Market Update

Fed will almost definitely raise interest rates on Wednesday as the value of the pound against the US dollar falls as a result of the US bank rescue. Bearish two-bar reversal pattern suggests short-term downside pressure for GBP/USD which is trading at 1.2460 at the time of typing.Tuesday’s European session …

JOLTS Job Openings in the US continued to decline in March. US Dollar Index holds above 102.00 in the American session.The data published by the US Bureau of Labor Statistics (BLS) revealed on Tuesday that the number of job openings on the last business day of March stood at 9.59 …

European stocks moved in a limited range on Tuesday as investors returned from the Labor Day holiday on Monday ahead of decisions by the Federal Reserve and the European Central Bank to raise interest rates later this week. The pan-European Stoxx 600 index rose 0.1% by 0715 GMT, with banks …

Pfizer Inc surpassed analysts’ expectations for first-quarter earnings on Tuesday, thanks to robust demand for recently acquired drugs and pneumococcal vaccinations, which helped offset the impact of falling sales of its COVID-19 medications. The pharmaceutical company is under pressure to spend the windfall profits from strong demand for its COVID …

Headline consumer prices in the eurozone rose somewhat more than expected in April, but underlying costs fell unexpectedly, providing regional rate-setters with a mixed picture of inflation as they prepare to announce their next rate decision this week. Following a renewed rise in energy prices, the currency’s area consumer price …

Oil prices fell in Asian trading on Tuesday, extending losses incurred in the previous session, as weak economic data from China and expectations of a US interest rate hike cast a shadow over the market. Brent crude fell 24 cents, or 0.3 percent, to $79.07 a barrel by 0615 GMT, …

Most Japanese stocks fell on Tuesday, as the country’s financial sector shares were affected by the tension surrounding the US banking system, while shares of export companies got a boost from the weaker yen. Brokerage firm Nomura Holdings fell 1.98 percent, hitting a new low for the current year. Banking …

Gold prices stabilized on Tuesday, as traders cautiously await new signals from major central banks regarding their monetary policy plans, especially the US Federal Reserve. There was little change in gold in spot transactions, to record $1983.29 an ounce by 0528 GMT. US gold futures fell 0.1 percent to $1,991. …

Most Asian currencies changed little on Tuesday as markets braced for the Federal Reserve’s widely anticipated interest rate rise this week, but the Australian dollar jumped on an unexpected rate hike by the Reserve Bank. The Australian currency rose 1% when the Reserve Bank of Australia raised its cash target …

The Reserve Bank of Australia unexpectedly hiked interest rates on Tuesday and said that more monetary policy tightening may still be in order as the bank moves to curb stubborn inflation in the country. The RBA hiked its cash target rate by 25 basis points to 3.85%, ducking market expectations …