Market Update

Oil prices are expected to slip towards $90.00 due accelerating global recession-linked fears. Lockdown in China and interest rate hikes by Western central banks have also trimmed oil price forecasts.WTI futures have displayed a steep downside after surrendering the psychological support of 100.00 last week. Crude oil recorded three-month low …

The GBP/USD pair has encountered selling pressure after attempting to sustain above the crucial level of 1.1900 which is a steep fall after surrendering the weekly support at 1.1876 and printed fresh weekly support at 1.1807. On the UK front, ongoing political crisis after the announcement of resignation by current …

Bitcoin was trading under $20,000 again after June’s ups and downs. Bitcoin’s move below $20,000 was not as critical as it was last month but developments in the crypto space are still certainly noteworthy as it repeatedly dipped below $20,000.Major crypto assets continued falling on Tuesday amid a choppy market. …

Shares shed early gains and ended broadly lower on Wall Street Tuesday as investors brace for a big week of news on inflation and company earnings reports. The S&P 500 retreated by 0.9%, extending its losing to a third consecutive day. All of the benchmark index’s 11 company sectors closed …

The International Monetary Fund has cut the US 2022 growth projection to 2.3% from 2.9% in late June, due to revised US data.Key RemarksIMF cuts US 2022 GDP growth projection to 2.3% from 2.9% in late June, due to revised US data.IMF cuts US 2023 GDP growth projection to 1.0% …

The EUR/USD pair bounces off fresh 20-year lows around the parity area, trimming some of Monday’s losses, as market sentiment wobbles, reflected by US equities fluctuating between gainers and losers, ahead of the US June Consumer Price Index (CPI) to be released on Wednesday.The EUR/USD is trading at 1.0052 after …

For the first time in almost 20 years, the US dollar is nearly equal in value to the Euro. This may sound good for the dollar, but it could be harmful for some sectors as well.If the dollar becomes exceptionally strong, it could harm the business for US companies, because …

Boeing reported Q2 deliveries on Tuesday. The company’s stock is soaring. The commercial aerospace giant delivered 121 jets in the second quarter, up from 95 in the first quarter of the year.737 MAX deliveries totaled 100 in Q2, up from 81 delivered in the first quarter. Boeing also delivered 40 …

EU finance ministers on Tuesday gave Croatia the final green light to adopt the euro on January 1, 2023. “I would like to congratulate my counterpart, Zdravko Maric, and the whole of Croatia for becoming the 20th country to join the euro area,” said Zbynek Stanjura, the finance minister of …

Federal Reserve’s Tomas Barkin said that the pace of policy change may be making markets ‘skittish’. He adds that there is a path to cool inflation but a recession ‘is possible’.Barkin expects inflation to come down but not immediately or predictably. Barkin sees early signals of supply easing in freight …