Market Update

Gold climbs 0.89%, trading at $1975.05 per ounce at the time of writing, as the US dollar’s strength subsides, investors are now eyeing the $1980 resistance level.Fed Chair Jerome Powell’s comments and US Treasury Sec. Janet Yellen’s remarks on Friday were sufficient to shake the market, resulting in a significant …

After Republicans boycotted talks with President Biden over raising the debt ceiling, the price of oil reversed gains and fell on Friday. The US Dollar falls as demand for safe-haven assets declines as concerns over the debt ceiling ease; oil is primarily priced in USD. After House Speaker McCarthy left …

The recent banking crisis, which resulted in stricter lending regulations, has lessened pressure to raise interest rates, according to US Fed Chair Jerome Powell on Friday. “Our policy rate may not need to rise as much as it would have otherwise,” Powell continued. In relation to market expectations, Powell stated …

Treasury Secretary Janet Yellen told bank CEOs that more bank mergers may be necessary, CNN reported. The comments triggered risk aversion and weighed on the US Dollar. “Sources tell CNN that bank mergers were discussed during Yellen’s meeting with bank CEOs”, the network reported. The US Dollar extended losses across …

According to statistics released on Friday, German producer prices rose at the weakest annual rate in two years in April, indicating that inflation in Europe’s largest economy may decline further. According to the Federal Statistical Office, producer prices for industrial items rose 4.1% in April compared to the same month …

The dollar approached its highest level in nearly six months against the yen on Friday and pushed the euro to its lowest level in more than seven weeks, as optimism about government debt ceiling talks in Washington fueled expectations that US interest rates would remain high for longer. Democratic negotiators …

Oil prices rose on Friday, after falling more than 1 percent the day before, as investors cautiously optimized about the fading risk of a US debt default. Brent crude futures rose 73 cents, or 1 percent, to $76.59 a barrel by 0650 GMT, and US West Texas Intermediate crude rose …

European stocks rose on Friday and pushed the German DAX index towards record highs, supported by indications of progress in the US debt ceiling negotiations. The pan-European Stoxx 600 advanced 0.4% by 0708 GMT, and is set to end the week with a slight gain. Mining and financial services stocks …

Japan’s Nikkei index rose on Friday to its highest level since August 1990, during what is known as the country’s economic “bubble” era, driven by a combination of positive factors such as strong earnings, an economy showing signs of recovery and optimism about US debt ceiling talks. The Nikkei index …

Gold prices rose on Friday, but headed for their largest weekly decline in three and a half months, as hopes that negotiations would reach a solution to the US government debt ceiling crisis and fading expectations of interest rate cuts by the end of the year led to a decline …