Market News

U.S. crude prices plummeted over 4 percent on Wednesday afternoon, breaking an eight-day uptick, the longest oil rally in five years.

The safe haven Japanese Yen fell versus the US Dollar, but the greenback failed to make any headway against the common currency Euro as FX traders await minutes from the Federal Reserve Bank.

Brent crude traded near the critical $50 resistance level on Wednesday morning on signs that the United States may finally be reducing its crude oil production.

Global markets seemed to be celebrating with America as markets rallied going into the country’s Independence Day celebrations on Tuesday.

After news that the greenback suffered its worst quarterly performance in more than seven years, the US Dollar managed to recover lost ground.

Despite the July 4th Independence Day holiday that will keep U.S. trading subdued this week, traders are actively eyeing the U.S. oil inventories with the hope that signs of reduced supply will finally buoy prices.

There are some very high-impact news items scheduled this week, primarily affecting the U.S. Dollar which is the most important currency in the Forex market.

The Canadian Dollar touched a 5-month peak versus the US Dollar yesterday, in part due to a rise in oil prices, but also because of higher domestic yields.

The Pound Sterling edged higher against the US Dollar, trading at a 5-week peak above $1.30, as investors take comfort in the hawkish outlook of several of the Bank of England’s voting members.

It feels like the end of a 10-year long financial era of easy money is upon us, as another central bank yesterday seemed to indicate tighter monetary policy going forward.

The common currency Euro struck a 7-month peak versus the Pound Sterling after the President of the European Central Bank suggested that the Quantitative Easing program would be reduced.

U.S. Republican Senators delayed the long-awaited healthcare bill vote on Tuesday causing Wall Street to close broadly lower and sending ripples of nervousness throughout the global stock markets on Wednesday morning.

The Euro hit a 1-week peak versus the US Dollar after Mario Draghi, the head of the European Central Bank, talked of a recovering economy in the Eurozone and said that inflationary factors were primarily transient and thus could be dismissed.

Digital currency Ethereum, considered by many to be the biggest rival to Bitcoin, sunk more than 20 percent during Monday’s trading session after suffering an extremely volatile week last week.

The Dollar is edging broadly higher as some interest is being piqued and helping the greenback to recover from earlier lows.