Market Update

Official data showed on Friday that Turkey’s annual inflation fell to 57.68 percent in January, but much higher than expectations. The Turkish Statistical Institute said consumer prices rose 6.65 percent month-on-month, nearly double the 3.8 percent forecast in a Reuters poll. On an annual basis, the survey expected consumer price …

Gold prices stabilized on Friday after heavy selling in the previous session, as traders absorbed the statements of global central banks regarding raising interest rates, but the yellow metal is heading to record its first weekly decline in seven weeks in light of the strength of the dollar. And by …

Japan’s Nikkei closed at a seven-week high on Friday, buoyed by Nasdaq’s strong performance overnight, with Sony and others leading the index higher after announcing strong growth expectations. The Nikkei index rose 0.39 percent to close at 27,509.46 points, the highest closing level since December 16. The index rose 0.46 …

Oil prices made modest gains in early trading on Friday, but were set to incur losses for the second week in a row, as the market looked for more indications of a strong recovery in fuel demand in China to offset the impact of looming recession in other major economies. …

The dollar recovered most of the ground lost in the aftermath of the Fed’s decision amid ECB and BOE monetary policy announcements. The dollar edged higher against most major rival currencies, with the JPY being its strongest rival and the GBP the weakest.Stock markets advanced, partially limiting US Dollar gains. …

On Friday, the US will release the official employment report for January.  Some analysts expect a 220K increase in payroll and a modest increase in the unemployment rate to 3.6%. Other expectations suggest 185,000 rise in Nonfarm Payrolls data following the 223,000 increase in December. The first US NFP report …

Contrary to most expectations, Egypt’s central bank kept interest rates unchanged for the first time since September, stating that it was monitoring the effects of last year’s cycle of monetary tightening on inflation which is at its highest level since 2018. The Monetary Policy Committee maintained the deposit rate at …

The latest interest rate hike decided by the Fed was a shock for the USD/CAD on Wednesday, dragging the pair to fresh year-to-day lows. Falling oil prices and solid US labour market data underpinned the pair. As expected, USD/CAD traders are eyeing Friday’s US Nonfarm Payrolls data alongside ISM Non-Manufacturing …

Wall Street is rallying on Thursday, led by enthusiasm mainly stirred by tech stocks and a significant surge of Meta; Facebook’s parent company.The S&P 500 was 1.5% higher in midday trading a day after hitting its highest level since August. The Nasdaq composite was 3.1% higher, as of 12:35 p.m. …

The WTI crude oil dropped to the %75s and now the daily chart shows the price breaking the trendline support. Oil is now correcting higher to $76.70 resistance. At the time of writing, the US crude is trading at $76.86 per barrel. The objective of escaping the $75s territory was …