Month: June 2023

Federal Reserve holds interest rates steady with a hawkish outlook

Posted on by Vrasidas Neofytou

Worsening economic conditions, higher borrowing costs, and a stronger dollar weigh on the industrial and construction activity, weakening the crude oil demand growth outlook, and adding selling pressure on the prices of both Brent and WTI to hit yearly lows of $68-$73 per barrel range.

The higher interest rates ahead and surging bond yields are negative catalysts for the non-yielding precious metals, with Gold touching six-month lows of $1,930/oz, while Silver fell over 2% to $23,30/oz.

Worsening economic conditions, higher borrowing costs, and a stronger dollar weigh on the industrial and construction activity, weakening the crude oil demand growth outlook, and adding selling pressure on the prices of both Brent and WTI to hit yearly lows of $68-$73 per barrel range.

The prospect of rising U.S. interest rates bodes well for the U.S. dollar and bond yields, with the DXY-U.S. dollar index rebounding off monthly lows to over 103 marks while the yields on the 2-year and 10-year U.S. Treasuries climbed to three-month highs of 4.75% and 3.85% respectively.

The higher interest rates ahead and surging bond yields are negative catalysts for the non-yielding precious metals, with Gold touching six-month lows of $1,930/oz, while Silver fell over 2% to $23,30/oz.

Worsening economic conditions, higher borrowing costs, and a stronger dollar weigh on the industrial and construction activity, weakening the crude oil demand growth outlook, and adding selling pressure on the prices of both Brent and WTI to hit yearly lows of $68-$73 per barrel range.

The prospect of rising U.S. interest rates bodes well for the U.S. dollar and bond yields, with the DXY-U.S. dollar index rebounding off monthly lows to over 103 marks while the yields on the 2-year and 10-year U.S. Treasuries climbed to three-month highs of 4.75% and 3.85% respectively.

The higher interest rates ahead and surging bond yields are negative catalysts for the non-yielding precious metals, with Gold touching six-month lows of $1,930/oz, while Silver fell over 2% to $23,30/oz.

Worsening economic conditions, higher borrowing costs, and a stronger dollar weigh on the industrial and construction activity, weakening the crude oil demand growth outlook, and adding selling pressure on the prices of both Brent and WTI to hit yearly lows of $68-$73 per barrel range.

Despite some early signs that the worst of the inflation pressures are over by having the smallest annual increase in headline inflation in more than two years, the Core Inflation rate (which excludes volatile energy and food prices) still holds resilient to 5.3% in May, making Fed’s officials remain hawkish on their monetary policy outlook until the end of 2023.

The prospect of rising U.S. interest rates bodes well for the U.S. dollar and bond yields, with the DXY-U.S. dollar index rebounding off monthly lows to over 103 marks while the yields on the 2-year and 10-year U.S. Treasuries climbed to three-month highs of 4.75% and 3.85% respectively.

The higher interest rates ahead and surging bond yields are negative catalysts for the non-yielding precious metals, with Gold touching six-month lows of $1,930/oz, while Silver fell over 2% to $23,30/oz.

Worsening economic conditions, higher borrowing costs, and a stronger dollar weigh on the industrial and construction activity, weakening the crude oil demand growth outlook, and adding selling pressure on the prices of both Brent and WTI to hit yearly lows of $68-$73 per barrel range.

Despite some early signs that the worst of the inflation pressures are over by having the smallest annual increase in headline inflation in more than two years, the Core Inflation rate (which excludes volatile energy and food prices) still holds resilient to 5.3% in May, making Fed’s officials remain hawkish on their monetary policy outlook until the end of 2023.

The prospect of rising U.S. interest rates bodes well for the U.S. dollar and bond yields, with the DXY-U.S. dollar index rebounding off monthly lows to over 103 marks while the yields on the 2-year and 10-year U.S. Treasuries climbed to three-month highs of 4.75% and 3.85% respectively.

The higher interest rates ahead and surging bond yields are negative catalysts for the non-yielding precious metals, with Gold touching six-month lows of $1,930/oz, while Silver fell over 2% to $23,30/oz.

Worsening economic conditions, higher borrowing costs, and a stronger dollar weigh on the industrial and construction activity, weakening the crude oil demand growth outlook, and adding selling pressure on the prices of both Brent and WTI to hit yearly lows of $68-$73 per barrel range.

“Holding the target range steady at this meeting allows the Committee to assess additional information and its implications for monetary policy,” the Fed said in a statement following the conclusion on Wednesday of its two-day meeting.

Despite some early signs that the worst of the inflation pressures are over by having the smallest annual increase in headline inflation in more than two years, the Core Inflation rate (which excludes volatile energy and food prices) still holds resilient to 5.3% in May, making Fed’s officials remain hawkish on their monetary policy outlook until the end of 2023.

The prospect of rising U.S. interest rates bodes well for the U.S. dollar and bond yields, with the DXY-U.S. dollar index rebounding off monthly lows to over 103 marks while the yields on the 2-year and 10-year U.S. Treasuries climbed to three-month highs of 4.75% and 3.85% respectively.

The higher interest rates ahead and surging bond yields are negative catalysts for the non-yielding precious metals, with Gold touching six-month lows of $1,930/oz, while Silver fell over 2% to $23,30/oz.

Worsening economic conditions, higher borrowing costs, and a stronger dollar weigh on the industrial and construction activity, weakening the crude oil demand growth outlook, and adding selling pressure on the prices of both Brent and WTI to hit yearly lows of $68-$73 per barrel range.

“Holding the target range steady at this meeting allows the Committee to assess additional information and its implications for monetary policy,” the Fed said in a statement following the conclusion on Wednesday of its two-day meeting.

Despite some early signs that the worst of the inflation pressures are over by having the smallest annual increase in headline inflation in more than two years, the Core Inflation rate (which excludes volatile energy and food prices) still holds resilient to 5.3% in May, making Fed’s officials remain hawkish on their monetary policy outlook until the end of 2023.

The prospect of rising U.S. interest rates bodes well for the U.S. dollar and bond yields, with the DXY-U.S. dollar index rebounding off monthly lows to over 103 marks while the yields on the 2-year and 10-year U.S. Treasuries climbed to three-month highs of 4.75% and 3.85% respectively.

The higher interest rates ahead and surging bond yields are negative catalysts for the non-yielding precious metals, with Gold touching six-month lows of $1,930/oz, while Silver fell over 2% to $23,30/oz.

Worsening economic conditions, higher borrowing costs, and a stronger dollar weigh on the industrial and construction activity, weakening the crude oil demand growth outlook, and adding selling pressure on the prices of both Brent and WTI to hit yearly lows of $68-$73 per barrel range.

“Holding the target range steady at this meeting allows the Committee to assess additional information and its implications for monetary policy,” the Fed said in a statement following the conclusion on Wednesday of its two-day meeting.

Despite some early signs that the worst of the inflation pressures are over by having the smallest annual increase in headline inflation in more than two years, the Core Inflation rate (which excludes volatile energy and food prices) still holds resilient to 5.3% in May, making Fed’s officials remain hawkish on their monetary policy outlook until the end of 2023.

The prospect of rising U.S. interest rates bodes well for the U.S. dollar and bond yields, with the DXY-U.S. dollar index rebounding off monthly lows to over 103 marks while the yields on the 2-year and 10-year U.S. Treasuries climbed to three-month highs of 4.75% and 3.85% respectively.

The higher interest rates ahead and surging bond yields are negative catalysts for the non-yielding precious metals, with Gold touching six-month lows of $1,930/oz, while Silver fell over 2% to $23,30/oz.

Worsening economic conditions, higher borrowing costs, and a stronger dollar weigh on the industrial and construction activity, weakening the crude oil demand growth outlook, and adding selling pressure on the prices of both Brent and WTI to hit yearly lows of $68-$73 per barrel range.

“Holding the target range steady at this meeting allows the Committee to assess additional information and its implications for monetary policy,” the Fed said in a statement following the conclusion on Wednesday of its two-day meeting.

Despite some early signs that the worst of the inflation pressures are over by having the smallest annual increase in headline inflation in more than two years, the Core Inflation rate (which excludes volatile energy and food prices) still holds resilient to 5.3% in May, making Fed’s officials remain hawkish on their monetary policy outlook until the end of 2023.

The prospect of rising U.S. interest rates bodes well for the U.S. dollar and bond yields, with the DXY-U.S. dollar index rebounding off monthly lows to over 103 marks while the yields on the 2-year and 10-year U.S. Treasuries climbed to three-month highs of 4.75% and 3.85% respectively.

The higher interest rates ahead and surging bond yields are negative catalysts for the non-yielding precious metals, with Gold touching six-month lows of $1,930/oz, while Silver fell over 2% to $23,30/oz.

Worsening economic conditions, higher borrowing costs, and a stronger dollar weigh on the industrial and construction activity, weakening the crude oil demand growth outlook, and adding selling pressure on the prices of both Brent and WTI to hit yearly lows of $68-$73 per barrel range.

The U.S. policymakers decided to pause interest rate hikes at the 5%-5.25% range following 10 straight rate increases since March 2022, after the fall of the U.S. CPI inflation rate in May to 4% year-year given the falling energy and gasoline prices, an improvement from April’s 4.9% year-to-year increase.

“Holding the target range steady at this meeting allows the Committee to assess additional information and its implications for monetary policy,” the Fed said in a statement following the conclusion on Wednesday of its two-day meeting.

Despite some early signs that the worst of the inflation pressures are over by having the smallest annual increase in headline inflation in more than two years, the Core Inflation rate (which excludes volatile energy and food prices) still holds resilient to 5.3% in May, making Fed’s officials remain hawkish on their monetary policy outlook until the end of 2023.

The prospect of rising U.S. interest rates bodes well for the U.S. dollar and bond yields, with the DXY-U.S. dollar index rebounding off monthly lows to over 103 marks while the yields on the 2-year and 10-year U.S. Treasuries climbed to three-month highs of 4.75% and 3.85% respectively.

The higher interest rates ahead and surging bond yields are negative catalysts for the non-yielding precious metals, with Gold touching six-month lows of $1,930/oz, while Silver fell over 2% to $23,30/oz.

Worsening economic conditions, higher borrowing costs, and a stronger dollar weigh on the industrial and construction activity, weakening the crude oil demand growth outlook, and adding selling pressure on the prices of both Brent and WTI to hit yearly lows of $68-$73 per barrel range.

The U.S. policymakers decided to pause interest rate hikes at the 5%-5.25% range following 10 straight rate increases since March 2022, after the fall of the U.S. CPI inflation rate in May to 4% year-year given the falling energy and gasoline prices, an improvement from April’s 4.9% year-to-year increase.

“Holding the target range steady at this meeting allows the Committee to assess additional information and its implications for monetary policy,” the Fed said in a statement following the conclusion on Wednesday of its two-day meeting.

