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Market Analysis

May, 2023

  • 4 May 2023 10:37 pm

    Macklem: BoC prepared to hike rates if inflation persists

    The Bank of Canada´s Governor Tiff Macklem said in a prepared speech at the Toronto Region Board of Trade that if they start to see signs that inflation is likely to get stuck materially above their 2% target, they are prepared to raise interest rates further. The BoC decided to …

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  • 4 May 2023 9:15 pm

    Gold steadies around $2050 on Fed’s latest signal

    The Gold Index hits new highs as Fed signals QT pause, though profit-taking weighed on the precious metal’s price which is trading around $2050.00 at the time of writing.The labour market eases as US Initial Jobless Claims rise to 242K, but Continuing Claims fall to 1.81 M. Gold could dip …

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  • 4 May 2023 8:34 pm

    Sterling inches higher after Lagarde’s comments

    After the Federal Reserve decided to raise rates by the same amount on Wednesday, GBP/USD surged to new highs. The ECB’s statement that went along with it emphasised signs of ongoing inflation pressures in the Eurozone. Following hawkish remarks made by Christine Lagarde, president of the European Central Bank, on …

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  • 4 May 2023 7:21 pm

    US Dollar benefits from sour mood, latest Data

    US Dollar suffered heavy losses against its rivals on Wednesday. Markets expect the Fed to pause its tightening cycle in June following the latest policy decisions. US Dollar Index holds above 101.00 but the bearish bias stays intact. The dollar continued to weaken against its rivals late Wednesday and the …

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  • 4 May 2023 3:29 pm

    Novak: Russia is committed to oil production cuts

    Russian Deputy Prime Minister Alexander Novak said on Thursday that Russia is committed to its voluntary pledge to cut oil production by 500,000 barrels per day from February until the end of the year. Russia is part of the OPEC + group of oil-producing countries that announced that they would …

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  • 4 May 2023 2:11 pm

    European stocks are falling with anticipation of the ECB’s interest rate decision

    European stocks fell on Thursday after investors received mixed signals from the Federal Reserve regarding monetary tightening, with the European Central Bank awaiting an interest rate decision later in the day. The pan-European Stoxx 600 index fell 0.8 percent, led by auto stocks, which fell 2.3 percent. The oil and …

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  • 4 May 2023 12:47 pm

    Oil is recovering after a 3-day drop in prices, and demand concerns persist

    Oil prices rose on Thursday, but could not recover from a decline of more than 9 percent in the past three days, as concerns about demand among major consumers outweighed signs that the United States may stop raising interest rates. Brent crude futures rose 50 cents, or 0.7%, to $72.83 …

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  • 4 May 2023 12:19 pm

    Dollar falling as Fed opens the door to ending tightening

    The dollar fell against most major currencies on Thursday after the Federal Reserve opened the door to a pause in the tightening cycle, although risk aversion shocked markets amid a decline in US bank stocks. On Wednesday, the Fed raised the benchmark interest rate by a quarter of a percentage …

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  • 4 May 2023 11:24 am

    Gold rises with Fed’s hint to stop raising interest rates

    Gold prices rose to near record highs on Thursday after the Federal Reserve raised interest rates by 25 basis points and hinted it might hold off on further hikes. And by 0035 GMT, gold in spot transactions rose 0.8 percent to $ 2055.54 an ounce, and US gold futures rose …

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  • 4 May 2023 2:10 am

    Market Drivers – US Session 03/05/2023

    The spotlight now shifts to the European Central Bank following Wednesday’s rate hike in the United States. Building permits data from New Zealand, trade balance data from Australia, and the Chinese Caixin Manufacturing PMI are all scheduled to be released during the Asian trading session.Key DevelopmentsInterest rates increased by 25 …

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  • 4 May 2023 1:53 am

    PacWest one more US bank faces trouble

    Following the Federal Reserve’s decision to increase interest rates to their highest level since 2007, another US bank is on the verge of failure. The potential sale is one of the strategic options PacWest Bancorp is considering. The fact that PacWest’s shares are down more than 50% in after-market trading …

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  • 4 May 2023 12:18 am

    US stocks fall as traders monitor Fed’s next moves

    Following a fresh GDP report that exceeded expectations, stocks continued their upward trend on Thursday, with the Dow rising by almost 400 points. Following the widely anticipated Federal Reserve rate increase of 25 basis points on Wednesday, stocks experienced a small decline. The central bank also hinted through a revision …

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  • 3 May 2023 10:43 pm

    Powell explains grounds of Fed’s dovish stance

    FOMC Chairman Jerome Powell comments on the policy outlook after the Federal Reserve’s decision to raise the policy rate by 25 basis points to the range of 5-5.25% following the May policy meeting.The US dollar and the Dollar Index (DXY) struggled to find demand during the American trading hours on …

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