The US dollar fell Wednesday after the Fed head refused to raise his tone on inflation despite a very solid US jobs number last week. In a Tuesday session before the Economic Club of Washington, Powell explained that interest rates might be higher than expected if the US economy remains strong. Still, he reiterated that …
The cryptocurrency crisis of last year will strengthen them in 2023 According to a Fidelity analysis, the bitcoin ecosystem’s challenges could make the sector more resilient. On Friday, January 24, Fidelity Digital Assets released the 2023 Look Ahead report. The research discusses the major advancements in the bitcoin and cryptocurrency business in 2022 and provides …
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Germany will weigh on European growth until 2030 as it faces pressure to deal with a shrinking workforce and stagnant investment. The agency sees Germany’s expansion potential at 1.05% over the medium term, compared with 1.54% for Europe, as rising costs related to the COVID-19 and the energy crisis weigh on public finances. By the …
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Oil prices increased for a second session on Tuesday, boosted by hopes of a recovery in demand in China and concerns about a supply shortage after an earthquake in Turkey shut down a major export terminal. Brent crude futures were up 74 cents, or 0.932%, at $81.73 a barrel, while West Texas Intermediate U.S. crude …
Bitcoin price drops to $23,000 level Bitcoin (BTC) lost power and drove down the cryptocurrency market over the weekend, dropping the $23,000 level after several days of gains and coming close to breaking the $24,000 barrier. Meanwhile, Ethereum (ETH) fell more than 2% on Monday (6 Feb). Investors are now focused on Fed Jerome Powell’s …
The vast majority of Asian currencies rose sharply. The dollar fell to a nine-month low even after the Fed raised interest rates significantly, with markets betting that the US economic slowdown will force the bank to reverse its dovish stance this year. The Chinese yuan rose 0.44% against the dollar to hit a seven-month high. …
As the new year starts winding up and we enter the post-holiday economic phase, good news greets us. Namely, the inflation that has been ravaging the US has slowed down by a considerable margin. Fed’s new interest rate hike announcement shows us the smallest increase in almost a year. It has announced only a quarter-point …
The Hong Kong stock market plunge on Monday is an undeniable opportunity for Morgan Stanley. It suggests that investors purchase a dip. Relations between Beijing and Washington improve as China’s economy recovers. The Chinese market continues to have a low correlation with the US. The chief China equity strategist for the Wall Street bank is …
The Eurozone on Tuesday beat expectations for a positive increase in the final quarter of 2022 and eased fears of a potential regional recession. The first data from Eurostat on Tuesday showed that the euro area grew by 0.12% in the fourth quarter. Economists predicted a 0.12% decline in the same period. The latest statistics come …
Oil prices fell more than 1% on Tuesday, touching a two-week low on the prospect of further interest rate hikes, a stronger U.S. dollar, and heavy flows of Russian crude. Brent crude oil futures were $1.13, or 1.33%, lower at $83.77 a barrel, touching their weakest level since Jan. 13. The March contract finishes on …
Sterling fell slightly on Friday but was still close to its highest level in over seven months against the US dollar. Investors anticipate that the British economy’s slowing will bring the Bank of England’s (BOE) tightening cycle to an end soon, potentially weakening the pound in the short term. According to a survey released on …
The wave of companies cutting workers continued on Wednesday with International Business Machines Corp (IBM). The company will cut around 3,900 jobs. According to a spokesman, the reductions will come from Kyndryl Holdings Inc., an IBM spin-off company that provides IT services and is expected to face a $300 million charge due to its healthcare …
US natural gas futures fell below $3 due to mild winter weather, contributing to the country’s worst commodity selloff. On Thursday’s New York Mercantile Exchange, gas for February delivery traded as low as $2.857 per million British thermal units. After falling below $3 on Wednesday, prices are at their lowest since May 2021. Fears that …
The US dollar changed a little in European morning trade on Thursday. Markets are eagerly awaiting US GDP data before taking new positions. The dollar index was steady at 101.39. Individual crosses were there same. The euro rose by less than 0.16% to $1.0964, and the pound by less than 0.1% to $1.2406. The fourth …
The US economy likely finished 2022 with on a high note despite its numerous challenges. FactSet’s economists have estimated that the GDP grew at a 2.3% annual pace from October to December. However, the economy is still broadly expected to slow down and potentially slide into a recession in the coming months. That’s the result …