Despite some early signs that the worst of the inflation pressures are over by having the smallest annual increase in headline inflation in more than two years, the Core Inflation rate (which excludes volatile energy and food prices) still holds resilient to 5.3% in May, making Fed’s officials remain hawkish on their monetary policy outlook until the end of 2023.

The prospect of rising U.S. interest rates bodes well for the U.S. dollar and bond yields, with the DXY-U.S. dollar index rebounding off monthly lows to over 103 marks while the yields on the 2-year and 10-year U.S. Treasuries climbed to three-month highs of 4.75% and 3.85% respectively.

The higher interest rates ahead and surging bond yields are negative catalysts for the non-yielding precious metals, with Gold touching six-month lows of $1,930/oz, while Silver fell over 2% to $23,30/oz.

Worsening economic conditions, higher borrowing costs, and a stronger dollar weigh on the industrial and construction activity, weakening the crude oil demand growth outlook, and adding selling pressure on the prices of both Brent and WTI to hit yearly lows of $68-$73 per barrel range.

The U.S. policymakers decided to pause interest rate hikes at the 5%-5.25% range following 10 straight rate increases since March 2022, after the fall of the U.S. CPI inflation rate in May to 4% year-year given the falling energy and gasoline prices, an improvement from April’s 4.9% year-to-year increase.

“Holding the target range steady at this meeting allows the Committee to assess additional information and its implications for monetary policy,” the Fed said in a statement following the conclusion on Wednesday of its two-day meeting.

Despite some early signs that the worst of the inflation pressures are over by having the smallest annual increase in headline inflation in more than two years, the Core Inflation rate (which excludes volatile energy and food prices) still holds resilient to 5.3% in May, making Fed’s officials remain hawkish on their monetary policy outlook until the end of 2023.

The prospect of rising U.S. interest rates bodes well for the U.S. dollar and bond yields, with the DXY-U.S. dollar index rebounding off monthly lows to over 103 marks while the yields on the 2-year and 10-year U.S. Treasuries climbed to three-month highs of 4.75% and 3.85% respectively.

The higher interest rates ahead and surging bond yields are negative catalysts for the non-yielding precious metals, with Gold touching six-month lows of $1,930/oz, while Silver fell over 2% to $23,30/oz.

Worsening economic conditions, higher borrowing costs, and a stronger dollar weigh on the industrial and construction activity, weakening the crude oil demand growth outlook, and adding selling pressure on the prices of both Brent and WTI to hit yearly lows of $68-$73 per barrel range.

The U.S. policymakers decided to pause interest rate hikes at the 5%-5.25% range following 10 straight rate increases since March 2022, after the fall of the U.S. CPI inflation rate in May to 4% year-year given the falling energy and gasoline prices, an improvement from April’s 4.9% year-to-year increase.

“Holding the target range steady at this meeting allows the Committee to assess additional information and its implications for monetary policy,” the Fed said in a statement following the conclusion on Wednesday of its two-day meeting.

Despite some early signs that the worst of the inflation pressures are over by having the smallest annual increase in headline inflation in more than two years, the Core Inflation rate (which excludes volatile energy and food prices) still holds resilient to 5.3% in May, making Fed’s officials remain hawkish on their monetary policy outlook until the end of 2023.

The prospect of rising U.S. interest rates bodes well for the U.S. dollar and bond yields, with the DXY-U.S. dollar index rebounding off monthly lows to over 103 marks while the yields on the 2-year and 10-year U.S. Treasuries climbed to three-month highs of 4.75% and 3.85% respectively.

The higher interest rates ahead and surging bond yields are negative catalysts for the non-yielding precious metals, with Gold touching six-month lows of $1,930/oz, while Silver fell over 2% to $23,30/oz.

Worsening economic conditions, higher borrowing costs, and a stronger dollar weigh on the industrial and construction activity, weakening the crude oil demand growth outlook, and adding selling pressure on the prices of both Brent and WTI to hit yearly lows of $68-$73 per barrel range.

Ending the two-day FOMC (Federal Open Market Committee) monetary policy meeting, the U.S. central bank left its key borrowing rate in a target range of 5%-5.25% and forecasted via “dot plot” that it will raise interest rates as high as 5.6% before 2023 is over, up from the 5.1% they projected in the last set of forecasts released in March.

The U.S. policymakers decided to pause interest rate hikes at the 5%-5.25% range following 10 straight rate increases since March 2022, after the fall of the U.S. CPI inflation rate in May to 4% year-year given the falling energy and gasoline prices, an improvement from April’s 4.9% year-to-year increase.

“Holding the target range steady at this meeting allows the Committee to assess additional information and its implications for monetary policy,” the Fed said in a statement following the conclusion on Wednesday of its two-day meeting.

Despite some early signs that the worst of the inflation pressures are over by having the smallest annual increase in headline inflation in more than two years, the Core Inflation rate (which excludes volatile energy and food prices) still holds resilient to 5.3% in May, making Fed’s officials remain hawkish on their monetary policy outlook until the end of 2023.

The prospect of rising U.S. interest rates bodes well for the U.S. dollar and bond yields, with the DXY-U.S. dollar index rebounding off monthly lows to over 103 marks while the yields on the 2-year and 10-year U.S. Treasuries climbed to three-month highs of 4.75% and 3.85% respectively.

The higher interest rates ahead and surging bond yields are negative catalysts for the non-yielding precious metals, with Gold touching six-month lows of $1,930/oz, while Silver fell over 2% to $23,30/oz.

Worsening economic conditions, higher borrowing costs, and a stronger dollar weigh on the industrial and construction activity, weakening the crude oil demand growth outlook, and adding selling pressure on the prices of both Brent and WTI to hit yearly lows of $68-$73 per barrel range.

Ending the two-day FOMC (Federal Open Market Committee) monetary policy meeting, the U.S. central bank left its key borrowing rate in a target range of 5%-5.25% and forecasted via “dot plot” that it will raise interest rates as high as 5.6% before 2023 is over, up from the 5.1% they projected in the last set of forecasts released in March.

The U.S. policymakers decided to pause interest rate hikes at the 5%-5.25% range following 10 straight rate increases since March 2022, after the fall of the U.S. CPI inflation rate in May to 4% year-year given the falling energy and gasoline prices, an improvement from April’s 4.9% year-to-year increase.

“Holding the target range steady at this meeting allows the Committee to assess additional information and its implications for monetary policy,” the Fed said in a statement following the conclusion on Wednesday of its two-day meeting.

Despite some early signs that the worst of the inflation pressures are over by having the smallest annual increase in headline inflation in more than two years, the Core Inflation rate (which excludes volatile energy and food prices) still holds resilient to 5.3% in May, making Fed’s officials remain hawkish on their monetary policy outlook until the end of 2023.

The prospect of rising U.S. interest rates bodes well for the U.S. dollar and bond yields, with the DXY-U.S. dollar index rebounding off monthly lows to over 103 marks while the yields on the 2-year and 10-year U.S. Treasuries climbed to three-month highs of 4.75% and 3.85% respectively.

The higher interest rates ahead and surging bond yields are negative catalysts for the non-yielding precious metals, with Gold touching six-month lows of $1,930/oz, while Silver fell over 2% to $23,30/oz.

Worsening economic conditions, higher borrowing costs, and a stronger dollar weigh on the industrial and construction activity, weakening the crude oil demand growth outlook, and adding selling pressure on the prices of both Brent and WTI to hit yearly lows of $68-$73 per barrel range.

Tech-heavy Nasdaq Composite gained 0.4% on Wednesday, hitting a fresh 14-month closing high of 13,626 points as investors weighed the Federal Reserve’s decision to hold off on an interest rate hike in June for the first time after 10 straight rate increases while projecting that another two 25 bps rate hikes are on the way before the end of 2023.

Ending the two-day FOMC (Federal Open Market Committee) monetary policy meeting, the U.S. central bank left its key borrowing rate in a target range of 5%-5.25% and forecasted via “dot plot” that it will raise interest rates as high as 5.6% before 2023 is over, up from the 5.1% they projected in the last set of forecasts released in March.

The U.S. policymakers decided to pause interest rate hikes at the 5%-5.25% range following 10 straight rate increases since March 2022, after the fall of the U.S. CPI inflation rate in May to 4% year-year given the falling energy and gasoline prices, an improvement from April’s 4.9% year-to-year increase.

“Holding the target range steady at this meeting allows the Committee to assess additional information and its implications for monetary policy,” the Fed said in a statement following the conclusion on Wednesday of its two-day meeting.

Despite some early signs that the worst of the inflation pressures are over by having the smallest annual increase in headline inflation in more than two years, the Core Inflation rate (which excludes volatile energy and food prices) still holds resilient to 5.3% in May, making Fed’s officials remain hawkish on their monetary policy outlook until the end of 2023.

The prospect of rising U.S. interest rates bodes well for the U.S. dollar and bond yields, with the DXY-U.S. dollar index rebounding off monthly lows to over 103 marks while the yields on the 2-year and 10-year U.S. Treasuries climbed to three-month highs of 4.75% and 3.85% respectively.

The higher interest rates ahead and surging bond yields are negative catalysts for the non-yielding precious metals, with Gold touching six-month lows of $1,930/oz, while Silver fell over 2% to $23,30/oz.

Worsening economic conditions, higher borrowing costs, and a stronger dollar weigh on the industrial and construction activity, weakening the crude oil demand growth outlook, and adding selling pressure on the prices of both Brent and WTI to hit yearly lows of $68-$73 per barrel range.

Tech-heavy Nasdaq Composite gained 0.4% on Wednesday, hitting a fresh 14-month closing high of 13,626 points as investors weighed the Federal Reserve’s decision to hold off on an interest rate hike in June for the first time after 10 straight rate increases while projecting that another two 25 bps rate hikes are on the way before the end of 2023.

Ending the two-day FOMC (Federal Open Market Committee) monetary policy meeting, the U.S. central bank left its key borrowing rate in a target range of 5%-5.25% and forecasted via “dot plot” that it will raise interest rates as high as 5.6% before 2023 is over, up from the 5.1% they projected in the last set of forecasts released in March.

The U.S. policymakers decided to pause interest rate hikes at the 5%-5.25% range following 10 straight rate increases since March 2022, after the fall of the U.S. CPI inflation rate in May to 4% year-year given the falling energy and gasoline prices, an improvement from April’s 4.9% year-to-year increase.

“Holding the target range steady at this meeting allows the Committee to assess additional information and its implications for monetary policy,” the Fed said in a statement following the conclusion on Wednesday of its two-day meeting.

Despite some early signs that the worst of the inflation pressures are over by having the smallest annual increase in headline inflation in more than two years, the Core Inflation rate (which excludes volatile energy and food prices) still holds resilient to 5.3% in May, making Fed’s officials remain hawkish on their monetary policy outlook until the end of 2023.

