Market Update

US President Joe Biden said that the federal tax system will eliminate loopholes for crypto traders. Bitcoin price held above the $30,000 psychological level, undeterred by Biden’s speech. The most famous crypto asset is trading around $30,005 at the time of typing. The Wall Street Journal has previously reported on …

Britain’s National Bureau of Statistics data showed on Friday that the British economy grew by 0.1 percent in the first quarter of this year, unchanged from preliminary estimates published last month. The office said that the British gross domestic product in the first quarter of this year was 0.5 percent …

British Prime Minister Rishi Sunak said on Friday that Environment Minister Zac Goldsmith had been asked to apologize for criticizing a parliamentary committee, but had decided to resign instead. Goldsmith was reprimanded on Thursday by a parliamentary committee that has been critical of the conduct of a group of allies …

Data from Germany’s Federal Labor Office showed on Friday that the country’s unemployment rate rose more-than-expected in June. The office said that the number of unemployed increased by 28 thousand people in light of seasonal adjustments to reach 2.61 million people. Analysts polled by Reuters had expected an increase of …

European stocks rose on Friday after weak factory activity data in China boosted hopes for more stimulus policies, while investors awaited key inflation data to look for other clues about the direction of global interest rates. The pan-European Stoxx 600 index was up 0.3 percent by 0703 GMT. The index …

The Japanese Nikkei index trimmed its losses to close lower on Friday and stop rising before the season of companies announcing their earnings, but it achieved gains for the sixth month in a row as a result of investors’ appetite to buy falling stocks. The Nikkei fell 0.14% to 33,189.04 …

Oil prices rose on Friday, and Brent crude is heading for its first monthly increase this year, as a significant decline in US crude oil inventories erased fears that fuel demand would be affected by any new increase in interest rates. Brent crude futures for September delivery were up 16 …

Gold settled near its lowest level in four months on Friday, as investors awaited important US inflation data later on Friday, after a group of strong data and statements in favor of monetary tightening from Federal Reserve officials increased bets on raising interest again. And gold settled in the spot …

USD/CAD registered minuscule losses on Thursday in a session that witnessed the US Dollar as the strongest currency, which rose on better-than-expected US economic data which failed to boost the USD/CAD. The USD/CAD is trading at 1.3249 after hitting a high of 1.3285. Despite late Thursday’s corrective rally from multi-day …

In reaction to the soaring US Treasury bond yields and expectations of Fed tightening, the US Dollar Index rises by 0.37%. EMAs are below the current values in DXY’s consolidation, and the RSI has crossed the neutral line, signalling positive momentum. DXY aims for resistance at the 200-day EMA at …