Market Update

Traders and investors are digesting the latest economic data and the FOMC minutes while awaiting news regarding the US debt-ceiling fight. No major reports are due in the Asian session. Later in the day, Germany and the US will release new estimates for Q1 GDP. The weekly Jobless Claims report …

Gold price is mixed around the FOMC minutes that showed that Fed policymakers are divided on backing further rate hikes, however FOMC members still agreed that inflation risks are still unacceptably high, but the extent of further hikes is now made less certain. Gold price has ranged between a low …

After Treasury Secretary Janet Yellen reiterated that if an agreement to raise the US debt ceiling is not reached, the United States will go into default on its debt and could not pay for federal bills in early June, US equities fell even lower on Wednesday. 231 points, or 0.7%, …

The 25 bps rate increase announced at the May meeting, according to several Fed policymakers, may have been the last. They emphasize the necessity for flexibility in the face of economic change. The FE staff predicts a slight recession for the latter part of the year, with increased risks to …

The Federal Reserve released the minutes from its May 2-3 meeting, when it raised rates by 25 bps. The minutes showed a division on support for more rate hikes. US Dollar holds onto daily gains after minutes. The FOMC released the minutes of the May 2-3 meeting, triggering a limited …

Prior to the release of the FOMC minutes, the GBP/USD pair is down about 0.28%. The pair has so far fallen from a high of 1.2469 to a low of 1.2357.  The positions of net GBP speculators rocketed higher and have now been positive for five weeks in a row, …

The US Federal Reserve will release the latest monetary policy meeting minutes of the Federal Open Market Committee (FOMC) at 18:00 GMT, sought by traders as they would provide insight into the US central bank’s forward path. On May 2-3, the Fed decided to raise rates by 25 bps, the …

Ahead of FOMC minutes, Fed’s Christopher Waller stated, on Wednesday, that while the US central bank may decide not to raise interest rates at its meeting next month, he is concerned about the lack of progress on inflation and believes that the rate-hiking campaign would likely continue. Waller made the …

US House Speaker Kevin McCarthy announced on Wednesday that they are sending their negotiators to the White House to try and wrap up the debt-limit negotiations. McCarthy continued by pointing out that there were still disagreements on expenditure, but he added that he believed they might advance today. After these …

Oil has been buoyed by comments from Saudi Oil Minister, Prince Abdulaziz bin Salman, who warned Oil speculators to “watch out” and that they might suffer as they did “in April”. His comments have been taken as warning to short-sellers that the Oil price might rise. Abdulaziz defended OPEC and …