The prospect of rising U.S. interest rates bodes well for the U.S. dollar and bond yields, with the DXY-U.S. dollar index rebounding off monthly lows to over 103 marks while the yields on the 2-year and 10-year U.S. Treasuries climbed to three-month highs of 4.75% and 3.85% respectively.

The higher interest rates ahead and surging bond yields are negative catalysts for the non-yielding precious metals, with Gold touching six-month lows of $1,930/oz, while Silver fell over 2% to $23,30/oz.

Worsening economic conditions, higher borrowing costs, and a stronger dollar weigh on the industrial and construction activity, weakening the crude oil demand growth outlook, and adding selling pressure on the prices of both Brent and WTI to hit yearly lows of $68-$73 per barrel range.

Brent falls over 2% to $73/b on deteriorating economic and demand outlook

Posted on by Vrasidas Neofytou

In this context, both Brent and WTI oil prices have retreated as much as 15% from 2023’s highs of $88/b, and almost 47% from 2022’s top of $140/b hit after Russia’s invasion of Ukraine on February 24, 2022.

Oil traders will have a look at the release of Tuesday’s U.S. CPI-inflation data for May, which is expected to fall to 4.1% from 4.9% in April, and Wednesday’s Fed’s June rate decision, to see if the central bank will decide on its first-rate hike pause in 18 months and a 500 bps of rate hikes to date.

In this context, both Brent and WTI oil prices have retreated as much as 15% from 2023’s highs of $88/b, and almost 47% from 2022’s top of $140/b hit after Russia’s invasion of Ukraine on February 24, 2022.

Crude oil prices have also been pressured by the rebound of the U.S. dollar off its yearly lows amid the hawkish stance from Federal Reserve to curb persistent inflation, making the dollar-denominated crude oil more expensive for holders of other currencies and weighing on prices.

Oil traders will have a look at the release of Tuesday’s U.S. CPI-inflation data for May, which is expected to fall to 4.1% from 4.9% in April, and Wednesday’s Fed’s June rate decision, to see if the central bank will decide on its first-rate hike pause in 18 months and a 500 bps of rate hikes to date.

In this context, both Brent and WTI oil prices have retreated as much as 15% from 2023’s highs of $88/b, and almost 47% from 2022’s top of $140/b hit after Russia’s invasion of Ukraine on February 24, 2022.

Crude oil prices have also been pressured by the rebound of the U.S. dollar off its yearly lows amid the hawkish stance from Federal Reserve to curb persistent inflation, making the dollar-denominated crude oil more expensive for holders of other currencies and weighing on prices.

Oil traders will have a look at the release of Tuesday’s U.S. CPI-inflation data for May, which is expected to fall to 4.1% from 4.9% in April, and Wednesday’s Fed’s June rate decision, to see if the central bank will decide on its first-rate hike pause in 18 months and a 500 bps of rate hikes to date.

In this context, both Brent and WTI oil prices have retreated as much as 15% from 2023’s highs of $88/b, and almost 47% from 2022’s top of $140/b hit after Russia’s invasion of Ukraine on February 24, 2022.

In contrast to market expectations, Chinese petroleum demand has failed to rebound to pre-Covid levels, as the post-pandemic economic recovery in the country has run out of steam due to lower industrial and construction activity.

Crude oil prices have also been pressured by the rebound of the U.S. dollar off its yearly lows amid the hawkish stance from Federal Reserve to curb persistent inflation, making the dollar-denominated crude oil more expensive for holders of other currencies and weighing on prices.

Oil traders will have a look at the release of Tuesday’s U.S. CPI-inflation data for May, which is expected to fall to 4.1% from 4.9% in April, and Wednesday’s Fed’s June rate decision, to see if the central bank will decide on its first-rate hike pause in 18 months and a 500 bps of rate hikes to date.

In this context, both Brent and WTI oil prices have retreated as much as 15% from 2023’s highs of $88/b, and almost 47% from 2022’s top of $140/b hit after Russia’s invasion of Ukraine on February 24, 2022.

In contrast to market expectations, Chinese petroleum demand has failed to rebound to pre-Covid levels, as the post-pandemic economic recovery in the country has run out of steam due to lower industrial and construction activity.

Crude oil prices have also been pressured by the rebound of the U.S. dollar off its yearly lows amid the hawkish stance from Federal Reserve to curb persistent inflation, making the dollar-denominated crude oil more expensive for holders of other currencies and weighing on prices.

Oil traders will have a look at the release of Tuesday’s U.S. CPI-inflation data for May, which is expected to fall to 4.1% from 4.9% in April, and Wednesday’s Fed’s June rate decision, to see if the central bank will decide on its first-rate hike pause in 18 months and a 500 bps of rate hikes to date.

In this context, both Brent and WTI oil prices have retreated as much as 15% from 2023’s highs of $88/b, and almost 47% from 2022’s top of $140/b hit after Russia’s invasion of Ukraine on February 24, 2022.

The worsening global economic conditions especially on the world’s largest importer of petroleum products, China, and the negative impact of March’s U.S. banking crisis, coupled with the surging interest rates and resilient inflation rates have been weighing on oil prices and their demand outlook.

In contrast to market expectations, Chinese petroleum demand has failed to rebound to pre-Covid levels, as the post-pandemic economic recovery in the country has run out of steam due to lower industrial and construction activity.

Crude oil prices have also been pressured by the rebound of the U.S. dollar off its yearly lows amid the hawkish stance from Federal Reserve to curb persistent inflation, making the dollar-denominated crude oil more expensive for holders of other currencies and weighing on prices.

Oil traders will have a look at the release of Tuesday’s U.S. CPI-inflation data for May, which is expected to fall to 4.1% from 4.9% in April, and Wednesday’s Fed’s June rate decision, to see if the central bank will decide on its first-rate hike pause in 18 months and a 500 bps of rate hikes to date.

In this context, both Brent and WTI oil prices have retreated as much as 15% from 2023’s highs of $88/b, and almost 47% from 2022’s top of $140/b hit after Russia’s invasion of Ukraine on February 24, 2022.

The worsening global economic conditions especially on the world’s largest importer of petroleum products, China, and the negative impact of March’s U.S. banking crisis, coupled with the surging interest rates and resilient inflation rates have been weighing on oil prices and their demand outlook.

In contrast to market expectations, Chinese petroleum demand has failed to rebound to pre-Covid levels, as the post-pandemic economic recovery in the country has run out of steam due to lower industrial and construction activity.

Crude oil prices have also been pressured by the rebound of the U.S. dollar off its yearly lows amid the hawkish stance from Federal Reserve to curb persistent inflation, making the dollar-denominated crude oil more expensive for holders of other currencies and weighing on prices.

Oil traders will have a look at the release of Tuesday’s U.S. CPI-inflation data for May, which is expected to fall to 4.1% from 4.9% in April, and Wednesday’s Fed’s June rate decision, to see if the central bank will decide on its first-rate hike pause in 18 months and a 500 bps of rate hikes to date.

In this context, both Brent and WTI oil prices have retreated as much as 15% from 2023’s highs of $88/b, and almost 47% from 2022’s top of $140/b hit after Russia’s invasion of Ukraine on February 24, 2022.

A resumption of Iran’s nuclear deal could lift sanctions on the country’s energy exports, flooding the global market with fresh barrels of crude oil at a time the demand growth outlooks deteriorate on recession fears.

The worsening global economic conditions especially on the world’s largest importer of petroleum products, China, and the negative impact of March’s U.S. banking crisis, coupled with the surging interest rates and resilient inflation rates have been weighing on oil prices and their demand outlook.

In contrast to market expectations, Chinese petroleum demand has failed to rebound to pre-Covid levels, as the post-pandemic economic recovery in the country has run out of steam due to lower industrial and construction activity.

Crude oil prices have also been pressured by the rebound of the U.S. dollar off its yearly lows amid the hawkish stance from Federal Reserve to curb persistent inflation, making the dollar-denominated crude oil more expensive for holders of other currencies and weighing on prices.

Oil traders will have a look at the release of Tuesday’s U.S. CPI-inflation data for May, which is expected to fall to 4.1% from 4.9% in April, and Wednesday’s Fed’s June rate decision, to see if the central bank will decide on its first-rate hike pause in 18 months and a 500 bps of rate hikes to date.

In this context, both Brent and WTI oil prices have retreated as much as 15% from 2023’s highs of $88/b, and almost 47% from 2022’s top of $140/b hit after Russia’s invasion of Ukraine on February 24, 2022.

A resumption of Iran’s nuclear deal could lift sanctions on the country’s energy exports, flooding the global market with fresh barrels of crude oil at a time the demand growth outlooks deteriorate on recession fears.

The worsening global economic conditions especially on the world’s largest importer of petroleum products, China, and the negative impact of March’s U.S. banking crisis, coupled with the surging interest rates and resilient inflation rates have been weighing on oil prices and their demand outlook.

In contrast to market expectations, Chinese petroleum demand has failed to rebound to pre-Covid levels, as the post-pandemic economic recovery in the country has run out of steam due to lower industrial and construction activity.

Crude oil prices have also been pressured by the rebound of the U.S. dollar off its yearly lows amid the hawkish stance from Federal Reserve to curb persistent inflation, making the dollar-denominated crude oil more expensive for holders of other currencies and weighing on prices.

Oil traders will have a look at the release of Tuesday’s U.S. CPI-inflation data for May, which is expected to fall to 4.1% from 4.9% in April, and Wednesday’s Fed’s June rate decision, to see if the central bank will decide on its first-rate hike pause in 18 months and a 500 bps of rate hikes to date.

In this context, both Brent and WTI oil prices have retreated as much as 15% from 2023’s highs of $88/b, and almost 47% from 2022’s top of $140/b hit after Russia’s invasion of Ukraine on February 24, 2022.

Sellers have taken the upper hand in the crude oil market following some bearish news from Iran after Iran’s supreme leader Ayatollah Ali Khamenei said that the country was open to a deal with the West over its nuclear program if Iran’s nuclear infrastructure was kept intact.

A resumption of Iran’s nuclear deal could lift sanctions on the country’s energy exports, flooding the global market with fresh barrels of crude oil at a time the demand growth outlooks deteriorate on recession fears.

The worsening global economic conditions especially on the world’s largest importer of petroleum products, China, and the negative impact of March’s U.S. banking crisis, coupled with the surging interest rates and resilient inflation rates have been weighing on oil prices and their demand outlook.

In contrast to market expectations, Chinese petroleum demand has failed to rebound to pre-Covid levels, as the post-pandemic economic recovery in the country has run out of steam due to lower industrial and construction activity.

Crude oil prices have also been pressured by the rebound of the U.S. dollar off its yearly lows amid the hawkish stance from Federal Reserve to curb persistent inflation, making the dollar-denominated crude oil more expensive for holders of other currencies and weighing on prices.

