Sterling surprisingly ended as the best performer last week, as it staged an impressive U-turn after initial selloff. BoE’s intervention should have saved the Pound for now. The development also helped Euro rebound while Dollar trailed behind as third. Rally in Dollar looked a bit exhausted as it failed to ride on intensifying risk-off sentiment.
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GBP/JPY registered hefty gains of 3.96% during the week. Long-term, the GBP/JPY is neutral upwards, though if it clears 162.57, that could open the door for further gains. Per the daily chart, if the GBP/JPY clears 162.25, the pair can rally towards 164.00. The GBP/JPY advanced for the fourth straight day and reclaimed the 200-day
The last week was certainly a volatile one for the major currency pairs. The GBPUSD saw the biggest movement falling to the lowest level on record, and the EURUSD also reached to a new low for the year and lowest level since 2002. What about the other pairs? Moreover, how did the pairs end the
Markets: Gold up $1 to $1661 US 10-year yields up 6.1 bps to 3.81% WTI crude oil -$1.52 to $79.71 S&P 500 down 55 points, or 1.5%, to 3585 GBP leads, NZD lags Close the books on a brutal month and quarter. There was nowhere to hide with a nearly 10% decline in stocks in
Commodity prices are in a turmoil and financial and currency markets are volatile since the start of the Russia-Ukraine conflict. Policy tightening measures of central banks, strong US currency, and fears of recession hindered global economic activities. Since the Russian invasion of Ukraine, aluminium has lost its steam shedding prices to a one-and-a-half-year low. Prices
Inflation in August was stronger than expected despite the Federal Reserve’s efforts to bring down prices, according to data Friday that the central bank follows closely. The personal consumption expenditures price index excluding food and energy rose 0.6% for the month after being flat in July. That was faster than the 0.5% Dow Jones estimate
The domino effect of a prolonged bear market seeped into the Bitcoin (BTC) ATM ecosystem as September 2022 recorded negative growth in global net installations for the first time in history — primarily driven by a slowdown in the United States. The total number of Bitcoin ATMs installed over time fell to 37,980 in Sept.
EUR/USD trips down ahead of the end of the week, month and Q3. US Fed officials continued with their “restrictive policy” rhetoric, agreeing that further hikes are coming. US Core PCE surpassed analysts’ expectations, paving the way for another 75 bps Fed hike. EU’s inflation jumped above the 10% threshold, and money market futures expect
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The major US stock indices are paying back their gains. The Dow industrial average has turned back negative on the day. It currently is down -92 points -0.32% at 29133.24. The S&P index is near unchanged at 3641.88 after trading as high as 3671.44 The NASDAQ index is still positive by about 47 points or
September is typically a seasonally weak for the US stock market , and it didn’t disappoint this month. The major stock indices are going out at the lows for the day, month, quarter. For the Nasdaq , the index is closing at the lowest level since July 2020. The Dow is closing at the lowest
Oil prices were little changed in early trade on Friday but headed for their first weekly gain in five weeks, underpinned by a weaker US dollar and the possibility that OPEC+ may agree to cut crude output when it meets on Oct. 5. US West Texas Intermediate (WTI) crude futures for November delivery rose 6
Dollar is lifted mildly after stronger than expected core PCE inflation reading. But overall markets are relatively quite in quarter-end trading. Sterling is still keeping its place as the strongest one for the week, but rebound appears to be losing some momentum. Euro is following as second, and then Swiss Franc. Yen is among the
Gautam Adani has had a very good year. The Indian billionaire briefly surpassed Amazon founder Jeff Bezos to become the second-richest person in the world in September, according to Bloomberg. He’s now ranked as the world’s fourth wealthiest person. Outside Southeast Asia, Adani is hardly a household name. That might be changing now that he’s
GBP/USD is set to finish the week with gains close to 3%, despite the UK’s bond crisis. US PCE figures increased the likelihood of the Fed going 75 bps as Fed officials reinforced their hawkish rhetoric. The GBP/USD remains downward biased, and once it clears 1.1050, it could fall towards the 1.0800 mark. The GBP/USD
The USDCHF ups and downs continue for that pair. Looking at the hourly chart, the price moved through the lower 200 hour MA early in the Asian session and moved up toward the higher 100 hour MA. The high in the late Asian session took the price close to its 100 hour moving average (blueline