Market Update

Silver retraces for the second straight day on rising US Treasury yields led by the 10-year benchmark bond, which was parked around 2.750% for the last two days, but shows signs of life advancing two-basis points, a headwind for precious metals. At $21.94, XAG/USD retraces from weekly highs at around …

A new estimate of US Q1 GDP growth revised the original contraction of 1.4% to 1.5%. According to analysts at Wells Fargo, the economy continues to plow ahead, despite the modest contraction in real GDP growth observed during the first quarter.Key Quotes: “Revised data that were released this morning showed …

The Canadian dollar edged lower against its US counterpart on Thursday as a move higher in oil prices was counterbalanced by domestic data showing that retail sales growth stalled in March, but the currency stuck to its recent sideways trading pattern, so details of the released data were stronger.Canadian government …

Gold Price is holding above its 200-DMA in the $1,850 area and is back to nearly flat on the week. Traders are weighing the softer USD’s tailwinds and US yields versus strong US equities, as key Friday inflation data are looming.Gold Price (XAUUSD) is for now holding just above its …

According to a second estimate by the US Bureau of Economic Analysis, the annualized pace of real GDP growth in Q1 2022 came in at -1.5%, below the first estimate of -1.4% and the market’s expectation for a growth rate of -1.3%, data on Thursday showed. Nonetheless, the latest GDP …

The Kremlin on Thursday rejected accusations from the United States and the European Union that Russia was blocking grain exports from Ukraine, blaming the West for creating this situation due to the imposition of sanctions.“We do not categorically accept these accusations. On the contrary, we hold Western countries responsible for …

European shares rose slightly on Thursday, supported by a rise in energy shares and the US central bank’s commitment to its path to raise interest rates, while sentiment was negatively affected as concerns related to slowing economic growth persisted. By 0840 GMT, the pan-European Stoxx 600 index rose 0.2 percent, …

The Turkish lira fell by 0.5% Thursday, May 26, to 16.45 against the dollar, touching its weakest level since December, before a meeting of the Central Bank is expected to keep the benchmark interest rate at 14%. The lira has fallen about 20% this year, in addition to losing 44% …

Russian Deputy Prime Minister Alexander Novak expected Thursday, May 26, that the country’s oil production would decline to between 480 and 500 million tons this year, from 524 million tons in 2021. The RIA news agency quoted Novak as telling reporters in Tehran that expectations are subject to change depending …

The Russian Central Bank cut the interest rate to 11% from 14% Thursday, May 26, with inflation falling from its highest levels in 20 years and the Russian economy approaching deflation. The Russian Central Bank said it saw room for further reduction this year, noting that risks to financial stability …