Oil traders will have a look at the release of Tuesday’s U.S. CPI-inflation data for May, which is expected to fall to 4.1% from 4.9% in April, and Wednesday’s Fed’s June rate decision, to see if the central bank will decide on its first-rate hike pause in 18 months and a 500 bps of rate hikes to date.

In this context, both Brent and WTI oil prices have retreated as much as 15% from 2023’s highs of $88/b, and almost 47% from 2022’s top of $140/b hit after Russia’s invasion of Ukraine on February 24, 2022.

With its recent one-sided 1 million bpd output, Saudi Arabia is effectively pledging to remove some 2.5 million bpd from its production since October 2022, versus a normal run of 11.5 million bpd.

Sellers have taken the upper hand in the crude oil market following some bearish news from Iran after Iran’s supreme leader Ayatollah Ali Khamenei said that the country was open to a deal with the West over its nuclear program if Iran’s nuclear infrastructure was kept intact.

A resumption of Iran’s nuclear deal could lift sanctions on the country’s energy exports, flooding the global market with fresh barrels of crude oil at a time the demand growth outlooks deteriorate on recession fears.

The worsening global economic conditions especially on the world’s largest importer of petroleum products, China, and the negative impact of March’s U.S. banking crisis, coupled with the surging interest rates and resilient inflation rates have been weighing on oil prices and their demand outlook.

In contrast to market expectations, Chinese petroleum demand has failed to rebound to pre-Covid levels, as the post-pandemic economic recovery in the country has run out of steam due to lower industrial and construction activity.

Crude oil prices have also been pressured by the rebound of the U.S. dollar off its yearly lows amid the hawkish stance from Federal Reserve to curb persistent inflation, making the dollar-denominated crude oil more expensive for holders of other currencies and weighing on prices.

Oil traders will have a look at the release of Tuesday’s U.S. CPI-inflation data for May, which is expected to fall to 4.1% from 4.9% in April, and Wednesday’s Fed’s June rate decision, to see if the central bank will decide on its first-rate hike pause in 18 months and a 500 bps of rate hikes to date.

In this context, both Brent and WTI oil prices have retreated as much as 15% from 2023’s highs of $88/b, and almost 47% from 2022’s top of $140/b hit after Russia’s invasion of Ukraine on February 24, 2022.

With its recent one-sided 1 million bpd output, Saudi Arabia is effectively pledging to remove some 2.5 million bpd from its production since October 2022, versus a normal run of 11.5 million bpd.

Sellers have taken the upper hand in the crude oil market following some bearish news from Iran after Iran’s supreme leader Ayatollah Ali Khamenei said that the country was open to a deal with the West over its nuclear program if Iran’s nuclear infrastructure was kept intact.

A resumption of Iran’s nuclear deal could lift sanctions on the country’s energy exports, flooding the global market with fresh barrels of crude oil at a time the demand growth outlooks deteriorate on recession fears.

The worsening global economic conditions especially on the world’s largest importer of petroleum products, China, and the negative impact of March’s U.S. banking crisis, coupled with the surging interest rates and resilient inflation rates have been weighing on oil prices and their demand outlook.

In contrast to market expectations, Chinese petroleum demand has failed to rebound to pre-Covid levels, as the post-pandemic economic recovery in the country has run out of steam due to lower industrial and construction activity.

Crude oil prices have also been pressured by the rebound of the U.S. dollar off its yearly lows amid the hawkish stance from Federal Reserve to curb persistent inflation, making the dollar-denominated crude oil more expensive for holders of other currencies and weighing on prices.

Oil traders will have a look at the release of Tuesday’s U.S. CPI-inflation data for May, which is expected to fall to 4.1% from 4.9% in April, and Wednesday’s Fed’s June rate decision, to see if the central bank will decide on its first-rate hike pause in 18 months and a 500 bps of rate hikes to date.

In this context, both Brent and WTI oil prices have retreated as much as 15% from 2023’s highs of $88/b, and almost 47% from 2022’s top of $140/b hit after Russia’s invasion of Ukraine on February 24, 2022.

Crude oil prices had fallen most last week on a deteriorating economic and fuel demand outlook, erasing initial gains after OPEC’s de facto leader Saudi Arabia announced a unilateral production cut of 1 million bpd for one month, despite the decision of the rest of OPEC+ alliance producers to stay pat on production.

With its recent one-sided 1 million bpd output, Saudi Arabia is effectively pledging to remove some 2.5 million bpd from its production since October 2022, versus a normal run of 11.5 million bpd.

Sellers have taken the upper hand in the crude oil market following some bearish news from Iran after Iran’s supreme leader Ayatollah Ali Khamenei said that the country was open to a deal with the West over its nuclear program if Iran’s nuclear infrastructure was kept intact.

A resumption of Iran’s nuclear deal could lift sanctions on the country’s energy exports, flooding the global market with fresh barrels of crude oil at a time the demand growth outlooks deteriorate on recession fears.

The worsening global economic conditions especially on the world’s largest importer of petroleum products, China, and the negative impact of March’s U.S. banking crisis, coupled with the surging interest rates and resilient inflation rates have been weighing on oil prices and their demand outlook.

In contrast to market expectations, Chinese petroleum demand has failed to rebound to pre-Covid levels, as the post-pandemic economic recovery in the country has run out of steam due to lower industrial and construction activity.

Crude oil prices have also been pressured by the rebound of the U.S. dollar off its yearly lows amid the hawkish stance from Federal Reserve to curb persistent inflation, making the dollar-denominated crude oil more expensive for holders of other currencies and weighing on prices.

Oil traders will have a look at the release of Tuesday’s U.S. CPI-inflation data for May, which is expected to fall to 4.1% from 4.9% in April, and Wednesday’s Fed’s June rate decision, to see if the central bank will decide on its first-rate hike pause in 18 months and a 500 bps of rate hikes to date.

In this context, both Brent and WTI oil prices have retreated as much as 15% from 2023’s highs of $88/b, and almost 47% from 2022’s top of $140/b hit after Russia’s invasion of Ukraine on February 24, 2022.

Crude oil prices had fallen most last week on a deteriorating economic and fuel demand outlook, erasing initial gains after OPEC’s de facto leader Saudi Arabia announced a unilateral production cut of 1 million bpd for one month, despite the decision of the rest of OPEC+ alliance producers to stay pat on production.

With its recent one-sided 1 million bpd output, Saudi Arabia is effectively pledging to remove some 2.5 million bpd from its production since October 2022, versus a normal run of 11.5 million bpd.

Sellers have taken the upper hand in the crude oil market following some bearish news from Iran after Iran’s supreme leader Ayatollah Ali Khamenei said that the country was open to a deal with the West over its nuclear program if Iran’s nuclear infrastructure was kept intact.

A resumption of Iran’s nuclear deal could lift sanctions on the country’s energy exports, flooding the global market with fresh barrels of crude oil at a time the demand growth outlooks deteriorate on recession fears.

The worsening global economic conditions especially on the world’s largest importer of petroleum products, China, and the negative impact of March’s U.S. banking crisis, coupled with the surging interest rates and resilient inflation rates have been weighing on oil prices and their demand outlook.

In contrast to market expectations, Chinese petroleum demand has failed to rebound to pre-Covid levels, as the post-pandemic economic recovery in the country has run out of steam due to lower industrial and construction activity.

Crude oil prices have also been pressured by the rebound of the U.S. dollar off its yearly lows amid the hawkish stance from Federal Reserve to curb persistent inflation, making the dollar-denominated crude oil more expensive for holders of other currencies and weighing on prices.

Oil traders will have a look at the release of Tuesday’s U.S. CPI-inflation data for May, which is expected to fall to 4.1% from 4.9% in April, and Wednesday’s Fed’s June rate decision, to see if the central bank will decide on its first-rate hike pause in 18 months and a 500 bps of rate hikes to date.

In this context, both Brent and WTI oil prices have retreated as much as 15% from 2023’s highs of $88/b, and almost 47% from 2022’s top of $140/b hit after Russia’s invasion of Ukraine on February 24, 2022.

Brent crude contract, 2-hour chart

Crude oil prices had fallen most last week on a deteriorating economic and fuel demand outlook, erasing initial gains after OPEC’s de facto leader Saudi Arabia announced a unilateral production cut of 1 million bpd for one month, despite the decision of the rest of OPEC+ alliance producers to stay pat on production.

With its recent one-sided 1 million bpd output, Saudi Arabia is effectively pledging to remove some 2.5 million bpd from its production since October 2022, versus a normal run of 11.5 million bpd.

Sellers have taken the upper hand in the crude oil market following some bearish news from Iran after Iran’s supreme leader Ayatollah Ali Khamenei said that the country was open to a deal with the West over its nuclear program if Iran’s nuclear infrastructure was kept intact.

A resumption of Iran’s nuclear deal could lift sanctions on the country’s energy exports, flooding the global market with fresh barrels of crude oil at a time the demand growth outlooks deteriorate on recession fears.

The worsening global economic conditions especially on the world’s largest importer of petroleum products, China, and the negative impact of March’s U.S. banking crisis, coupled with the surging interest rates and resilient inflation rates have been weighing on oil prices and their demand outlook.

In contrast to market expectations, Chinese petroleum demand has failed to rebound to pre-Covid levels, as the post-pandemic economic recovery in the country has run out of steam due to lower industrial and construction activity.

Crude oil prices have also been pressured by the rebound of the U.S. dollar off its yearly lows amid the hawkish stance from Federal Reserve to curb persistent inflation, making the dollar-denominated crude oil more expensive for holders of other currencies and weighing on prices.

Oil traders will have a look at the release of Tuesday’s U.S. CPI-inflation data for May, which is expected to fall to 4.1% from 4.9% in April, and Wednesday’s Fed’s June rate decision, to see if the central bank will decide on its first-rate hike pause in 18 months and a 500 bps of rate hikes to date.

In this context, both Brent and WTI oil prices have retreated as much as 15% from 2023’s highs of $88/b, and almost 47% from 2022’s top of $140/b hit after Russia’s invasion of Ukraine on February 24, 2022.

Brent crude contract, 2-hour chart

Crude oil prices had fallen most last week on a deteriorating economic and fuel demand outlook, erasing initial gains after OPEC’s de facto leader Saudi Arabia announced a unilateral production cut of 1 million bpd for one month, despite the decision of the rest of OPEC+ alliance producers to stay pat on production.

With its recent one-sided 1 million bpd output, Saudi Arabia is effectively pledging to remove some 2.5 million bpd from its production since October 2022, versus a normal run of 11.5 million bpd.

Sellers have taken the upper hand in the crude oil market following some bearish news from Iran after Iran’s supreme leader Ayatollah Ali Khamenei said that the country was open to a deal with the West over its nuclear program if Iran’s nuclear infrastructure was kept intact.

