Market Update

Japan’s Nikkei index closed higher for the third consecutive session on Tuesday, as optimism over the end of the lockdown imposed to combat COVID-19 in China, Japan’s main trading partner, outweighed the disappointing financial results. The Nikkei index witnessed volatile trading, before closing up 0.42 percent at 26,659.75 points, after …

The US dollar briefly edged higher at the beginning of the week but closed with modest losses against most rival currencies as equity markets changed direction. European indexes closed mixed, but Wall Street managed to post gains. Safe-haven currencies posted modest gains against the US dollar as well.Economic DataThis week, …

US Retail Sales rose at a pace of 0.9% MoM in April, in line with the expected pace of 0.9% but slower versus the previous month’s 1.4% MoM pace of gain (which had been revised up from 0.7%), data released by the US Census Bureau on Tuesday revealed. YoY, sales …

The bitcoin miner, Stronghold known for using waste coal for energy, had its shares retreating slightly in after-hours trading.Stronghold reported Q1 revenues of $28.7 million versus estimated $26.2 million. But its adjusted net loss of 66 cents per share exceeded the consensus estimate for an adjusted net loss of 8 …

“The European Central Bank (ECB) is expected to raise the deposit rate for the first time in over a decade in July and bring it out of negative territory at its following meeting in September, despite a 30% chance of recession within a year,” per the latest Reuters poll of …

The S&P 500 dropped, dragged lower by a slide in megacaps including Tesla Inc., Amazon.com Inc. and Apple Inc. The risk of an economic slowdown amid price pressures and rising borrowing costs is still the major concern for markets.Equities fell back toward session lows in the last hour of trading …

The GBP/JPY has faded from a two-day rebound near 159.00 as traders await UK data during Tuesday’s Asian session. The cross-currency pair remains inside a one-month-old descending trend channel formation, recently firmer around the 50% Fibonacci retracement (Fibo.) of December 2021 to April 2022 upside.The GBP/JPY pair’s breakout of 50% …

The former Federal Reserve chairman warned of a coming economic morass in the next decade. Former Fed Chair Ben Bernanke warns in his new book that the United States could face simultaneous sky-high unemployment and inflation on levels not seen since the 1970s.Bernanke, who ran the US central bank from …

Geopolitically; EU ministers cannot reach an agreement on new sanctions against Russia as ECB’s Lagarde and Fed’s Powell get ready to deliver their speeches on Tuesday, meanwhile the EUR/USD pair holds modest gains above 1.0400, corrective advance could extend to 1.0470.The EUR/USD pair ended Monday achieving modest gains in the …

Silver price is rallying more than 2% in the day amidst falling US Treasury yields. Market sentiment has improved during the US session, a headwind for the dollar.Silver holds ground for the last two trading days and advances firmly in the US session, almost 2% up, and is closing at …