Market Update

Despite the US dollar’s strength, on Tuesday, the EUR/USD pair advances underpinned by ECB’s Governing Council members expressing the need for a 75 bps rate hike in September. US Consumer Confidence surprisingly surged, while job vacancies topped expectations.The ECB speakers were led by ECB Knot, who said he’s leaning towards …

Best Buy earnings report is out, on Tuesday, with better than expected profits, but the quality of the earnings report is in focus. The electronics retailer saw US same-store sales tanked 12.7%, missing analyst estimates. Sales retreated in all product categories. And Q3 guidance hints had a slow start to …

European Central Bank (ECB) Governing Council member Yannis Stournaras said on Tuesday that he expects inflation to peak this year before starting gradually decline in 2023, as reported by Reuters.Commenting on the economic outlook, Stournaras acknowledged that risks to growth are tilted to the downside. As for the market’s reaction, …

On Tuesday, the USD/JPY pair approaches again the 140.00 zone. The USD/JPY is gaining momentum during the US trading session and climbed to 139.08, reaching the highest level since mid-July. The pair remains bullish amid a stronger US Dollar across the board.US dollar gains momentum despite another decline in Wall …

Stocks fell for a third day on Tuesday, jeopardizing a summer comeback rally, as the Federal Reserve and other global central bankers continued to send hawkish signals to fight inflation despite the negative consequences for economic growth or the impact on corporate earnings. The S&P 500 fell 1.1% to 3,986.16, …

Elon Musk’s legal team has given another notice to terminate its $44 billion deal to buy Twitter, citing additional reasons. The latest notice comes after Twitter’s former security chief alleged deficiencies in its security, privacy and content moderation systems earlier this month. On July 8, Musk’s legal team initially filed …

Annual inflation in Germany, as measured by the Consumer Price Index (CPI), rose to 7.9% in August from 7.5% in July, Germany’s Destatis reported on Tuesday. This reading came in slightly higher than the market expectation of 7.8%. The Harmonised Index of Consumer Prices (HICP), the European Central Bank’s (ECB) preferred …

Three sources told Reuters on Tuesday that Iraq’s oil exports have not been affected by the current political turmoil. Baghdad is witnessing the worst fighting in years, with clashes between rival Shi’ite groups entering their second day. Two sources confirmed that supporters of Shiite cleric Muqtada al-Sadr, a former leader …

Oil prices fell on Tuesday on fears that the weakness of global economies caused by inflation will reduce demand for fuel, while Iraqi exports will not be affected by the ongoing clashes there. Brent crude futures for October delivery fell $2.45, or 2.33 percent, to $102.64 a barrel by 1022 …

European shares rallied on Tuesday following a two-day sell-off with the banking sector supporting equities. However, concerns over a mounting energy crisis, interest rate hikes and an impending recession capped gains. The pan-European Stoxx 600 index rose 0.4 percent, after declining about 2.5 percent in the previous two sessions, on …