Market Update

The EUR/USD pair has collapsed by 1% after upbeat US economic data. The pair breaks below parity, extending its losses after hitting on Wednesday a weekly high at 1.0079.Better than expected US S&P Global and ISM Manufacturing PMI further support Fed’s rate hiking stance and even a jumbo 75 bps …

A document seen by Reuters on Thursday showed that the OPEC + joint technical committee expects a deficit in the oil market in 2023 of 300,000 barrels per day. The committee, which held a meeting on Wednesday, expected demand to fall short of supply by 400,000 barrels per day this …

Gold prices fell briefly below the $1,700 key level on Thursday for the first time in six weeks as major central banks tightened monetary policy to combat inflation, curbing demand for the non-yielding yellow metal. Spot gold fell 0.4 percent to $1,704.70 an ounce by 0917 GMT, after touching $1,699.30 …

The dollar rose broadly on Thursday, September 1st, especially against the yen, as investors geared up to get higher interest rates in the US, while not expecting Japanese rates to move. The dollar hit a 24-year high of 139.69 against the yen in early Asian trade, up 0.5% from yesterday’s …

Oil prices continued declining in Thursday’s trading, with the rise of the dollar and increasing concerns about demand, in addition to the reduction of the joint technical committee of OPEC + its forecast for the excess oil supply during this year. In China, closures will be imposed in the city …

The fall of the safe haven gold continued to head towards $1700 despite the lull in the dollar’s rallies that are still hovering near the 109 levels, but the crazy hikes in the two-year bond yields continue to raise concerns about recession fears. On the other hand, US bonds did …

European shares started September sharply lower, as concerns about sharp increases in interest rates and record inflation rates in the region pushed the STOCK 600 index to its lowest level in seven weeks Thursday 1 September. The European index fell for the fifth consecutive day, falling 0.8% by 0715 GMT. …

Japan’s Nikkei hit its lowest closing level in a month on Thursday, weighed down by losses in chip-related stocks after Nvidia was hit overnight by a US order to halt sales of the top artificial intelligence chip maker to China. The Nikkei fell 1.53 percent to close at 27,661.47 points, …

Gold is lacking momentum at the moment as prices trend lower towards $1,700 an ounce, but some analysts still believe that chances for further downside are limited.Gold prices are modestly down on Wednesday but off lows. During the US session, gold briefly rebounded from the one-month low at $1,709 and …

Gold is lacking momentum at the moment as prices trend lower towards $1,700 an ounce, but some analysts still believe that chances for further downside are limited.Gold prices are modestly down on Wednesday but off lows. During the US session, gold briefly rebounded from the one-month low at $1,709 and …