Market Update

Federal Reserve Chair Jerome Powell said on Tuesday that US central bank officials will keep tightening policy until inflation comes down in “a convincing way.”“There have been some promising signs you can point to,” Powell said at a Wall Street Journal conference. But, he added, “There are some signs that …

The US dollar is crumbling, this week as investors survey the landscape of the global economy, not just in the US. The dollar has fallen victim to improved risk sentiment, helping the likes of the euro that has been extending its rebound from a five-year low touched last week, and …

The euro is higher versus the US dollar by 1.13% rallying on wider risk-on from 1.0428 to a high of 1.0555. The euro has extended the rebound from a five-year low touched last week while the US dollar is down against its major trading partners.The euro benefited at the start …

Data released on Tuesday showed Industrial Production rose 1.1% in April. Analysts at Wells Fargo point out that US factories, mines and energy producers together called more capacity into service than at any other time since the start of the pandemic. They warn supply chains are not fixed and could …

Despite rising interest rates, high inflation and product shortages, retail sales rose above expectations in April and upward revisions to the prior month suggests a better first quarter for consumer spending than first reported, explained analysts at Wells Fargo. Key Quotes: “The main takeaway is that despite all the obvious …

The USD/CAD bounced to the upside and eared losses on Tuesday after the greenback gained momentum during the American session. The pair printed a fresh daily high at 1.2854 and it is hovering around 1.2845. Earlier on Tuesday it bottomed at 1.2805, the lowest level since May 5.Economic data from …

Oil prices rose to a seven-week high on Tuesday, buoyed by continued pressure from the European Union to ban Russian crude imports that would reduce supply, and as investors focused on increasing demand after the easing of Chinese coronavirus lockdowns. On Monday, EU foreign ministers failed in their efforts to …

The data published by Eurostat showed on Tuesday that the seasonally adjusted Gross Domestic Product grew at an annualized rate of 5.1% in the first quarter, compared to the market expectation of 5%.On a quarterly basis, GDP increased by 0.3%. Finally, the Employment Change was up 0.5% in the first …

An internal report seen by Reuters showed today, Tuesday, that Russian crude oil production fell by about 9% to 9.16 million barrels per day, based on assessments of sources from OPEC +. The report stated that the commitment of members of the OPEC + group to production cuts rose to …

European shares rose on Tuesday and were set to extend their gains for the third consecutive session, supported by hopes of continued demand from China as authorities look to ease COVID-19 restrictions. The Stoxx 600 index rose 0.7 percent by 0710 GMT, with gains for all major sub-sectors, led by …