Market Update

The European Central Bank is prepared to at least repeat the half-point increase in interest rates it delivered last month, with an even bigger move not to be excluded as inflation nears yet another record.That is one message from ECB officials who joined Fed’s annual Jackson Hole symposium, which wrapped …

Swiss franc among worst performers amid higher treasury yields. The USD/CHF pair has broken key range and extends rally. EUR/CHF is currently at the highest level in 11 days; holding onto daily gains. The pair peaked during the Asian session at 0.9707 and then pulled back, finding support at 0.9655/60.The …

Gold price bounced from five-week lows on Monday, amidst a downbeat market mood, after last Friday’s hawkish remarks by Federal Reserve Chair Jerome Powell, spurred a fall in equities, propelling the greenback and US Treasury bond yields to fresh weekly highs. At the time of writing, XAU/USD is trading at …

Goldman Sachs Group has urged financial market players to pile into commodities as most recession risks coursing through global markets are exaggerated. The group’s argument is that raw materials stand to rebound amid a profound energy crisis and tight physical fundamentals.With oil the commodity of last resort in an era …

International Energy Agency Chief Fatih Birol said on Monday that Russia’s oil production hasn’t fallen as much as previously expected because it managed to find new markets outside Europe and added domestic demand remained robust, per Reuters. “Going forward, it would be difficult for Russia to maintain oil production due …

The US dollar rose to its highest level in 20 years against other major currencies on Monday after Federal Reserve Chairman Jerome Powell indicated that interest rates will remain high for a longer period in order to rein in spiraling inflation. The dollar index, which measures the value of the …

Gold prices fell on Monday to their lowest level in a month, after the continued tightening of monetary policy to reduce inflation led to the decline in the attractiveness of the non-yielding precious metal and the rise of the dollar. And gold fell in spot transactions 0.9 percent to $ …

European shares fell sharply on Monday, while bond yields rose after comments from monetary policymakers raised fears of violent measures to curb inflation amid rising recession risks. The pan-European Stoxx 600 index fell 0.8 percent to its lowest level in more than a month, with technology shares falling the most, …

Japan’s Nikkei index closed at a two-week low on Monday, tracking losses on Wall Street after US Federal Reserve Chairman Jerome Powell said tightening US monetary policy would be necessary “for some time” to curb inflation. The Nikkei index closed down 2.66 percent at 27878.96 points, with 202 down from …

Oil prices rose 1 percent on Monday as expectations that OPEC will cut production if needed to support prices, conflict in Libya and increased demand amid rising natural gas prices in Europe helped offset bleak growth prospects in the United States. The US light NYMEX crude rose during these moments …