdown until March 14, amid increased concerns about the new variants of the Coronavirus. Chancellor Angela Merkel is reportedly set to officially announce the new measures, urging citizens in Germany to maintain social distancing as a precaution against the virus. The lockdown was …

European stocks closed lower on Wednesday, as the earnings reports season continues across the markets. The STOXX Europe 600 index declined by 0.23%, as most of the market sectors closed in red. The French CAC40 index fell by 0.36%, while the German DAX plunged by 0.56%. Meanwhile, the UK’s FTSE100 …

The U.S. Dollar (USD) declined on Wednesday, following the release of the January inflation data that showed that the Consumer Price Index (CPI) declined to 0.3% on a monthly basis last month, while the core CPI decreased to 1.4% from 1.6% in December. The Dollar Index (DXY), which measures the …

Commercial crude oil inventories in the United States decreased by 6.6 million barrels last week, data showed on Wednesday. Oil stockpiles in the U.S. stood at 469.0 million barrels in the week ending February 5, according to the weekly report of the U.S. Energy Information Administration (EIA). “U.S. crude oil …