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Market Analysis

May, 2023

  • 24 May 2023 10:49 pm

    USD/JPY retreats from YTD high post FOMC minutes

    The 25 bps rate increase announced at the May meeting, according to several Fed policymakers, may have been the last. They emphasize the necessity for flexibility in the face of economic change. The FE staff predicts a slight recession for the latter part of the year, with increased risks to …

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  • 24 May 2023 10:14 pm

    FOMC minutes: Fed members split on backing more hikes

    The Federal Reserve released the minutes from its May 2-3 meeting, when it raised rates by 25 bps. The minutes showed a division on support for more rate hikes. US Dollar holds onto daily gains after minutes. The FOMC released the minutes of the May 2-3 meeting, triggering a limited …

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  • 24 May 2023 9:56 pm

    GBP/USD slides ahead of FOMC minutes

    Prior to the release of the FOMC minutes, the GBP/USD pair is down about 0.28%. The pair has so far fallen from a high of 1.2469 to a low of 1.2357.  The positions of net GBP speculators rocketed higher and have now been positive for five weeks in a row, …

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  • 24 May 2023 9:19 pm

    How could FOMC minutes affect EUR/USD?

    The US Federal Reserve will release the latest monetary policy meeting minutes of the Federal Open Market Committee (FOMC) at 18:00 GMT, sought by traders as they would provide insight into the US central bank’s forward path. On May 2-3, the Fed decided to raise rates by 25 bps, the …

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  • 24 May 2023 8:22 pm

    Fed’s Waller hints at rate ‘hike’, ‘skip’ in June, but no ‘pause’

    Ahead of FOMC minutes, Fed’s Christopher Waller stated, on Wednesday, that while the US central bank may decide not to raise interest rates at its meeting next month, he is concerned about the lack of progress on inflation and believes that the rate-hiking campaign would likely continue. Waller made the …

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  • 24 May 2023 8:11 pm

    Speaker McCarthy: Differences over spending continue still exist

    US House Speaker Kevin McCarthy announced on Wednesday that they are sending their negotiators to the White House to try and wrap up the debt-limit negotiations. McCarthy continued by pointing out that there were still disagreements on expenditure, but he added that he believed they might advance today. After these …

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  • 24 May 2023 7:27 pm

    Oil rallies on Saudi Minister’s remarks, inventory drawdown

    Oil has been buoyed by comments from Saudi Oil Minister, Prince Abdulaziz bin Salman, who warned Oil speculators to “watch out” and that they might suffer as they did “in April”. His comments have been taken as warning to short-sellers that the Oil price might rise. Abdulaziz defended OPEC and …

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  • 24 May 2023 3:07 pm

    German business sentiment worsens in May

    According to a poll released on Wednesday, German business confidence fell further than predicted in May, owing mostly to a steep drop in future expectations, indicating that Europe’s largest economy is suffering persistent economic headwinds. The Ifo Institute said that its business environment index was 91.7 in May, down from …

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  • 24 May 2023 2:41 pm

    UK house prices up 4.1% year-on-year in March

    The Office for National Statistics (ONS) said on Wednesday that home prices in the United Kingdom climbed by 4.1% in the year to March, easing from an upwardly revised 5.8% increase in February. According to the ONS, London saw the weakest yearly rise, with prices rising 1.5%. Recent home market …

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  • 24 May 2023 1:54 pm

    Oil prices are rising amid falling US inventories

    Oil prices rose on Wednesday after data showed a decline in US oil and fuel stockpiles, along with increasing speculation of new production cuts by the OPEC + alliance, after a warning from the Saudi Energy Minister to speculators. Brent crude futures rose 88 cents, or 1.2 percent, to $77.72 …

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  • 24 May 2023 11:55 am

    Dollar is hovering near a two-month high

    The dollar hovered near a two-month high on Wednesday as investors flocked to the safe-haven currency as debt ceiling talks in the United States continued to stall. And US Treasury Secretary Janet Yellen warns that the federal government may not have enough money to pay all its obligations by June …

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  • 24 May 2023 1:52 am

    Bitcoin surges as Hong Kong gives green light

    Hong Kong’s Securities and Futures Commission (SFC) announced that it would accept applications from exchanges to offer crypto trading to retail investors from June 1, adding that approved tokens need a 12-month track record and substantial market capitalization. The SFC said registered exchanges would be barred from providing stablecoin and …

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  • 24 May 2023 12:46 am

    Gold slides amid US debt ceiling uncertainty, retreating US equities

    Gold price dips slightly as uncertainty around US debt-ceiling discussions causes US Treasury bond yields to rise, negatively impacting XAU/USD’s recovery. Despite productive talks between President Biden and House Speaker Kevin McCarthy, an agreement on raising the debt ceiling is yet to be reached. US is set to run out …

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