Market Update

The Turkish lira plunged 7 percent on Wednesday to a new record high amid the biggest sell-off in the currency since its historic collapse in 2021, as the new Turkish government appeared to ease stabilization measures after hinting at a shift to more traditional policies. The lira has been under …

The dollar saw a volatile performance on Wednesday as expectations of a Federal Reserve rate hike this month receded, however moves remained range-bound as traders focused on whether an end to monetary tightening was in sight around the world. The Australian dollar recorded the highest level in three weeks, extending …

Oil prices extended losses on Wednesday as fears of headwinds from the global economy exacerbated gains gained after top crude exporter Saudi Arabia pledged earlier this week to deepen production cuts. Brent crude futures fell 40 cents, or 0.5 percent, to $75.89 a barrel by 0456 GMT. US West Texas …

Japan’s Nikkei index recorded its biggest drop in 12 weeks on Wednesday, as investors exercised caution after a series of gains. The Nikkei index fell 1.82 percent to close at 31,913.74 points, its biggest daily decline since March 14, ending a four-day streak of gains. The index rose 0.6 percent …

The dollar posted mixed results on Tuesday in a cautious market ahead of a crucial week. The USD Dollar Index rose 0.15% but was unable to break the 104.40 area again. US Treasury yields held relatively steady. There are no Federal Reserve speakers ahead of next week’s FOMC meeting. Fed …

What Changes In The Cryptocurrency Markets Could The SEC Fight Bring About?The US Securities and Exchange Commission filed a new lawsuit against Coinbase on Tuesday, just 24 hours after filing one against Binance. The entire business model of the cryptocurrency sector, according to SEC Chairman Gary Gensler, is “built on …

The AUD/USD pair rallied to the highest since mid-May following the RBA’s policy meeting that unexpectedly raised interest rates. The cash rate was at an 11-year high of 4.1% earlier on the day. At the time of writing, the pair is trading at 0.6672. This development leaves the technical outlook …

In May 2023, India recorded its highest oil import from Russia with 1.96 million barrels per day, a 15% increase from the previous peak in April. Indian imports of Russian oil surpassed the total purchases from Saudi Arabia, Iraq, UAE, and the US combined, according to industry data. Russian crude …

Oil prices were little changed on Tuesday after erasing earlier losses as worries over sluggish global economic growth offset Saudi Arabia’s pledge to deepen output cuts. Brent futures remained unchanged at $76.71 a barrel, while US West Texas Intermediate crude rose 12 cents, or 0.2%, to $72.27 for some time …

The New York Fed data showed that supply chain pressures cooled again in May, further easing what had been one of the key factors that had helped drive surging inflation pressures around the world. The Global Supply Chain Pressure Index stood at -1.71, from the revised -1.35 for April. The …