Market Update

On Thursday, the dollar approached its lowest level in a month against a basket of currencies, after Jerome Powell, Chairman of the Federal Reserve, stuck to his usual messages in his semi-annual testimony, which did not include any surprises. Sterling rose to near a one-year high ahead of the Bank …

Oil prices maintained most of the gains achieved on Wednesday in early trading on Thursday, while markets assessed a sudden drop in US crude stocks against the possibility of weak demand after the Federal Reserve Chairman hinted at the possibility of further interest rate hikes. And by 0015 GMT, Brent …

Cryptocurrencies rose sharply, with BTC/USD rising more than 5% above $30,400, the highest level in two months. Ethereum climbed towards $1,900. Crude oil prices rose more than 2% to the strongest level in two weeks. The WTI barrel surpassed $72.50The US dollar dropped despite cautious market sentiment, amid a decline …

Financial markets were focusing on the Fed Chairman Powell’s testimony. Gold retreated on Wednesday even as the US dollar fell and bond yields climbed. The Gold Index declined from the $1,939.57 high to the $1,919.24 low. Markets were reacting to the congressional testimony from Federal Reserve chair Jerome Powell on …

Following the release of UK inflation data, the GBP/USD pair is benefiting from the US dollar’s decline as a result of testimony made by Fed Chair Jerome Powell regarding rate hikes.Powell’s comments keep investors on edge, but the GBP/USD pair seems unaffected by the testimony. With a potential increase of …

Fed Chair Jerome Powell clarified the Fed’s stance by saying that the process of getting inflation back down to 2% has a long way to go. The S&P 500 was lower Wednesday as investors took a breather from last week’s market rally, and weighed Federal Reserve Chair Jerome Powell’s latest …

Powell’s testimony pressured the US Dollar, fueling modest EUR/USD gains. ECB rate hike expectations for July boost euro despite divided view amongst ECB members. The EUR/USD pair snaps three days of consecutive losses and rises toward the 1.0960 region as the US Fed Chair Jerome Powell answers questions at the …

Federal Reserve Chairman Powell’s hawkish words are significantly weighing on market sentiment as broadly expected. Wall Street extends losses ahead of the opening, hinting at more risk-off trading. The EUR/USD pair is technically neutral in the near term and could correct lower once below 1.0890. The EUR/USD pair keeps trading …

The US Dollar stalls giving Natural Gas a boost after a three-day rally during Fed Chair Powell’s testimony before the Congress.Natural Gas finds support after Tuesday’s decline as higher-than-expected demand for Gas used in cooling puts a floor under prices. Concerns regarding Norwegian supply after data showed a slump in …

Fed’s Chair Jerome Powell is testifying before congressional lawmakers this week, starting Wednesday morning with the House Financial Services Committee, just one week after the central bank paused its most aggressive rate-hiking campaign in decades.Powell doubled down on the hawkish view that the Fed isn’t done battling inflation in his …