Market Update

Gold price is expected to finish the week with around 1.60% loss, below the $1850 level. Gold spot price tumbled for the third day, down almost 0.65% after US economic data throughout the week, turning market sentiment sour on speculations that further Fed tightening is looming. At the time of …

The US dollar achieved strong gains in the last trading week, driven by a series of strong US economic data, with the markets increasing expectations that the US Federal Reserve will continue its tightening approach. Dollar trades now Looking at the dollar’s trading on Friday, we note that the US …

Ben Harris, US Assistant Secretary of the Treasury, said Thursday, February 16, that Russia’s decision to reduce crude oil production by 500,000 barrels per day reflects its inability to sell all of its oil, as Russian Deputy Prime Minister Alexander Novak announced last week that Moscow will voluntarily reduce production …

Gold prices fell on Friday, on track for a third consecutive week of declines, as investors worried about the possibility of the Federal Reserve raising interest rates after a series of strong economic data. Spot gold fell 0.6 percent at $1,827.09 an ounce, after earlier falling to its lowest since …

Goldman Sachs said it now expects the Federal Reserve to raise interest rates 3 times this year, by a quarter of a percentage point each time, after data this week indicated rising inflation and a strong labor market. A report on Thursday showed that producer prices in January accelerated by …

China’s Lenovo Group reported a 24 percent decline in revenue in the third quarter, the largest in 14 years, as global demand for electronics shrank and the company said it would cut spending and reshuffle the workforce. The company, the world’s largest maker of personal computers, reported on Friday that …

Ukraine’s Deputy Infrastructure Minister Yury Vaskov said on Friday that negotiations to extend the grain export corridor agreement across the Black Sea will start within a week. The Black Sea Grain Initiative, brokered in July by the United Nations and Turkey, allowed grain to be exported from three Ukrainian ports …

European stocks opened nearly 1 percent lower on Friday, with interest rate-sensitive technology stocks negatively affected by expectations the Federal Reserve will continue tightening monetary policy, while Mercedes-Benz and Sica rose thanks to a strong earnings announcement. The pan-European Stoxx 600 index was down 0.9% by 0813 GMT, with technology …

The dollar rose as US Treasury yields rose on Friday, heading for a third week of gains, as a wave of strong economic data in the United States increased market expectations that a new interest rate hike is on the horizon. Thursday’s data showed an unexpected drop in the number …

Oil prices fell on Friday, heading for weekly losses, as strong US economic data raised concerns about the Federal Reserve continuing its monetary tightening policy to curb inflation, which could affect fuel demand even as crude inventories grow. By 0105 GMT, Brent crude futures fell 49 cents, or 0.6 percent, …