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Market Analysis

June, 2023

  • 22 June 2023 9:41 pm

    WTI falls on global rate hike fears, world economic slowdown

    Recent rate increases by central banks, headed by the BoE on Thursday, fuel concerns about a decline in oil demand. Despite recent decreases in OPEC+ output and an unexpected drop in US petroleum stocks, WTI declines. In light of worries about an economic downturn, traders are turning their attention to …

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  • 22 June 2023 8:16 pm

    Powell committed to learning from recent bank failures

    Several Senate Republicans questioned the new banking regulations when Federal Reserve Chair Jerome Powell spoke before the Senate Banking Committee on Thursday, specifically whether or not small banks would be subject to increased capital requirements.Powell stated that a plan is under consideration and has already been discussed within the Fed, …

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  • 22 June 2023 7:35 pm

    USD/JPY climbs to yearly high during Powell’s testimony

    The USD/JPY pair is climbing to a YTD peak of 142.88 as Fed Chair Jerome Powell’s hawkish commentary strengthens the US Dollar. Global economic slowdown fears resurface as major central banks, including the Bank of England, tighten monetary conditions.The USD/JPY benefits from rising bond yields and dovish commentary from Bank …

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  • 22 June 2023 5:03 pm

    Türkiye raises the interest rate by 650 basis points to 15%

    Turkey’s central bank raised its base interest rate by 650 basis points to 15 percent on Thursday, reversing President Recep Tayyip Erdogan’s policy of cutting interest rates, but the move towards post-election tightening still fell short of expectations. In its first meeting after the appointment of Hafiza Ghaya Arkan as …

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  • 22 June 2023 3:56 pm

    Bank of England hikes rates to 5% in a surprise move to tackle stubborn inflation

    The Bank of England hiked interest rates by a half-point more than predicted on Thursday, citing “significant” data indicating that British inflation will take longer to decline. The Bank of England’s Monetary Policy Committee (MPC) voted 7-2 to raise its main interest rate to 5% from 4.5%, the highest since …

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  • 22 June 2023 2:00 pm

    The Kremlin: Putin and the Prime Minister of Qatar will discuss in Moscow maintaining fair energy prices

    The Kremlin said Russian President Vladimir Putin and Qatari Prime Minister Mohammed bin Abdulrahman al-Thani will discuss maintaining fair prices in global energy markets when they meet on Thursday in Moscow at 1100 GMT.

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  • 22 June 2023 1:39 pm

    European stocks open lower on interest rate hike fears

    European stocks opened lower on Thursday on fears of continued monetary tightening, and with the London Stock Exchange slipping amid uncertainty over the extent to which the Bank of England will raise interest rates later in the day. And by 0716 GMT, the European Stoxx 600 index fell 1.2 percent, …

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  • 22 June 2023 12:27 pm

    USD declines after the testimony, GBP goes up

    On Thursday, the dollar approached its lowest level in a month against a basket of currencies, after Jerome Powell, Chairman of the Federal Reserve, stuck to his usual messages in his semi-annual testimony, which did not include any surprises. Sterling rose to near a one-year high ahead of the Bank …

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  • 22 June 2023 11:20 am

    Oil stabilizes after a sudden drop in US crude inventories

    Oil prices maintained most of the gains achieved on Wednesday in early trading on Thursday, while markets assessed a sudden drop in US crude stocks against the possibility of weak demand after the Federal Reserve Chairman hinted at the possibility of further interest rate hikes. And by 0015 GMT, Brent …

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  • 22 June 2023 2:57 am

    Market Drivers – US Session – 21/06/2023

    Cryptocurrencies rose sharply, with BTC/USD rising more than 5% above $30,400, the highest level in two months. Ethereum climbed towards $1,900. Crude oil prices rose more than 2% to the strongest level in two weeks. The WTI barrel surpassed $72.50The US dollar dropped despite cautious market sentiment, amid a decline …

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  • 22 June 2023 2:04 am

    Gold pressured at key levels despite weakened US dollar

    Financial markets were focusing on the Fed Chairman Powell’s testimony. Gold retreated on Wednesday even as the US dollar fell and bond yields climbed. The Gold Index declined from the $1,939.57 high to the $1,919.24 low. Markets were reacting to the congressional testimony from Federal Reserve chair Jerome Powell on …

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  • 22 June 2023 1:34 am

    GBP/USD fluctuates in volatile session ahead of BoE’s decision

    Following the release of UK inflation data, the GBP/USD pair is benefiting from the US dollar’s decline as a result of testimony made by Fed Chair Jerome Powell regarding rate hikes.Powell’s comments keep investors on edge, but the GBP/USD pair seems unaffected by the testimony. With a potential increase of …

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  • 21 June 2023 11:31 pm

    US stocks retreat for a third day on Powell’s testimony

    Fed Chair Jerome Powell clarified the Fed’s stance by saying that the process of getting inflation back down to 2% has a long way to go. The S&P 500 was lower Wednesday as investors took a breather from last week’s market rally, and weighed Federal Reserve Chair Jerome Powell’s latest …

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