Market Update

The GBP/USD pair falls for the second successive day, as sellers hold 1.2200, alongside a risk-on impulse. Broad US dollar strength keeps the American currency afloat against most G10 currencies.Fed officials hawkish comments boosted the dollar and constituted a headwind for the GBP/USD pair. The Bank of England (BoE) is …

“We have a lot in the pipeline in tightening but yet to see that in data showing a slowing of the economy,” San Francisco Fed President Mary Daly said on Wednesday. Daly said that the Fed is nowhere near finished with the inflation fight. Also, James Bullard began yesterday by …

US stock indexes rose on Wednesday on strong results from PayPal and CVS Health, with investors awaiting services activity data for clues on the health of the economy struggling with soaring inflation and tightening financial conditions.Shares of PayPal Holdings jumped 11.6% after the fintech company raised its annual profit guidance …

Moderna’s Q2 results have beaten Wall Street’s quarterly earnings and revenue expectations. The Boston-based company generated $4.7 billion in sales for the quarter, a 9% increase over the same period last year.The biotech company’s costs rose to $1.4 billion, or 30% of the revenue generated from its vaccine. Moderna also …

The business activity in the US service sector expanded at a more robust pace in July than in June with the ISM Services PMI rising to 56.7 from 55.3. This reading came in better than the market expectation of 53.5.Further details of the publication revealed that the Prices Paid Index …

Citing a source familiar with the matter, Reuters reported on Wednesday that the Organization of the Petroleum Exporting Countries (OPEC) and allies, collectively known as OPEC+, have agreed to raise the oil output by 100,000 barrels per day in September. In a statement published following its meeting, OPEC said that …

US House Speaker Nancy Pelosi landed in Taiwan Tuesday evening, marking a significant show of support for Taiwan despite China’s threats of retaliation over the visit. Pelosi’s stop in Taipei is the first time a US House speaker has visited Taiwan in 25 years. Her trip comes at a low …

German Chancellor Olaf Schultz said on Wednesday that the Nord Stream 1 gas pipeline turbine is working fine, requires no repairs and can be used at any time, blaming Russia for delays in gas supplies to the European Union. During his visit to Siemens Energy, which was accused by the …

The OPEC+ meets today, Wednesday, amid market expectations of a steady or slight increase in oil production, as most of its members are already pumping near their maximum production capacities and cannot meet US calls for increased production to fight the rising prices. U.S. and Western sanctions against Russia have …

The Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al-Ghais, told Algerian television ahead of the OPEC+ meeting on Wednesday that the recovery in oil demand is continuing. Still, it may be at a slower pace than at the beginning of the year and last year. Al-Ghais …