A resumption of Iran’s nuclear deal could lift sanctions on the country’s energy exports, flooding the global market with fresh barrels of crude oil at a time the demand growth outlooks deteriorate on recession fears.

The worsening global economic conditions especially on the world’s largest importer of petroleum products, China, and the negative impact of March’s U.S. banking crisis, coupled with the surging interest rates and resilient inflation rates have been weighing on oil prices and their demand outlook.

In contrast to market expectations, Chinese petroleum demand has failed to rebound to pre-Covid levels, as the post-pandemic economic recovery in the country has run out of steam due to lower industrial and construction activity.

Crude oil prices have also been pressured by the rebound of the U.S. dollar off its yearly lows amid the hawkish stance from Federal Reserve to curb persistent inflation, making the dollar-denominated crude oil more expensive for holders of other currencies and weighing on prices.

Oil traders will have a look at the release of Tuesday’s U.S. CPI-inflation data for May, which is expected to fall to 4.1% from 4.9% in April, and Wednesday’s Fed’s June rate decision, to see if the central bank will decide on its first-rate hike pause in 18 months and a 500 bps of rate hikes to date.

In this context, both Brent and WTI oil prices have retreated as much as 15% from 2023’s highs of $88/b, and almost 47% from 2022’s top of $140/b hit after Russia’s invasion of Ukraine on February 24, 2022.

Brent crude contract, 2-hour chart

Crude oil prices had fallen most last week on a deteriorating economic and fuel demand outlook, erasing initial gains after OPEC’s de facto leader Saudi Arabia announced a unilateral production cut of 1 million bpd for one month, despite the decision of the rest of OPEC+ alliance producers to stay pat on production.

With its recent one-sided 1 million bpd output, Saudi Arabia is effectively pledging to remove some 2.5 million bpd from its production since October 2022, versus a normal run of 11.5 million bpd.

Sellers have taken the upper hand in the crude oil market following some bearish news from Iran after Iran’s supreme leader Ayatollah Ali Khamenei said that the country was open to a deal with the West over its nuclear program if Iran’s nuclear infrastructure was kept intact.

A resumption of Iran’s nuclear deal could lift sanctions on the country’s energy exports, flooding the global market with fresh barrels of crude oil at a time the demand growth outlooks deteriorate on recession fears.

The worsening global economic conditions especially on the world’s largest importer of petroleum products, China, and the negative impact of March’s U.S. banking crisis, coupled with the surging interest rates and resilient inflation rates have been weighing on oil prices and their demand outlook.

In contrast to market expectations, Chinese petroleum demand has failed to rebound to pre-Covid levels, as the post-pandemic economic recovery in the country has run out of steam due to lower industrial and construction activity.

Crude oil prices have also been pressured by the rebound of the U.S. dollar off its yearly lows amid the hawkish stance from Federal Reserve to curb persistent inflation, making the dollar-denominated crude oil more expensive for holders of other currencies and weighing on prices.

Oil traders will have a look at the release of Tuesday’s U.S. CPI-inflation data for May, which is expected to fall to 4.1% from 4.9% in April, and Wednesday’s Fed’s June rate decision, to see if the central bank will decide on its first-rate hike pause in 18 months and a 500 bps of rate hikes to date.

In this context, both Brent and WTI oil prices have retreated as much as 15% from 2023’s highs of $88/b, and almost 47% from 2022’s top of $140/b hit after Russia’s invasion of Ukraine on February 24, 2022.

Both crude oil contracts started the new week on left footing by retreating over 2% from Friday’s closing, with the price of the international benchmark Brent falling as low as $73/b, while the U.S.-based WTI broke below the key range of $69-$70/b support level.

Brent crude contract, 2-hour chart

Crude oil prices had fallen most last week on a deteriorating economic and fuel demand outlook, erasing initial gains after OPEC’s de facto leader Saudi Arabia announced a unilateral production cut of 1 million bpd for one month, despite the decision of the rest of OPEC+ alliance producers to stay pat on production.

With its recent one-sided 1 million bpd output, Saudi Arabia is effectively pledging to remove some 2.5 million bpd from its production since October 2022, versus a normal run of 11.5 million bpd.

Sellers have taken the upper hand in the crude oil market following some bearish news from Iran after Iran’s supreme leader Ayatollah Ali Khamenei said that the country was open to a deal with the West over its nuclear program if Iran’s nuclear infrastructure was kept intact.

A resumption of Iran’s nuclear deal could lift sanctions on the country’s energy exports, flooding the global market with fresh barrels of crude oil at a time the demand growth outlooks deteriorate on recession fears.

The worsening global economic conditions especially on the world’s largest importer of petroleum products, China, and the negative impact of March’s U.S. banking crisis, coupled with the surging interest rates and resilient inflation rates have been weighing on oil prices and their demand outlook.

In contrast to market expectations, Chinese petroleum demand has failed to rebound to pre-Covid levels, as the post-pandemic economic recovery in the country has run out of steam due to lower industrial and construction activity.

Crude oil prices have also been pressured by the rebound of the U.S. dollar off its yearly lows amid the hawkish stance from Federal Reserve to curb persistent inflation, making the dollar-denominated crude oil more expensive for holders of other currencies and weighing on prices.

Oil traders will have a look at the release of Tuesday’s U.S. CPI-inflation data for May, which is expected to fall to 4.1% from 4.9% in April, and Wednesday’s Fed’s June rate decision, to see if the central bank will decide on its first-rate hike pause in 18 months and a 500 bps of rate hikes to date.

In this context, both Brent and WTI oil prices have retreated as much as 15% from 2023’s highs of $88/b, and almost 47% from 2022’s top of $140/b hit after Russia’s invasion of Ukraine on February 24, 2022.

Both crude oil contracts started the new week on left footing by retreating over 2% from Friday’s closing, with the price of the international benchmark Brent falling as low as $73/b, while the U.S.-based WTI broke below the key range of $69-$70/b support level.

Brent crude contract, 2-hour chart

Crude oil prices had fallen most last week on a deteriorating economic and fuel demand outlook, erasing initial gains after OPEC’s de facto leader Saudi Arabia announced a unilateral production cut of 1 million bpd for one month, despite the decision of the rest of OPEC+ alliance producers to stay pat on production.

With its recent one-sided 1 million bpd output, Saudi Arabia is effectively pledging to remove some 2.5 million bpd from its production since October 2022, versus a normal run of 11.5 million bpd.

Sellers have taken the upper hand in the crude oil market following some bearish news from Iran after Iran’s supreme leader Ayatollah Ali Khamenei said that the country was open to a deal with the West over its nuclear program if Iran’s nuclear infrastructure was kept intact.

A resumption of Iran’s nuclear deal could lift sanctions on the country’s energy exports, flooding the global market with fresh barrels of crude oil at a time the demand growth outlooks deteriorate on recession fears.

The worsening global economic conditions especially on the world’s largest importer of petroleum products, China, and the negative impact of March’s U.S. banking crisis, coupled with the surging interest rates and resilient inflation rates have been weighing on oil prices and their demand outlook.

In contrast to market expectations, Chinese petroleum demand has failed to rebound to pre-Covid levels, as the post-pandemic economic recovery in the country has run out of steam due to lower industrial and construction activity.

Crude oil prices have also been pressured by the rebound of the U.S. dollar off its yearly lows amid the hawkish stance from Federal Reserve to curb persistent inflation, making the dollar-denominated crude oil more expensive for holders of other currencies and weighing on prices.

Oil traders will have a look at the release of Tuesday’s U.S. CPI-inflation data for May, which is expected to fall to 4.1% from 4.9% in April, and Wednesday’s Fed’s June rate decision, to see if the central bank will decide on its first-rate hike pause in 18 months and a 500 bps of rate hikes to date.

In this context, both Brent and WTI oil prices have retreated as much as 15% from 2023’s highs of $88/b, and almost 47% from 2022’s top of $140/b hit after Russia’s invasion of Ukraine on February 24, 2022.

Canadian dollar gains after Bank of Canada’s surprise rate hike to 4.75%

Posted on by Vrasidas Neofytou

In this context, economists are still pricing in about a 50/50 chance of another interest rate increase at the BOC’s next meeting on July 12, giving support to the recent upward trend momentum of the Canadian dollar against major peers.

Yet, what concerns BoC which forced her to hike rates again, is that the persistent high core inflation which runs in the 3½-4% range for several months, and excess demand, might increase the risk that CPI inflation could get stuck materially above the 2% target of the bank.

In this context, economists are still pricing in about a 50/50 chance of another interest rate increase at the BOC’s next meeting on July 12, giving support to the recent upward trend momentum of the Canadian dollar against major peers.

In its statement, the Bank of Canada expects CPI inflation to ease to around 3% in the summer, as lower energy prices feed through and last year’s large price gains fall out of the yearly data.

Yet, what concerns BoC which forced her to hike rates again, is that the persistent high core inflation which runs in the 3½-4% range for several months, and excess demand, might increase the risk that CPI inflation could get stuck materially above the 2% target of the bank.

In this context, economists are still pricing in about a 50/50 chance of another interest rate increase at the BOC’s next meeting on July 12, giving support to the recent upward trend momentum of the Canadian dollar against major peers.

In its statement, the Bank of Canada expects CPI inflation to ease to around 3% in the summer, as lower energy prices feed through and last year’s large price gains fall out of the yearly data.

Yet, what concerns BoC which forced her to hike rates again, is that the persistent high core inflation which runs in the 3½-4% range for several months, and excess demand, might increase the risk that CPI inflation could get stuck materially above the 2% target of the bank.

In this context, economists are still pricing in about a 50/50 chance of another interest rate increase at the BOC’s next meeting on July 12, giving support to the recent upward trend momentum of the Canadian dollar against major peers.

Contrary to most economists’ forecasts, the BoC decided to raise interest rates by 25 bps for the first time since January 2023, citing persistently high inflation as the primary factor driving the rate hike decision.

In its statement, the Bank of Canada expects CPI inflation to ease to around 3% in the summer, as lower energy prices feed through and last year’s large price gains fall out of the yearly data.

Yet, what concerns BoC which forced her to hike rates again, is that the persistent high core inflation which runs in the 3½-4% range for several months, and excess demand, might increase the risk that CPI inflation could get stuck materially above the 2% target of the bank.

In this context, economists are still pricing in about a 50/50 chance of another interest rate increase at the BOC’s next meeting on July 12, giving support to the recent upward trend momentum of the Canadian dollar against major peers.

Contrary to most economists’ forecasts, the BoC decided to raise interest rates by 25 bps for the first time since January 2023, citing persistently high inflation as the primary factor driving the rate hike decision.

In its statement, the Bank of Canada expects CPI inflation to ease to around 3% in the summer, as lower energy prices feed through and last year’s large price gains fall out of the yearly data.

