Market Update

The Canadian dollar is recording goodish gains in the week of 0.85%. Friday’s positive market sentiment boosted the appetite for high-beta currencies, like the CAD.The USD/CAD edges lower in the North American session, extending its weekly losses for the third successive week as investors shrugged off an aggressive Fed, as …

Gas prices soared higher in the US while demand for gasoline drops before the beginning of the summer driving season. US President Joe Biden warned that Americans will likely feel “Putin’s price hike” at the gas pump in the foreseeable future. Russia’s invasion of Ukraine caused commodity prices to rise …

The University of Michigan’s gauge of consumer sentiment fell to a final May reading of 58.4 from the initial reading of 59.1 earlier in the month, its lowest level in more than 10 years. Economists were expecting a reading of 59.1, according to a Wall Street Journal survey.The May Final …

US households boosted spending for a fourth straight month in April, but the savings rate fell to the lowest in 14 years, suggesting many Americans are tapping savings to balance cost increases imposed by hot inflation.Consumer spending rose by a seasonally adjusted 0.9% last month, the Commerce Department said Friday, …

The GBP/USD pair is about to post back-to-back weekly gains, up by 0.94%. The Fed’s favorite inflation gauge has eased from above the 5% threshold, showing signs that elevated prices could be peaking soon as the US Dollar Index bounces off weekly lows and grinds higher by 0.10%, sitting at …

Data released on Friday has showed that US Personal Spending surged in April by 0.9%, above expectations. Wells Fargo’s analysts point out that for the first time since October 2021 income outpaced inflation. Analysts also forecast consumer spending will downshift over the next quarters. Key Quotes: “Personal income rose 0.4% …

WTI crude oil has stabilized just below monthly highs near the $114 level, as bulls eye further catalysts towards $120. Familiar themes of strong US demand, EU/Russia oil sanctions, OPEC+ output struggles and easing Chinese lockdowns are supporting prices.The EU’s plans to sanction Russian oil imports have also been in …

Oil prices fell on Friday, but they are on track to achieve weekly gains, supported by expectations of reduced supplies due to increased gasoline consumption in the United States during the summer, as well as the possibility of a European Union ban on Russian oil imports. By 1104 GMT, Brent …

Deputy Chairman of the Russian Security Council Dmitry Medvedev stressed today that it is difficult for Russia to live under the conditions created by foreign sanctions against Moscow, noting that Europe is also suffering from the consequences of these decisions. Medvedev said – during his statements at a conference of …

The dollar is heading for its biggest weekly decline in nearly four months after traders cut their expectations for a US interest rate hike amid indications that the Federal Reserve may slow or halt the monetary tightening cycle in the second half of the year. The dollar index, which measures …