Market Update

The dollar touched its highest level in three weeks on Thursday after the release of the minutes of the Federal Reserve’s meeting for the month of July, which indicated the continuation of raising US interest rates for a longer period to reduce inflation. The dollar’s rally caused sterling to briefly …

Contrary to expectations, the Turkish Central Bank decided on Thursday, August 18, to cut the interest rate on the lira during the week (Repo) to 13% from 14%, even though the inflation rate in the country is close to 80%. Over the past seven months, the Turkish Central Bank has …

Oil prices rose on Thursday as strong data on US fuel consumption and an expected decline in Russian supplies late in the year offset fears of an imminent recession that could dampen demand. Brent crude futures rose $1.43, or 1.5 percent, to $95.08 a barrel by 0900 GMT. US crude …

Gold prices rose on Thursday as bond yields declined, but the dollar’s rally and expectations that the US Federal Reserve will continue to raise interest rates kept prices near two-week lows. And gold in the spot contracts rose 0.3 percent to $ 1765.80 an ounce, at 0920 GMT, after a …

European shares fell in choppy trading on Thursday after a member of the European Central Bank’s board of directors hinted at another big interest rate hike next month even as recession risks intensified, with inflation data for July due later on Thursday awaiting. The pan-European Stoxx 600 index fell 0.1 …

A document from the Russian Economy Ministry, seen by Reuters, showed that rising oil export volumes, accompanied by rising gas prices, will boost Russia’s revenue from energy exports to $337.5 billion this year, an increase of 38% from 2021. This jump in revenue, if realized, would help bolster Russia’s economy …

Japanese stocks fell in tandem with their Asian counterparts on Thursday as investors analyzed the Federal Reserve meeting minutes, awaiting an upcoming seminar to assess whether the US central bank will ease its tight monetary policy. The Japanese Nikkei index fell 0.91 percent at the open and hovered at this …

The US dollar finished Wednesday higher against most major rival currencies on Wednesday, despite suffering a near-term retreat following the release of the FOMC Minutes. The US dollar posted modest advances against safe-haven currencies, with USD/CHF trading around 0.9510 and USD/JPY at 135.00.Gold trades at $1,762.70 per ounce at the …

UK prominent political figure Liz Truss, who aspires to succeed Boris Johnson in office as coming Prime Minister, criticized the green energy levy on all bills. Truss believes that by removing that levy, Britain would save people money on their bills. On the other hand, Truss has said “But what …

The US central bank is continuing its efforts to tame inflation with interest rate hikes and Wednesday’s FOMC minutes have showed that the committee members agreed on the necessity of keeping interest rates higher as a means of combating inflation. Markets were cool in the hours leading up to the …