Yet, what concerns BoC which forced her to hike rates again, is that the persistent high core inflation which runs in the 3½-4% range for several months, and excess demand, might increase the risk that CPI inflation could get stuck materially above the 2% target of the bank.

In this context, economists are still pricing in about a 50/50 chance of another interest rate increase at the BOC’s next meeting on July 12, giving support to the recent upward trend momentum of the Canadian dollar against major peers.

USD/CAD pair, Daily chart

Contrary to most economists’ forecasts, the BoC decided to raise interest rates by 25 bps for the first time since January 2023, citing persistently high inflation as the primary factor driving the rate hike decision.

In its statement, the Bank of Canada expects CPI inflation to ease to around 3% in the summer, as lower energy prices feed through and last year’s large price gains fall out of the yearly data.

Yet, what concerns BoC which forced her to hike rates again, is that the persistent high core inflation which runs in the 3½-4% range for several months, and excess demand, might increase the risk that CPI inflation could get stuck materially above the 2% target of the bank.

In this context, economists are still pricing in about a 50/50 chance of another interest rate increase at the BOC’s next meeting on July 12, giving support to the recent upward trend momentum of the Canadian dollar against major peers.

USD/CAD pair, Daily chart

Contrary to most economists’ forecasts, the BoC decided to raise interest rates by 25 bps for the first time since January 2023, citing persistently high inflation as the primary factor driving the rate hike decision.

In its statement, the Bank of Canada expects CPI inflation to ease to around 3% in the summer, as lower energy prices feed through and last year’s large price gains fall out of the yearly data.

Yet, what concerns BoC which forced her to hike rates again, is that the persistent high core inflation which runs in the 3½-4% range for several months, and excess demand, might increase the risk that CPI inflation could get stuck materially above the 2% target of the bank.

In this context, economists are still pricing in about a 50/50 chance of another interest rate increase at the BOC’s next meeting on July 12, giving support to the recent upward trend momentum of the Canadian dollar against major peers.

USD/CAD pair, Daily chart

Contrary to most economists’ forecasts, the BoC decided to raise interest rates by 25 bps for the first time since January 2023, citing persistently high inflation as the primary factor driving the rate hike decision.

In its statement, the Bank of Canada expects CPI inflation to ease to around 3% in the summer, as lower energy prices feed through and last year’s large price gains fall out of the yearly data.

Yet, what concerns BoC which forced her to hike rates again, is that the persistent high core inflation which runs in the 3½-4% range for several months, and excess demand, might increase the risk that CPI inflation could get stuck materially above the 2% target of the bank.

In this context, economists are still pricing in about a 50/50 chance of another interest rate increase at the BOC’s next meeting on July 12, giving support to the recent upward trend momentum of the Canadian dollar against major peers.

If the pair break below the C$1.33 support level, the price could re-test the next important area of C$1.3250, near the 2023’s lows, and the lowest since mid-September 2022.

USD/CAD pair, Daily chart

Contrary to most economists’ forecasts, the BoC decided to raise interest rates by 25 bps for the first time since January 2023, citing persistently high inflation as the primary factor driving the rate hike decision.

In its statement, the Bank of Canada expects CPI inflation to ease to around 3% in the summer, as lower energy prices feed through and last year’s large price gains fall out of the yearly data.

Yet, what concerns BoC which forced her to hike rates again, is that the persistent high core inflation which runs in the 3½-4% range for several months, and excess demand, might increase the risk that CPI inflation could get stuck materially above the 2% target of the bank.

In this context, economists are still pricing in about a 50/50 chance of another interest rate increase at the BOC’s next meeting on July 12, giving support to the recent upward trend momentum of the Canadian dollar against major peers.

If the pair break below the C$1.33 support level, the price could re-test the next important area of C$1.3250, near the 2023’s lows, and the lowest since mid-September 2022.

USD/CAD pair, Daily chart

Contrary to most economists’ forecasts, the BoC decided to raise interest rates by 25 bps for the first time since January 2023, citing persistently high inflation as the primary factor driving the rate hike decision.

In its statement, the Bank of Canada expects CPI inflation to ease to around 3% in the summer, as lower energy prices feed through and last year’s large price gains fall out of the yearly data.

Yet, what concerns BoC which forced her to hike rates again, is that the persistent high core inflation which runs in the 3½-4% range for several months, and excess demand, might increase the risk that CPI inflation could get stuck materially above the 2% target of the bank.

In this context, economists are still pricing in about a 50/50 chance of another interest rate increase at the BOC’s next meeting on July 12, giving support to the recent upward trend momentum of the Canadian dollar against major peers.

The USD/CAD pair fell 0.25% to nearly C$1.3330 given the strength on the Canadian dollar after BOC’s rate hike and the weakness on the greenback, where the DXY-dollar index broke below the key 104 level this morning.

If the pair break below the C$1.33 support level, the price could re-test the next important area of C$1.3250, near the 2023’s lows, and the lowest since mid-September 2022.

USD/CAD pair, Daily chart

Contrary to most economists’ forecasts, the BoC decided to raise interest rates by 25 bps for the first time since January 2023, citing persistently high inflation as the primary factor driving the rate hike decision.

In its statement, the Bank of Canada expects CPI inflation to ease to around 3% in the summer, as lower energy prices feed through and last year’s large price gains fall out of the yearly data.

Yet, what concerns BoC which forced her to hike rates again, is that the persistent high core inflation which runs in the 3½-4% range for several months, and excess demand, might increase the risk that CPI inflation could get stuck materially above the 2% target of the bank.

In this context, economists are still pricing in about a 50/50 chance of another interest rate increase at the BOC’s next meeting on July 12, giving support to the recent upward trend momentum of the Canadian dollar against major peers.

The USD/CAD pair fell 0.25% to nearly C$1.3330 given the strength on the Canadian dollar after BOC’s rate hike and the weakness on the greenback, where the DXY-dollar index broke below the key 104 level this morning.

If the pair break below the C$1.33 support level, the price could re-test the next important area of C$1.3250, near the 2023’s lows, and the lowest since mid-September 2022.

USD/CAD pair, Daily chart

Contrary to most economists’ forecasts, the BoC decided to raise interest rates by 25 bps for the first time since January 2023, citing persistently high inflation as the primary factor driving the rate hike decision.

In its statement, the Bank of Canada expects CPI inflation to ease to around 3% in the summer, as lower energy prices feed through and last year’s large price gains fall out of the yearly data.

Yet, what concerns BoC which forced her to hike rates again, is that the persistent high core inflation which runs in the 3½-4% range for several months, and excess demand, might increase the risk that CPI inflation could get stuck materially above the 2% target of the bank.

In this context, economists are still pricing in about a 50/50 chance of another interest rate increase at the BOC’s next meeting on July 12, giving support to the recent upward trend momentum of the Canadian dollar against major peers.

Canada’s interest rate decision

The USD/CAD pair fell 0.25% to nearly C$1.3330 given the strength on the Canadian dollar after BOC’s rate hike and the weakness on the greenback, where the DXY-dollar index broke below the key 104 level this morning.

If the pair break below the C$1.33 support level, the price could re-test the next important area of C$1.3250, near the 2023’s lows, and the lowest since mid-September 2022.

USD/CAD pair, Daily chart

Contrary to most economists’ forecasts, the BoC decided to raise interest rates by 25 bps for the first time since January 2023, citing persistently high inflation as the primary factor driving the rate hike decision.

In its statement, the Bank of Canada expects CPI inflation to ease to around 3% in the summer, as lower energy prices feed through and last year’s large price gains fall out of the yearly data.

Yet, what concerns BoC which forced her to hike rates again, is that the persistent high core inflation which runs in the 3½-4% range for several months, and excess demand, might increase the risk that CPI inflation could get stuck materially above the 2% target of the bank.

In this context, economists are still pricing in about a 50/50 chance of another interest rate increase at the BOC’s next meeting on July 12, giving support to the recent upward trend momentum of the Canadian dollar against major peers.

Canada’s interest rate decision

The USD/CAD pair fell 0.25% to nearly C$1.3330 given the strength on the Canadian dollar after BOC’s rate hike and the weakness on the greenback, where the DXY-dollar index broke below the key 104 level this morning.

If the pair break below the C$1.33 support level, the price could re-test the next important area of C$1.3250, near the 2023’s lows, and the lowest since mid-September 2022.

USD/CAD pair, Daily chart

Contrary to most economists’ forecasts, the BoC decided to raise interest rates by 25 bps for the first time since January 2023, citing persistently high inflation as the primary factor driving the rate hike decision.

In its statement, the Bank of Canada expects CPI inflation to ease to around 3% in the summer, as lower energy prices feed through and last year’s large price gains fall out of the yearly data.

Yet, what concerns BoC which forced her to hike rates again, is that the persistent high core inflation which runs in the 3½-4% range for several months, and excess demand, might increase the risk that CPI inflation could get stuck materially above the 2% target of the bank.

In this context, economists are still pricing in about a 50/50 chance of another interest rate increase at the BOC’s next meeting on July 12, giving support to the recent upward trend momentum of the Canadian dollar against major peers.

Canada’s interest rate decision

The USD/CAD pair fell 0.25% to nearly C$1.3330 given the strength on the Canadian dollar after BOC’s rate hike and the weakness on the greenback, where the DXY-dollar index broke below the key 104 level this morning.

If the pair break below the C$1.33 support level, the price could re-test the next important area of C$1.3250, near the 2023’s lows, and the lowest since mid-September 2022.

USD/CAD pair, Daily chart

Contrary to most economists’ forecasts, the BoC decided to raise interest rates by 25 bps for the first time since January 2023, citing persistently high inflation as the primary factor driving the rate hike decision.

In its statement, the Bank of Canada expects CPI inflation to ease to around 3% in the summer, as lower energy prices feed through and last year’s large price gains fall out of the yearly data.

Yet, what concerns BoC which forced her to hike rates again, is that the persistent high core inflation which runs in the 3½-4% range for several months, and excess demand, might increase the risk that CPI inflation could get stuck materially above the 2% target of the bank.

In this context, economists are still pricing in about a 50/50 chance of another interest rate increase at the BOC’s next meeting on July 12, giving support to the recent upward trend momentum of the Canadian dollar against major peers.

Two hawkish central banks in a row have now surprised markets, raising the risks of more rate hike surprises by other major bankers such as the Federal Reserve, ECB, and Bank of England later in the month.

Canada’s interest rate decision

The USD/CAD pair fell 0.25% to nearly C$1.3330 given the strength on the Canadian dollar after BOC’s rate hike and the weakness on the greenback, where the DXY-dollar index broke below the key 104 level this morning.

If the pair break below the C$1.33 support level, the price could re-test the next important area of C$1.3250, near the 2023’s lows, and the lowest since mid-September 2022.

