The World Bank slashed its global growth forecasts from projections it made in mid-2022 on the back of what it sees as broadly worsening economic conditions. The international development institution downgraded almost all of its forecasts for advanced economies in the world, cutting its growth outlook for the global economy to 1.7% for 2023, it
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Extra gains could encourage GBP/USD to revisit the 1.2330 region in the next few weeks, comment Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group. Key Quotes 24-hour view: “We held the view yesterday that ‘there is room for one more push higher in GBP before the risk of a pullback
The major US stock indices are picking up some steam to the upside. The major indices are near their highs on the day. A snapshot of the market currently shows: Dow Industrial Average up 128 points or 0.3% at 33645.52 S&P index of 21.96 points or 0.56% 3914 NASDAQ index up 90.78 points or 0.85%
Bank of America Global Research constructed a G10 heatmap of likely G10 FX drivers this year. “FX markets are already close to the end of 2023 consensus forecasts, but this is a year with plenty of known unknowns. We are concerned about the outlook of risk assets in the short-term, whether sticky inflation during a
Gold price fell Rs 105 to Rs 56,160 per 10 grams in the national capital on Tuesday, according to Securities. The yellow metal had ended at Rs 56,265 per 10 grams in the previous trade. Silver also tumbled Rs 833 to Rs 68,725 per kilogram. “Comex gold prices traded flat in Asian hours on Tuesday
Dollar recovers broadly today as risk sentiment turns negative again. Hawkish comments from Fed officials this week reminded people that even though a smaller hike is possible for February, interest rates are going to stay high for “a long time”. Euro is currently the second strongest for the day, followed by Canadian. On the other
The French government is presenting new plans to update the pension system. Analysts expect some backlash from some workers. Nurphoto | Nurphoto | Getty Images French President Emmanuel Macron is going at it again. A new pension reform proposal was presented Tuesday that included plans to raise France’s retirement age — which is expected to
In this article BBBY Follow your favorite stocksCREATE FREE ACCOUNT A man is seen at a Bed Bath & Beyond store in New York, on Jan. 5, 2023. Ziyu Julian Zhu | Xinhua News Agency | Getty Images Bed Bath & Beyond on Tuesday posted wider quarterly losses than expected as its chief executive acknowledged
Reuters reported that the European Central Bank’s governing council member Mario Centeno said on Tuesday the current process of interest rate increases is approaching its end. ”The central banker, who was answering Portuguese legislators during a committee hearing in Lisbon, added even though inflation may have some resistance in January and February it will resume
Turkish automotive company Togg announced a partnership with Metaco, a digital asset custody orchestration technology provider, to secure its open mobility ecosystem built on Avalanche. Togg’s Mobility-as-a-Service platform (MaaS), a.k.a, Mobility Ecosystem, aims to deliver smart contract-powered use cases — including tokenization of mobility services, assessment of CO2 footprint and nonfungible token (NFT) ownership —
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The EURUSD extended to the highest level going back to June 9th today (see earlier post on the pair by clicking here). In the process, the December high at 1.0735 was broken . The 61.8% of the 2022 trading range was also broken at 1.07468 with the price moving to a high of 1.07601. The
The changes among major currencies are light to start the day, after having seen the dollar slump further yesterday. The overall mood is more tentative now as market players throw caution to the wind awaiting remarks from Fed chair Powell later today. Here’s a snapshot of dollar pairs at the moment: Yeah, it leaves a
Gold prices inched lower on Tuesday as the U.S. dollar witnessed an uptick, with traders largely focusing on Federal Reserve Chair Jerome Powell’s speech for insights into the central bank’s rate hike path. * Spot gold was down 0.2% at $1,868.85 per ounce, as of 0033 GMT. U.S. gold futures also slipped 0.2% to$1,873.10. *
Markets turned steady in Asian session as risk-on moves take a breather for now. Dollar remains the worst performer but there is no committed follow through selling so far, after breaking near term support against Euro and Swiss Franc. Commodity currencies also lose some momentum and are overtaken by European majors in terms of strength.
Here is what you need to know on Tuesday, January 10: Pressured by the improving market mood and dovish Fed bets, the US Dollar continued to weaken against its major rivals at the beginning of the week. The US Dollar Index touched its lowest level in seven months at 102.94 but managed to stage a