Market Update

The US Dollar has lost some of its strength in the American session on Monday. The US Dollar Index erased its daily gains and returned to the 104.00 area. ISM Services PMI report for May showed a loss of momentum in the service sector.The US Dollar has lost its strength …

The dollar edged up against major peers on Monday, as markets priced in around a 1-in-4 chance of the U.S. Federal Reserve raising benchmark rates this month after robust jobs data on Friday. The dollar index – which tracks the greenback against six peers – came off the boil last …

European shares opened stable on Monday after the markets failed to take advantage of the momentum resulting from last week’s gains, while London shares led the gains in the region, supported by the optimistic performance of energy companies on the back of rising oil prices. The European Stoxx 600 index …

Turkey’s annual inflation fell to 39.59 percent in May, official data showed on Monday, largely in line with expectations for the month of elections that re-elected President Tayyip Erdogan. Consumer prices in May rose 0.04 percent from the previous month, compared to expectations for a 0.2 percent decline in a …

Oil prices rose by more than $1 a barrel on Monday after Saudi Arabia, the world’s largest oil exporter, pledged to cut production by an additional 1 million barrels per day from July 1, as it tackled the unfavorable macroeconomic conditions that dampened markets. Brent crude futures rose $1.08, or …

Financial assets’ price moves along past week have been led by a number of major developments most notably: the US non-farm payrolls data shortly after the US debt ceiling deal, as well as the European inflation data.Oil Prices Hope For More Optimism Oil prices rallied for the second day on …

Dow jumped 700 points on the US hot jobs report as Nasdaq notched sixth straight winning week. The Dow Jones Industrial Average surged for its best day since January as traders cheered a strong jobs report and the passage of a debt ceiling bill that averts a US default.shares popped …

Gold price has dropped despite the week’s strong performance in an expected reaction to US job growth that exceeded expectations for May 2023.Rising US Treasury bond yields as well as the robust USD do exert downward pressure on the precious metal. US debt-ceiling resolution contributed to easing bond yields, a …

Fed Chair Jerome Powell will testify at the U.S. Senate Banking Committee on June 22, panel chief Sherrod Brown said on Friday. The testimony will come a week after the June 13-14 FOMC meeting. The testimony marks the second iteration of the Fed chair’s twice-yearly reports to Congress on the …

Data released on Friday, showed Nonfarm Payrolls rose by 339K in May surpassing expectations. Analysts  point out payroll strength keeps the door open for another rate hike by the Federal Reserve in June. The two-month net revisions also added a notable 93k jobs to the employment series, which resulted in …