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Market Analysis

May, 2023

  • 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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  • 3 May 2023 10:02 pm

    Breaking: Fed hikes policy rate by 25 bps to 5-5.25% as expected

    The US Federal Reserve (Fed) announced on Wednesday that it raised the policy rate, federal funds rate, by 25 basis points to the range of 5-5.25% following the May policy meeting. This decision came in line with the market expectation. As anticipated, the Fed increased its policy rate by 25 …

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  • 3 May 2023 9:32 pm

    EUR/USD rebounds ahead of Fed, ECB policy decisions

    EUR/USD rebounds after hitting weekly low, ahead of Fed, ECB policy decisionsThe EUR/USD pair rebounds after hitting a weekly low of 1.0942 on Tuesday, as traders brace for the Federal Reserve and the European Central Bank (ECB) monetary policy decisions today and on May 4. The US ADP Employment report …

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  • 3 May 2023 8:45 pm

    USD/JPY retreats on uncertainty ahead of FOMC decision

    Private hiring in the US increased more than expected, and the USD/JPY sawsawed before slipping. Despite a moderate hiring pace in April, the ISM Non-Manufacturing PMI rises. Traders pay close attention to Powell’s news conference and the US Federal Reserve decision.In the midst of a mixed market climate caused by …

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  • 3 May 2023 7:33 pm

    Gold expected to prove resilient to rate hikes

    Ahead of the US Federal Reserve’s interest rate decision, the price of gold surpassed the $2,000 level. Now, economists and analysts are concentrating on how the policy announcement might affect the precious metal, which is currently trading at $2025.75 per ounce. The Fed will continue raising rates after the one …

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