Market Update

The Yen and the Swiss Franc were among the top performers due to risk aversion and the retreat in government bond yields. The Japanese Yen finished marginally higher above 145.00, while the Swiss Franc gained for the fifth consecutive week. The Pound was the biggest gainer, supported by UK economic …

WTI surged more than 1% on Friday and found resistance near $81.30, above the 20-day SMA. US Oil and natural rigs decreased for the sixth week in a row.The USD trading neutral allowed the black gold to gain traction. Chinese financial woes may limit the WTI’s upwards momentum.At the end …

After the market closed on Friday, US equities were mixed, with gains coming from the oil and gas, utilities, and telecoms industries while losses came from the technology, basic materials, and consumer goods industries.The NASDAQ Composite index lost 0.20%, the S&P 500 index lost 0.01%, and the Dow Jones Industrial …

Bitcoin price experienced a significant decline, trading at $26,116, -5.46 down on the day. This decline has led to more crypto positions being liquidated than during the FTX collapse in November 2022.The drop caused $855 million in long positions and $194 million in short positions to be wiped out, resulting …

Argentina’s economy ministry has agreed to freeze domestic crude oil prices at $56 per barrel until the end of October, following an agreement with the industry. The price cap, which comes after meetings between Economy Minister Sergio Massa and executives from oil companies like YPF and Vista, aims to help …

Ukrainian Energy Minister German Galushchenko said that Kyiv will not join in talks with Russia about a renewal of the contract for the transit of Russian gas through Ukrainian territory which is due to expire next year.“We will not be a party at the talks with the Russians for sure, …

UK Retail Sales for July are looked upon as disappointing with a -1.2% MoM drop, surpassing the anticipated -0.5% decline. Strong UK GDP readings and high wages keep BoE rate hike expectations alive, with a 6% peak on the Bank Rate anticipated.Nevertheless, strong readings on UK GDP and steadily high …

Gold is trading at %1891.40 at the time of writing. It is up 0.09%. The precious metal now finds itself at its lowest level since mid-March. Economists expect Fed Chair Powell will probably leave all options open regarding interest rate hikes in the next FOMC meetings.The recent renewed rise in …

The G7 oil price cap has been evaded by Russia’s oil exporters, resulting in an extra $1.2 billion in extra shipping costs for oil shipments to India alone. The cap targets G7-based insurers, brokers, and other service providers, allowing Western governments to cut back on Russia’s income without affecting the …

Oil is set to end the week lower after a seven-week winning streak, as worries about China’s economy outweigh indicators of tight supply. The seven-week price rally, driven by supply cuts by the Organization of the Petroleum Exporting Countries and its allies (OPEC +), was the longest streak of gains …