On Thursday, the Bank of England is broadly expected to hike interest rates by 50 basis points, its largest single increase since 1995. This move would take borrowing costs to 1.75% as the central bank encounters rising inflation and would be the first half-point hike since it was made independent …
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The annualized Eurozone Harmonised Index of Consumer Prices (HICP) accelerated by 8.9% in July vs. June’s 8.6%, the latest data published by Eurostat showed on Friday. The market consensus was for an 8.6% figure. The core figures rose to 4.0% YoY in July when compared to 3.8% expectations and 3.7% …
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The EUR/USD pair collapsed to fresh twenty-year-lows, below the 1.0350 previous low printed on May 13, accelerating towards the 1.0250s region courtesy of a stronger US dollar. The pair loses almost 1.60% during the day.The US Dollar Index advances to twenty-year-highs, above the 106.500 mark, up almost 1.30%, on renewed …
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US President Biden is using key political capital by meeting with Saudi Crown Prince Mohammed Bin Salman in an attempt to convince the Kingdom to stabilize global oil markets and ease prices for Americans at the gas pump. Saudi Arabia’s position as the world’s second largest oil producer and unofficial …
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US President Joe Biden may use the Cold-War era “Defense Production Act” To stimulate fuel production. Several US news reports have said that Biden is open to using all possible cards and reasonable tools the federal government has to increase fuel production and lower fuel prices for Americans, including the …
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The OPEC+ group of producers continues to underproduce, which had taken the sting out of the highly anticipated 430k bpd output hike this month.While there are no formal plans to push OPEC to increase oil output, some members have plans for so doing particularly given that Russian output is likely …
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The EUR/USD reached new weekly lows below 1.0700 despite the EU inflation breaking above the 8% threshold. The euro retreats during the American session but bounced off daily’s lows in a high volatility trading session that witnessed the EUR/USD rallying near 1.0780 and falling to 1.0678, but is stabilizing. At …
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The economic consequences of Russia-Ukraine conflict include price surge in Germany hitting a record and inflation in Estonia topping 20 percent. In Spain, the annual inflation has reached 8.5 percent.In Germany, starting June, for example, the government will offer reductions for the price of gas at the pump and a …
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Gas prices soared higher in the US while demand for gasoline drops before the beginning of the summer driving season. US President Joe Biden warned that Americans will likely feel “Putin’s price hike” at the gas pump in the foreseeable future. Russia’s invasion of Ukraine caused commodity prices to rise …
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WTI crude oil hit fresh weekly highs in the $107.00s on Friday and is eyeing last week’s highs above $109.00. tensions over Russia’s gas supplies to EU and the growing risk of an EU embargo on Russian oil imports has supported prices this week.China demand concerns as the country continues …
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