Market Update

Two new issues have jolted the world markets. Bond insurance rates at Deutsche Bank increased, which is mimicking what occurred to Credit Suisse before it failed. Also, according to news sources, the US Justice Department is looking into European institutions, such as Credit Suisse and UBS, for allegedly assisting Russian …

In spite of lower yields supporting gold, the US dollar has increased and is now weakening the Gold Index (XAU/USD). Geopolitical concerns are causing central banks to raise their gold holdings, according to a recent report. At the time of writing, the price of XAU/USD is $1,979.64.\ After halting in …

After falling to a 7-week low of 101.91, the US Dollar Index (DXY) rises 1.58%. The DXY hit a daily low of 102.50 before trading as of this writing at 103.094. The DXY is neutrally biassed on the daily chart because it is still above the 100.85 2023 low. The …

The GBP/USD pair comes under intense selling pressure on Friday and extends the overnight retracement slide from the vicinity of mid-1.2300s, or its highest level since February. Spot prices, however, manage to rebound a few pips from the daily low and trade above the 1.2200 mark during the early North …

On Friday, banks-related anxiety caused the euro and pound to plunge against a rising dollar, as better-than-expected economic data failed to improve the mood. European banking stocks dropped on concerns that the largest issues to hit the industry since the 2008 financial crisis have not yet been resolved, with giants …

The US Census Bureau said on Friday that orders for durable goods in the US fell by 1%, or $2.6 billion, in February to $268.4 billion. This estimate was less than the market consensus for a growth of 0.6% and follows January’s loss of 5% (updated from -4.5%). “Excluding transportation, …

An industry poll released on Friday revealed that British businesses reported a second month of growth in March, indicating that the country’s GDP grew in the first quarter of 2023. The S&P Global/CIPS UK Composite Purchasing Managers’ Index (PMI), which includes both manufacturing and service businesses, reported a “flash” reading …

Banking stocks fell again on Friday after a turbulent week as investors worried that the worst problems in the sector since the 2008 financial crisis had yet to be contained. The index of major European banks fell 2.2 percent in early trading, with Swiss bank UBS down 6.4 percent. Deutsche …

According to S&P Global Research’s most recent manufacturing activity survey, which was released on Friday, the manufacturing sector declined in the Eurozone widened in March. The Eurozone Manufacturing Purchasing Managers Index (PMI) was 47.1 in March compared to the anticipated 49.0 and the previous reading of 48.5. A four-month low …

The dollar settled near its lowest level in seven weeks on Friday, as concern about banks kept investors cautious and dealers assessed the possibility that the Federal Reserve (the US central bank) would stop raising interest rates. The dollar index, which measures the performance of the US currency against six …