Market Update

Oil prices closed Wednesday lower after a mixed performance, ending a rising trend that lasted for six consecutive sessions. The decline in crude prices came amid the rebound of the U.S. Dollar (USD) and a less than expected draw in American crude inventories coupled with a rise in gasoline and …

The United States Federal Reserve will continue to support the economy on its road to recovery from the Coronavirus pandemic, Member of the Federal Reserve Board of Governors, Lael Brainard said on Wednesday, the Wall Street Journal reported. “We are strongly committed to achieving our maximum-employment and average inflation goals.”“It …

Gold prices rose on Wednesday, after data showed an increase in the inflation rate in the United States and amid anticipation for what could be the second impeachment of President Donald Trump by the House of Representatives. Gold futures for February delivery gained $10.70, or 0.6%, and closed at $1,854.90 …

The United States public budget deficit registered $144 billion during December of 2020, according to data by the U.S. Department of the Treasury released on Wednesday. The budget deficit compared with about $13 billion for the same period of 2019. It is worth noting that the surge in the deficit …

European stocks rose on Wednesday, supported by the rollout of Coronavirus vaccines and the effectiveness of preventive measurements against the pandemic’s new wave. The pan-European STOXX 600 index finished higher by 0.17%. The French index CAC40 closed higher by 0.21%, while the German benchmark index DAX rise by 0.11%. Meanwhile, …

The U.S. Dollar (USD) is rising on Wednesday, after closing Tuesday on a lower note, and following the release of the consumer price index update. The Dollar Index (DXY), which measures the greenback’s performance against a basket of six international rivals, is up by 0.31% at 90.37, noting that it …

Crude oil inventories in the United States decreased by 3.2 million barrels last week, according to the U.S. Energy Information Administration’s (EIA) weekly report released on Wednesday.

Consumer prices in the United States rose in December on the back of a surge in gasoline prices, data showed on Wednesday. The official reading of the consumer price index (CPI) showed an increase of 0.4% in December, following a 0.2% rise in November, according to data by the U.S. …

On the US calendar today, the US consumer inflation numbers for December are due at 13:30 GMT. The headline CPI is expected to rise by 0.4% from 0.2% in November and on an annual basis, it is expected to rise to 1.3% versus 1.2% previously. As for the core CPI …

European Central Bank President Christine Lagarde said that the eurozone economy is still on the verge of recovery this year, provided that the general isolation measures taken to confront the Corona pandemic are lifted at the end of March and the vaccines are distributed. Lagarde adhered to the expectations of …