Market Update

EUR/USD was down in late New York trade but overall little changed after failing to breakout of last week’s highs again although hitting 1.12750, the highest since Feb. 2022 although failed to hold bullish above the 61.8% Fibo of the 2021-22 collapse at 1.1271. USD/JPY  was higher after Ueda dashed …

Wall Street’s rally continued apace on Tuesday, with the Dow Jones Industrial Average rising to a 52-week high. Microsoft soared on news about its AI-powered Office tools and its AI alliance with Meta Platforms. META stock rose slightly, while AI chip leader Nvidia kept climbing. Financials continued to rally on …

Chinese real estate developer Evergrande has disclosed losses of $81 billion over 2021 and 2022, underscoring the significant debts that remain a concern for the financial health of the Chinese property sector and the world’s second-largest economy. Evergrande’s total liabilities continued to grow in 2022, reaching $335 billion compared to …

The gold market is experiencing new momentum as prices test new significant resistance levels due to growing expectations that the Fed will cease its tightening cycle following its announcement of its monetary policy decision next week. At the time of writing gold is up by +1.20%; trading at 1977.71 per …

The USD/CHF pair dipped to the 0.8555 low, its lowest level since January 2015. US Retail Sales expanded in June but at a slower pace than expected and investors are confident that the Fed won’t hike past the July meeting.On Tuesday, the USD/CHF slid to its lowest level since January …

WTI has recovered over 2% gains, reaching a high near $75.70, following weak retail sales data from the US. The weaker US dollar and dovish bets on the Fed have favored oil prices. Retail sales in the US climbed by 0.2% in June, less than predicted and 0.5% seen in …

US equities had a phenomenal first half of the year, with the S&P up over 17%, thanks to a strong US economy, declining inflation, and a boom in mega-cap growth businesses propelled by artificial intelligence. Investors are watching to see if the second-quarter earnings season will serve as the next …

After Monday’s unsuccessful attempt at a rebound, the US Dollar is holding steady against its main competitors’ currencies.The US Dollar Index is still varying just below 100. While industrial production decreased in June, US retail sales increased somewhat. During the first trading period of Tuesday’s American session, the dollar was …

The Turkish lira fell more than 2 percent, hitting a new record low against the dollar on Tuesday, amid fears that the Federal Reserve (the US central bank) will raise interest rates this week less than previously expected. The Turkish lira recorded a record low of 26.9 against the dollar, …

European stock markets were calm on Tuesday as telecoms stocks fell, while Swiss stocks outperformed their regional peers after the earnings forecast for pharmaceutical company Novartis was raised. The European Stoxx 600 index settled at 457.71 points by 0711 GMT. The index took a hit on Monday after shares of …