USD/CAD pair, Daily chart

Contrary to most economists’ forecasts, the BoC decided to raise interest rates by 25 bps for the first time since January 2023, citing persistently high inflation as the primary factor driving the rate hike decision.

In its statement, the Bank of Canada expects CPI inflation to ease to around 3% in the summer, as lower energy prices feed through and last year’s large price gains fall out of the yearly data.

Yet, what concerns BoC which forced her to hike rates again, is that the persistent high core inflation which runs in the 3½-4% range for several months, and excess demand, might increase the risk that CPI inflation could get stuck materially above the 2% target of the bank.

In this context, economists are still pricing in about a 50/50 chance of another interest rate increase at the BOC’s next meeting on July 12, giving support to the recent upward trend momentum of the Canadian dollar against major peers.

Two hawkish central banks in a row have now surprised markets, raising the risks of more rate hike surprises by other major bankers such as the Federal Reserve, ECB, and Bank of England later in the month.

Canada’s interest rate decision

The USD/CAD pair fell 0.25% to nearly C$1.3330 given the strength on the Canadian dollar after BOC’s rate hike and the weakness on the greenback, where the DXY-dollar index broke below the key 104 level this morning.

If the pair break below the C$1.33 support level, the price could re-test the next important area of C$1.3250, near the 2023’s lows, and the lowest since mid-September 2022.

USD/CAD pair, Daily chart

Contrary to most economists’ forecasts, the BoC decided to raise interest rates by 25 bps for the first time since January 2023, citing persistently high inflation as the primary factor driving the rate hike decision.

In its statement, the Bank of Canada expects CPI inflation to ease to around 3% in the summer, as lower energy prices feed through and last year’s large price gains fall out of the yearly data.

Yet, what concerns BoC which forced her to hike rates again, is that the persistent high core inflation which runs in the 3½-4% range for several months, and excess demand, might increase the risk that CPI inflation could get stuck materially above the 2% target of the bank.

In this context, economists are still pricing in about a 50/50 chance of another interest rate increase at the BOC’s next meeting on July 12, giving support to the recent upward trend momentum of the Canadian dollar against major peers.

The move from the BoC comes after its commodity dollar rival RBA- Royal Bank of Australia also stunned markets by hiking interest rates on Tuesday by 25 bps to 4.10%, warning of more rate hikes to temper rising pricing pressures.

Two hawkish central banks in a row have now surprised markets, raising the risks of more rate hike surprises by other major bankers such as the Federal Reserve, ECB, and Bank of England later in the month.

Canada’s interest rate decision

The USD/CAD pair fell 0.25% to nearly C$1.3330 given the strength on the Canadian dollar after BOC’s rate hike and the weakness on the greenback, where the DXY-dollar index broke below the key 104 level this morning.

If the pair break below the C$1.33 support level, the price could re-test the next important area of C$1.3250, near the 2023’s lows, and the lowest since mid-September 2022.

USD/CAD pair, Daily chart

Contrary to most economists’ forecasts, the BoC decided to raise interest rates by 25 bps for the first time since January 2023, citing persistently high inflation as the primary factor driving the rate hike decision.

In its statement, the Bank of Canada expects CPI inflation to ease to around 3% in the summer, as lower energy prices feed through and last year’s large price gains fall out of the yearly data.

Yet, what concerns BoC which forced her to hike rates again, is that the persistent high core inflation which runs in the 3½-4% range for several months, and excess demand, might increase the risk that CPI inflation could get stuck materially above the 2% target of the bank.

In this context, economists are still pricing in about a 50/50 chance of another interest rate increase at the BOC’s next meeting on July 12, giving support to the recent upward trend momentum of the Canadian dollar against major peers.

The move from the BoC comes after its commodity dollar rival RBA- Royal Bank of Australia also stunned markets by hiking interest rates on Tuesday by 25 bps to 4.10%, warning of more rate hikes to temper rising pricing pressures.

Two hawkish central banks in a row have now surprised markets, raising the risks of more rate hike surprises by other major bankers such as the Federal Reserve, ECB, and Bank of England later in the month.

Canada’s interest rate decision

The USD/CAD pair fell 0.25% to nearly C$1.3330 given the strength on the Canadian dollar after BOC’s rate hike and the weakness on the greenback, where the DXY-dollar index broke below the key 104 level this morning.

If the pair break below the C$1.33 support level, the price could re-test the next important area of C$1.3250, near the 2023’s lows, and the lowest since mid-September 2022.

USD/CAD pair, Daily chart

Contrary to most economists’ forecasts, the BoC decided to raise interest rates by 25 bps for the first time since January 2023, citing persistently high inflation as the primary factor driving the rate hike decision.

In its statement, the Bank of Canada expects CPI inflation to ease to around 3% in the summer, as lower energy prices feed through and last year’s large price gains fall out of the yearly data.

Yet, what concerns BoC which forced her to hike rates again, is that the persistent high core inflation which runs in the 3½-4% range for several months, and excess demand, might increase the risk that CPI inflation could get stuck materially above the 2% target of the bank.

In this context, economists are still pricing in about a 50/50 chance of another interest rate increase at the BOC’s next meeting on July 12, giving support to the recent upward trend momentum of the Canadian dollar against major peers.

Canadian dollar extends recent gains toward monthly highs of C$1.333 level per U.S. dollar after the Bank of Canada (BoC) unexpectedly hike its benchmark interest rate by 25bps to a 22-year high of 4.75% on Thursday morning to curb sticky inflation and slow down an overheating economy.

The move from the BoC comes after its commodity dollar rival RBA- Royal Bank of Australia also stunned markets by hiking interest rates on Tuesday by 25 bps to 4.10%, warning of more rate hikes to temper rising pricing pressures.

Two hawkish central banks in a row have now surprised markets, raising the risks of more rate hike surprises by other major bankers such as the Federal Reserve, ECB, and Bank of England later in the month.

Canada’s interest rate decision

The USD/CAD pair fell 0.25% to nearly C$1.3330 given the strength on the Canadian dollar after BOC’s rate hike and the weakness on the greenback, where the DXY-dollar index broke below the key 104 level this morning.

If the pair break below the C$1.33 support level, the price could re-test the next important area of C$1.3250, near the 2023’s lows, and the lowest since mid-September 2022.

USD/CAD pair, Daily chart

Contrary to most economists’ forecasts, the BoC decided to raise interest rates by 25 bps for the first time since January 2023, citing persistently high inflation as the primary factor driving the rate hike decision.

In its statement, the Bank of Canada expects CPI inflation to ease to around 3% in the summer, as lower energy prices feed through and last year’s large price gains fall out of the yearly data.

Yet, what concerns BoC which forced her to hike rates again, is that the persistent high core inflation which runs in the 3½-4% range for several months, and excess demand, might increase the risk that CPI inflation could get stuck materially above the 2% target of the bank.

In this context, economists are still pricing in about a 50/50 chance of another interest rate increase at the BOC’s next meeting on July 12, giving support to the recent upward trend momentum of the Canadian dollar against major peers.

Canadian dollar extends recent gains toward monthly highs of C$1.333 level per U.S. dollar after the Bank of Canada (BoC) unexpectedly hike its benchmark interest rate by 25bps to a 22-year high of 4.75% on Thursday morning to curb sticky inflation and slow down an overheating economy.

The move from the BoC comes after its commodity dollar rival RBA- Royal Bank of Australia also stunned markets by hiking interest rates on Tuesday by 25 bps to 4.10%, warning of more rate hikes to temper rising pricing pressures.

Two hawkish central banks in a row have now surprised markets, raising the risks of more rate hike surprises by other major bankers such as the Federal Reserve, ECB, and Bank of England later in the month.

Canada’s interest rate decision

The USD/CAD pair fell 0.25% to nearly C$1.3330 given the strength on the Canadian dollar after BOC’s rate hike and the weakness on the greenback, where the DXY-dollar index broke below the key 104 level this morning.

If the pair break below the C$1.33 support level, the price could re-test the next important area of C$1.3250, near the 2023’s lows, and the lowest since mid-September 2022.

USD/CAD pair, Daily chart

Contrary to most economists’ forecasts, the BoC decided to raise interest rates by 25 bps for the first time since January 2023, citing persistently high inflation as the primary factor driving the rate hike decision.

In its statement, the Bank of Canada expects CPI inflation to ease to around 3% in the summer, as lower energy prices feed through and last year’s large price gains fall out of the yearly data.

Yet, what concerns BoC which forced her to hike rates again, is that the persistent high core inflation which runs in the 3½-4% range for several months, and excess demand, might increase the risk that CPI inflation could get stuck materially above the 2% target of the bank.

In this context, economists are still pricing in about a 50/50 chance of another interest rate increase at the BOC’s next meeting on July 12, giving support to the recent upward trend momentum of the Canadian dollar against major peers.

Turkish Lira tumbles over 7% to a fresh record low of 23.20 per dollar

Posted on by Vrasidas Neofytou

Many analysts expect the lira to weaken towards a range of 25-28 against the dollar, with Goldman Sachs revising its forecast to 28 to the dollar over the next 12 months, down from an earlier forecast of 22, according to its June 3 report.

Under pressure from Erdogan, a self-described “enemy” of interest rates, the central bank slashed its policy rate to 8.5% from 19% in 2021 to boost growth and investment. But it sparked a record lira crisis in December of 2021 and sent inflation to a 24-year high above 85% last year, before retreating below 40% in May.

Many analysts expect the lira to weaken towards a range of 25-28 against the dollar, with Goldman Sachs revising its forecast to 28 to the dollar over the next 12 months, down from an earlier forecast of 22, according to its June 3 report.

Under pressure from Erdogan, a self-described “enemy” of interest rates, the central bank slashed its policy rate to 8.5% from 19% in 2021 to boost growth and investment. But it sparked a record lira crisis in December of 2021 and sent inflation to a 24-year high above 85% last year, before retreating below 40% in May.

Many analysts expect the lira to weaken towards a range of 25-28 against the dollar, with Goldman Sachs revising its forecast to 28 to the dollar over the next 12 months, down from an earlier forecast of 22, according to its June 3 report.

The return of Simsek, who was finance minister and deputy prime minister from 2009-2018, signaled a move away from the unorthodox rate cuts despite high inflation that has sparked a more than 80% erosion in the lira’s value in five years.

Under pressure from Erdogan, a self-described “enemy” of interest rates, the central bank slashed its policy rate to 8.5% from 19% in 2021 to boost growth and investment. But it sparked a record lira crisis in December of 2021 and sent inflation to a 24-year high above 85% last year, before retreating below 40% in May.

Many analysts expect the lira to weaken towards a range of 25-28 against the dollar, with Goldman Sachs revising its forecast to 28 to the dollar over the next 12 months, down from an earlier forecast of 22, according to its June 3 report.

