Market Update

Tuesday’s latest purchasing managers’ index data from the Eurozone in January and the first signs of the corporate earnings season are being digested by investors as European markets ended lower on Tuesday.The pan-European Stoxx 600 index decreased by 0.2%, with losses led by the oil and gas and health care …

European Central Bank’s policymaker Gediminas Simkus said on Tuesday that the ECB should continue with 50 basis points (bps) rate hikes amid growing wage pressures, as reported by Bloomberg.Simkus further added that reaching the peak policy rate before summer ‘may be unlikely’ and noted that strong core inflation shows that …

The AUD/USD pair broke decisively above 0.7000 yesterday. Australia’s Consumer Price Index data for Q4 could fuel the rally if figures come out sticky according to economists. The AUD/USD is trading at 0.7049 at the time of writing versus the previous closing at 0.7024. Tuesday’s fourth-quarter CPI data in Australia …

Crude oil prices stabilized on Tuesday amid concerns about the global economic slowdown and the expected increase in US oil inventories, which was offset by hopes for a recovery in fuel demand from China, the world’s largest oil importer. Brent crude fell 30 cents, or 0.3 percent, to $87.89 a …

The U.S. hit the debt ceiling The U.S. Debt Ceiling is an essential fiscal tool that has been around for a while; however, it has recently become a source of much debate and discussion.  The debt ceiling is the legal limit to which the U.S. government can borrow money from …

The dollar hovered near a nine-month low against the euro on Tuesday and gave up recent gains against the yen, as traders weigh the prospects of a US recession as well as the Federal Reserve’s interest rate path. The dollar index, which measures the US currency against a basket of …

Japan’s Nikkei index closed at its highest level in more than a month and a half on Tuesday, recouping all its losses since the Bank of Japan’s surprise monetary policy adjustment last month, and technology stocks led the rally, following Wall Street’s gains. The Nikkei rose 1.46 percent to close …

Gold prices rose on Tuesday amid a weaker dollar, and it is likely that the precious metal’s near-term prices will remain dependent on US economic data expected to be published this week and may affect the Federal Reserve’s interest rate strategy. Spot gold rose 0.2 percent to $1,935.04 an ounce …

The US dollar index bottomed around the 102 mark, hovering close to levels not seen since May 2022, as concerns about a US recession and prospects of a less aggressive Federal Reserve spooked investors away from the American currency.Widespread volatility dominated the first trading day of the week across both …

The WTI crude oil retreats from multi-day high amid lack of major positives, cautious mood ahead of key data. Sluggish markets, Lunar New Year in China limit energy buyers’ optimism.WTI crude oil remains sidelined around $81.70, after refreshing the multi-day high above $82.00 the previous day. In doing so, the …