Market Update

USD/JPY fell to a 7-week low during the European session with the bears now waiting for some selling below the psychological level of 105.00. The pair had witnessed some heavy selling for the third consecutive session on Wednesday, amid the selling bias around the US dollar. Although the Federal Reserve …

The OPEC and its allies (OPEC+) saw its compliance with oil output cuts policy reach 101% last month, Reuters reports, citing two sources with knowledge of the matter. The sources told Reuters that the compliance figure may be adjusted at the meeting of the committee. The OPEC+ is scheduled to …

Data showed that the Eurozone’s unadjusted trade surplus jumped year on year in July, as imports fell further with exports amid an economic slowdown caused by the COVID-19 pandemic. The European Union statistics office Eurostat said that the trade surplus of the 19-country Eurozone countries with the rest of the …

Gold prices rose on Wednesday, September 16th, thanks to the dollar’s decline, as investors awaited the outcome of a meeting of the Federal Reserve (US Central Bank) in search of details of the bank’s plans to balance interest rates against its inflation target. Gold rose in the spot market 0.2% …

The Japanese yen rose on Wednesday, September 16th, as dealers bet that the Fed’s ultra-easy policy would put pressure on the dollar and elect a new prime minister for the country, while the Chinese yuan extended its gains a day after data indicated better prospects for the world’s second largest …

Brent crude was up 24 cents to 39.85 dollars a barrel, while US West Texas Intermediate crude futures increased 33 cents to $ 37.59. Both contracts were down on Monday. The rally in oil contracts comes just before Hurricane Sally is expected to hit the US coast on the Gulf …

The World Trade Organization has ruled that the additional tariffs imposed by the United States in 2018 on Chinese goods violate international trade rules, in a blow to the Trump administration’s trade war against the world’s second largest economy. A three-person panel of trade experts at the World Trade Organization …

American Petroleum Institute data on Tuesday showed a decline in US stocks of crude oil last week, while gasoline inventories rose. Crude inventories declined by 9.5 million barrels over the week ending September 11 to about 494.6 million barrels, while analysts expected an increase of 1.3 million barrels. Crude stocks …

The UK Consumer Prices Index (CPI) 12-month rate came in at +0.2% in August when compared to +1.0% in July, while beating expectations of a 0%, the UK Office for National Statistics (ONS) reported on Wednesday. The core inflation gauge (excluding volatile food and energy items) came at +0.9% YoY …

The People’s Bank of China (PBOC) set the yuan reference rate at 6.7825 versus Tuesday’s fix at 6.8222.