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Market Analysis

May, 2023

  • 31 May 2023 12:14 am

    Tether Mining Operations in Uruguay inaugurated

    By mid-Q3 2023, Tether intends to mine its first bitcoin in the Uruguayan plant. By starting a mining facility in Uruguay that will be operational by the middle of the third quarter of 2023, Tether is doubling down on its Bitcoin plan, the company said to Blockworks on Tuesday. Tether …

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  • 30 May 2023 10:37 pm

    USD/JPY retreats on intervention talk, declining T-yields

    The USD/JPY pair declined for two consecutive days following remarks from Japanese authorities indicating increased scrutiny of currency market movements. The Japanese Yen strengthens in response to the news, putting downward pressure on the USD/JPY pair.USD/JPY maintains an upward bias as long as it holds above the key level of …

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  • 30 May 2023 9:41 pm

    Fed’s Barkin: parts of US economy are cooling

    Thomas Barkin, President of the Federal Reserve Bank of Richmond, stated on Tuesday that he is seeing evidence that interest rate hikes are curbing demand. He is attending a webinar organized by the National Association for Business Economics. According to Barkin, there is more willingness among businesses to increase prices, …

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  • 30 May 2023 8:26 pm

    WTI retreats amid debt-ceiling concerns and OPEC’s mixed messages

    WTI falls for the second consecutive trading day on concerns about the passage of the US debt-ceiling bill and conflicting statements from oil producers. Some Republicans express reluctance to pass the debt-ceiling pact, raising fears about the US government’s ability to meet its financial obligations.WT crude oil benchmark retreats for …

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  • 30 May 2023 7:14 pm

    CB Consumer Confidence Index declines in May

    CB Consumer Confidence Index declined modestly in May. The US Dollar Index stays in positive territory above 104.00. The US Dollar Index clings to small daily gains slightly above 104.00 after this report. Consumer sentiment in the US weakened slightly in May with the Conference Board’s Consumer Confidence Index edging …

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  • 30 May 2023 4:24 pm

    FTSE 100 drifts lower; WPP shines on AI deal with Nvidia

    The stock market in the United Kingdom traded neutral on Tuesday, as investors returned from a long weekend to absorb an agreement to lift the United States’ debt ceiling as well as new inflation fears. At 08:15 GMT, the benchmark FTSE 100 index was down 0.2%, the mid-cap FTSE 250 …

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  • 30 May 2023 2:18 pm

    Oil falls 2% amid debt ceiling disputes in America and ambiguity over the OPEC + talks

    Oil prices fell nearly 2 percent on Tuesday, as concerns about the possibility of ratification of the debt ceiling agreement in the United States undermined risk appetite and mixed messages from major oil producers clouded the supply outlook ahead of their upcoming meeting days later. Brent crude futures fell $1.36, …

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  • 30 May 2023 1:26 pm

    Turkish lira falls to a new record low while Erdogan chooses his government ministers

    The Turkish lira fell more than 1 percent to a new record low on Tuesday, while President Recep Tayyip Erdogan was choosing who would run economic policies in his government after winning Sunday’s re-election. The lira recorded an all-time low of 20.34 against the dollar, down from the closing level …

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  • 30 May 2023 12:31 pm

    European stocks fell as investors weighed the risks to the US debt deal

    European stocks fell on Tuesday, affected by uncertainty that Congress will pass the US debt ceiling agreement to avert the country from a catastrophic default. The pan-European STOXX 600 index fell 0.2% by 0716 GMT, amid expectations that trading would gain momentum as the US and UK markets reopened after …

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  • 30 May 2023 11:25 am

    Turkish lira fell to a new record low of 20.2 per dollar

    The Turkish lira fell to a new record low of 20.2 against the dollar on Tuesday, extending losses incurred since President Recep Tayyip Erdogan’s victory in Sunday’s presidential run-off. The lira fell 0.5 percent from the closing level it recorded on Monday at 20.0990 pounds per dollar, which was its …

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  • 30 May 2023 3:08 am

    Market Drivers – US Session – 29/05/2023

    Tuesday is likely to see bigger market moves after a quiet Monday. Following an agreement in principle between US President Biden and Speaker Kevin McCarthy to raise the debt limit for two years, there was more activity over the weekend than on Monday. Key Developments The debt related compromise must …

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  • 30 May 2023 12:26 am

    EUR/GBP weakens on Euro’s retreat

    The EUR/GBP pair is resuming its downward trend, edging closer to its yearly low, signaling potential bearish momentum in the pair. The current trend remains undecided below the 0.8700 resistance, awaiting a clear direction pressured down by failing German Yields.Market awaits ECB President Lagarde’s speech and German inflation data on …

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  • 29 May 2023 11:25 pm

    USD/CHF consolidates modest losses below 0.9050

    As a result of the US debt-ceiling deal revealed on Sunday, interest in the US dollar declines, the USD/CHF trades for a second straight trading day with losses. This has fueled a bullish market sentiment that is hated by the safe-haven dollar, the greenback. Additionally, the low volume in the …

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