Market Update

Ahead of US official government data scheduled release on Wednesday, the privately surveyed oil stock data has been released:Crude +1.860M vs. +1.4M barrels expected. Gasoline +1.290M vs. +0.1M bbls expected.Distillate -2.153M vs +1.2M expected. Cushing +0.523M.WTI crude for August delivery closed up US$1.62 to US$104.22 per barrel a day prior …

WTI crude oil is advancing during the week and is erasing last week’s losses, gaining almost 7%. Crude also benefits from the increased the appetite for more energy which remained below $100 for three successive days.WTI rallied sharply on Tuesday, almost 2% amidst an upbeat market mood, despite Monday’s Apple …

US equities are sharply surging on Tuesday as investors digest another batch of corporate results and earnings. The S&P 500 index gained 2.5%, while the Dow Jones Industrial Average jumped 675 points, or roughly 2.2%. The tech-heavy Nasdaq Composite climbed 2.8%.Johnson & Johnson reported earnings for the period that beat …

Gold price leans bullish with time frame continuity in the favour of the bulls as XAUUSD inches higher within a bullish correction of the recent leg of supply from $1,750 that took out the $1,700 level last week. In general, a pullback in the US dollar continues to support the …

On Tuesday, Russia announced that it is expected to restart Nord Stream 1 gas flows on Thursday as planned.The sources, speaking on condition of anonymity because of the sensitivity of the issue, told Reuters the pipeline was expected to resume operation on time, but at less than its capacity of …

A significant split seems to be forming between a growing number of bearish yen watchers in Tokyo and their more positive foreign counterparts.Those in Japan suggest there’s still plenty of time to pile on shorts after the Yen’s falling to a 24-year low. According to analysts from Sydney to Geneva …

The GBP/USD pair is recording solid gains in the week by about 1.19%. BoE’s Governor Bailey said that 50 bps rate hikes are on the table in the next meeting. The GBPUSD grinds higher during the New York session, extending its rally to three straight days after falling close to …

Bitcoin price is stuck below the short-term resistance zone plying between $22,000 and $23,000.The most famous cryptocurrency trades with modest losses on Tuesday at $22,055, down 1.85% for the day. Bitcoin price is expected to consolidate in the range of $20,000 and $23,000. The downside is well guarded near $18,000 …

the EUR/USD pair sharply advances, on the track of the same prevalent sentiment, earlier during the European session. Investors are interested in leaks that the ECB might hike rates more than 25 bps in the July meeting. The news brought about the EUR/USD pair’s jump from 1.0160 towards daily highs …

Bank of England Governor Andrew Bailey said on Tuesday that a 50 basis points rate increase will be among the choices at the next policy meeting, as reported by Reuters.The GBP/USD pair extended its daily rally and touched its highest level in more than 10 days at 1.2045. As of …