Market Update

On a quiet day marking US holiday, the US dollar posted mixed results. Commodity-linked currencies were the top performers. Markets await new information, and volatility is set to pick up on Wednesday with the release of the FOMC minutes. Then, the focus will turn to US labor market data with …

Tuesday saw a 2% increase in oil prices as traders weighed August production curbs by major producers Saudi Arabia and Russia against a gloomy forecast for the world economy. On Monday, Saudi Arabia announced that it would continue to reduce its voluntary output by 1 million barrels per day (bpd) …

Gold futures rose, taking advantage of the decline in the US dollar since the beginning of trading on Tuesday, as stock markets and US Treasury bonds were closed to mark the Independence Day holiday.Gold futures rose to $1,924.69 per ounce, compared to the previous daily closing, which was recorded at …

The NZD/USD pair has gained support from the Reserve Bank of Australia’s hawkish stance and the weaker US dollar during the US holiday session. The uncertain economic outlook in the US due to mixed data and recession fears increases the likelihood of rate hikes. New Zealand’s QSBO improves in Q2, …

The Canadian Dollar has seen a slight increase in value due to rising oil prices and supply concerns. The Canadian Manufacturing PMI data release, which came out a few hours ago, was lower than expected and continues to show contraction, but has had a limited impact on the exchange rate.The …

Gold prices rose on Tuesday amid weak trading due to the US Independence Day holiday, but the rise in the dollar limited gains at a time when traders await more economic data later in the week in search of indications about the Federal Reserve’s intentions regarding raising interest rates in …

European stocks were flat on Tuesday as uncertainty over the path of global interest rates sent investors cautious, while miners fell on fears of weak demand from China. The European Stoxx 600 index settled at 461.17 points by 0710 GMT, at a time when investors focus on assessing signs of …

The yen stabilized on Tuesday, but remained vulnerable to further declines as markets awaited signs of intervention by the Japanese authorities, and the Australian dollar fell after the central bank decided to keep interest rates unchanged. The Reserve Bank of Australia kept interest rates at 4.10 percent, saying it needed …

Japan’s Nikkei fell on Tuesday, giving up a 33-year high recorded in the previous session, as investors took profits, and a market holiday in the United States also added to the caution of dealers. The Nikkei index closed down 0.98 percent at 33,422.52 points, after closing at 33,753.33 points on …

The Australian Central Bank fixed interest rates in July at 4.1%, against expectations of a 25 basis point hike to 4.35% levels. In just two years, Australian interest rates jumped by 400 basis points, with inflation rising in the country and reaching in the fourth quarter of 2022 its highest …