Market Update

Ahead of the Bank of England’s interest rate decision on Thursday, the GBP/USD pair managed to recover from multi-session lows around 1.2470. Despite this, the pair remained cautious. On May 9, it is generally anticipated that the BoE would maintain its policy rate. BoE’s Bailey and Pill are also scheduled …

Bitcoin price declined on Wednesday, reversing a rebound seen over the weekend due to persistent concerns over more regulatory scrutiny against the cryptocurrency industry. The dollar rebounded from recent losses after Federal Reserve officials signaled that the central bank was more likely to keep rates unchanged in 2024. Bitcoin fell …

This week’s US economic data schedule is somewhat low; up to Friday’s University of Michigan Consumer Sentiment Index, the only available data is of a moderate quality. In May, the UoM’s indexed poll of consumer economic expectations is predicted to decline slightly from 77.2 to 76.0 MoM. In March, the …

Oil prices have erased all intraday losses after the Energy Information Administration (EIA) release, with WTI crude prices reaching their lowest levels in almost two months. The US benchmark crude is +0.12% up trading at $78.10 and Brent is trading is also +0.16% up trading at $82.91 per barrel, at …

Despite higher US Treasury yields and a stronger US dollar during the North American session, gold is still trading firmly over $2,300. This is a slight move. Now, traders’ and investors’ attention is focused on impending US data, such as unemployment claims, University of Michigan consumer sentiment, and the Fed’s …

Airbnb reported Q1 results that beat analysts’ estimates on both the top and bottom lines. Revenue increased 18% to $2.14 billion from $1.82 billion a year earlier, with Airbnb citing “robust demand for travel” ahead of the peak summer season. The company reported a net income of $264 million, or …

The Bank of England is at a crossroads as it prepares to announce its interest rate decision. Financial markets are abuzz with anticipation, expecting the BoE to start reducing interest rates from the June meeting. Traders have already priced in 53 basis points (bps) of easing this year, implying at …

Uber’s forecast for second-quarter gross bookings fell short of expectations on Wednesday, causing its shares to plummet nearly 10% before the opening bell. The shortfall in this key metric, which indicates the total revenue earned on the Uber platform, suggests weakened demand for its ride-share and food delivery services. Despite …

European stocks commenced trading on a positive note on Wednesday, buoyed by robust quarterly performances from Anheuser-Busch InBev and Siemens Energy shares. Investors also remained attuned to forthcoming decisions on interest rates from major central banks. As of 0720 GMT, the European STOXX 600 index climbed 0.3 percent, reaching its …

On Wednesday, gold prices exhibited a subdued performance as traders weighed the prospective timeline for potential US interest rate cuts and awaited clearer signals on monetary policy. In spot transactions, gold edged up by 0.1 percent to reach $2,317.44 per ounce by 0444 GMT, while US gold futures recorded a …