The return of Simsek, who was finance minister and deputy prime minister from 2009-2018, signaled a move away from the unorthodox rate cuts despite high inflation that has sparked a more than 80% erosion in the lira’s value in five years.

Under pressure from Erdogan, a self-described “enemy” of interest rates, the central bank slashed its policy rate to 8.5% from 19% in 2021 to boost growth and investment. But it sparked a record lira crisis in December of 2021 and sent inflation to a 24-year high above 85% last year, before retreating below 40% in May.

Many analysts expect the lira to weaken towards a range of 25-28 against the dollar, with Goldman Sachs revising its forecast to 28 to the dollar over the next 12 months, down from an earlier forecast of 22, according to its June 3 report.

Erdogan’s appointment of former Merrill Lynch executive Mehmet Simsek as the country’s new finance minister- who is well regarded by financial markets- heightened expectations for a return to more orthodox monetary policy and reduced government intervention in markets.

The return of Simsek, who was finance minister and deputy prime minister from 2009-2018, signaled a move away from the unorthodox rate cuts despite high inflation that has sparked a more than 80% erosion in the lira’s value in five years.

Under pressure from Erdogan, a self-described “enemy” of interest rates, the central bank slashed its policy rate to 8.5% from 19% in 2021 to boost growth and investment. But it sparked a record lira crisis in December of 2021 and sent inflation to a 24-year high above 85% last year, before retreating below 40% in May.

Many analysts expect the lira to weaken towards a range of 25-28 against the dollar, with Goldman Sachs revising its forecast to 28 to the dollar over the next 12 months, down from an earlier forecast of 22, according to its June 3 report.

Erdogan’s appointment of former Merrill Lynch executive Mehmet Simsek as the country’s new finance minister- who is well regarded by financial markets- heightened expectations for a return to more orthodox monetary policy and reduced government intervention in markets.

The return of Simsek, who was finance minister and deputy prime minister from 2009-2018, signaled a move away from the unorthodox rate cuts despite high inflation that has sparked a more than 80% erosion in the lira’s value in five years.

Under pressure from Erdogan, a self-described “enemy” of interest rates, the central bank slashed its policy rate to 8.5% from 19% in 2021 to boost growth and investment. But it sparked a record lira crisis in December of 2021 and sent inflation to a 24-year high above 85% last year, before retreating below 40% in May.

Many analysts expect the lira to weaken towards a range of 25-28 against the dollar, with Goldman Sachs revising its forecast to 28 to the dollar over the next 12 months, down from an earlier forecast of 22, according to its June 3 report.

The Turkish authorities show signs of abandoning efforts to support the bleeding Lira following the election process, after using up tens of billions of dollars of reserves to hold the lira steady in the preview months.

Erdogan’s appointment of former Merrill Lynch executive Mehmet Simsek as the country’s new finance minister- who is well regarded by financial markets- heightened expectations for a return to more orthodox monetary policy and reduced government intervention in markets.

The return of Simsek, who was finance minister and deputy prime minister from 2009-2018, signaled a move away from the unorthodox rate cuts despite high inflation that has sparked a more than 80% erosion in the lira’s value in five years.

Under pressure from Erdogan, a self-described “enemy” of interest rates, the central bank slashed its policy rate to 8.5% from 19% in 2021 to boost growth and investment. But it sparked a record lira crisis in December of 2021 and sent inflation to a 24-year high above 85% last year, before retreating below 40% in May.

Many analysts expect the lira to weaken towards a range of 25-28 against the dollar, with Goldman Sachs revising its forecast to 28 to the dollar over the next 12 months, down from an earlier forecast of 22, according to its June 3 report.

The Turkish authorities show signs of abandoning efforts to support the bleeding Lira following the election process, after using up tens of billions of dollars of reserves to hold the lira steady in the preview months.

Erdogan’s appointment of former Merrill Lynch executive Mehmet Simsek as the country’s new finance minister- who is well regarded by financial markets- heightened expectations for a return to more orthodox monetary policy and reduced government intervention in markets.

The return of Simsek, who was finance minister and deputy prime minister from 2009-2018, signaled a move away from the unorthodox rate cuts despite high inflation that has sparked a more than 80% erosion in the lira’s value in five years.

Under pressure from Erdogan, a self-described “enemy” of interest rates, the central bank slashed its policy rate to 8.5% from 19% in 2021 to boost growth and investment. But it sparked a record lira crisis in December of 2021 and sent inflation to a 24-year high above 85% last year, before retreating below 40% in May.

Many analysts expect the lira to weaken towards a range of 25-28 against the dollar, with Goldman Sachs revising its forecast to 28 to the dollar over the next 12 months, down from an earlier forecast of 22, according to its June 3 report.

After the second round of presidential elections in Turkey on May 28 and the re-election of President Tayyip Erdogan, the Lira has lost nearly 15% of its value against the US dollar and 14% against the common currency, continuing the gradual depreciation.

The Turkish authorities show signs of abandoning efforts to support the bleeding Lira following the election process, after using up tens of billions of dollars of reserves to hold the lira steady in the preview months.

Erdogan’s appointment of former Merrill Lynch executive Mehmet Simsek as the country’s new finance minister- who is well regarded by financial markets- heightened expectations for a return to more orthodox monetary policy and reduced government intervention in markets.

The return of Simsek, who was finance minister and deputy prime minister from 2009-2018, signaled a move away from the unorthodox rate cuts despite high inflation that has sparked a more than 80% erosion in the lira’s value in five years.

Under pressure from Erdogan, a self-described “enemy” of interest rates, the central bank slashed its policy rate to 8.5% from 19% in 2021 to boost growth and investment. But it sparked a record lira crisis in December of 2021 and sent inflation to a 24-year high above 85% last year, before retreating below 40% in May.

Many analysts expect the lira to weaken towards a range of 25-28 against the dollar, with Goldman Sachs revising its forecast to 28 to the dollar over the next 12 months, down from an earlier forecast of 22, according to its June 3 report.

After the second round of presidential elections in Turkey on May 28 and the re-election of President Tayyip Erdogan, the Lira has lost nearly 15% of its value against the US dollar and 14% against the common currency, continuing the gradual depreciation.

The Turkish authorities show signs of abandoning efforts to support the bleeding Lira following the election process, after using up tens of billions of dollars of reserves to hold the lira steady in the preview months.

Erdogan’s appointment of former Merrill Lynch executive Mehmet Simsek as the country’s new finance minister- who is well regarded by financial markets- heightened expectations for a return to more orthodox monetary policy and reduced government intervention in markets.

The return of Simsek, who was finance minister and deputy prime minister from 2009-2018, signaled a move away from the unorthodox rate cuts despite high inflation that has sparked a more than 80% erosion in the lira’s value in five years.

Under pressure from Erdogan, a self-described “enemy” of interest rates, the central bank slashed its policy rate to 8.5% from 19% in 2021 to boost growth and investment. But it sparked a record lira crisis in December of 2021 and sent inflation to a 24-year high above 85% last year, before retreating below 40% in May.

Many analysts expect the lira to weaken towards a range of 25-28 against the dollar, with Goldman Sachs revising its forecast to 28 to the dollar over the next 12 months, down from an earlier forecast of 22, according to its June 3 report.

USDTRY, Daily chart

After the second round of presidential elections in Turkey on May 28 and the re-election of President Tayyip Erdogan, the Lira has lost nearly 15% of its value against the US dollar and 14% against the common currency, continuing the gradual depreciation.

The Turkish authorities show signs of abandoning efforts to support the bleeding Lira following the election process, after using up tens of billions of dollars of reserves to hold the lira steady in the preview months.

Erdogan’s appointment of former Merrill Lynch executive Mehmet Simsek as the country’s new finance minister- who is well regarded by financial markets- heightened expectations for a return to more orthodox monetary policy and reduced government intervention in markets.

The return of Simsek, who was finance minister and deputy prime minister from 2009-2018, signaled a move away from the unorthodox rate cuts despite high inflation that has sparked a more than 80% erosion in the lira’s value in five years.

Under pressure from Erdogan, a self-described “enemy” of interest rates, the central bank slashed its policy rate to 8.5% from 19% in 2021 to boost growth and investment. But it sparked a record lira crisis in December of 2021 and sent inflation to a 24-year high above 85% last year, before retreating below 40% in May.

Many analysts expect the lira to weaken towards a range of 25-28 against the dollar, with Goldman Sachs revising its forecast to 28 to the dollar over the next 12 months, down from an earlier forecast of 22, according to its June 3 report.

USDTRY, Daily chart

After the second round of presidential elections in Turkey on May 28 and the re-election of President Tayyip Erdogan, the Lira has lost nearly 15% of its value against the US dollar and 14% against the common currency, continuing the gradual depreciation.

The Turkish authorities show signs of abandoning efforts to support the bleeding Lira following the election process, after using up tens of billions of dollars of reserves to hold the lira steady in the preview months.

Erdogan’s appointment of former Merrill Lynch executive Mehmet Simsek as the country’s new finance minister- who is well regarded by financial markets- heightened expectations for a return to more orthodox monetary policy and reduced government intervention in markets.

The return of Simsek, who was finance minister and deputy prime minister from 2009-2018, signaled a move away from the unorthodox rate cuts despite high inflation that has sparked a more than 80% erosion in the lira’s value in five years.

Under pressure from Erdogan, a self-described “enemy” of interest rates, the central bank slashed its policy rate to 8.5% from 19% in 2021 to boost growth and investment. But it sparked a record lira crisis in December of 2021 and sent inflation to a 24-year high above 85% last year, before retreating below 40% in May.

Many analysts expect the lira to weaken towards a range of 25-28 against the dollar, with Goldman Sachs revising its forecast to 28 to the dollar over the next 12 months, down from an earlier forecast of 22, according to its June 3 report.

USDTRY, Daily chart

After the second round of presidential elections in Turkey on May 28 and the re-election of President Tayyip Erdogan, the Lira has lost nearly 15% of its value against the US dollar and 14% against the common currency, continuing the gradual depreciation.

The Turkish authorities show signs of abandoning efforts to support the bleeding Lira following the election process, after using up tens of billions of dollars of reserves to hold the lira steady in the preview months.

Erdogan’s appointment of former Merrill Lynch executive Mehmet Simsek as the country’s new finance minister- who is well regarded by financial markets- heightened expectations for a return to more orthodox monetary policy and reduced government intervention in markets.

The return of Simsek, who was finance minister and deputy prime minister from 2009-2018, signaled a move away from the unorthodox rate cuts despite high inflation that has sparked a more than 80% erosion in the lira’s value in five years.

Under pressure from Erdogan, a self-described “enemy” of interest rates, the central bank slashed its policy rate to 8.5% from 19% in 2021 to boost growth and investment. But it sparked a record lira crisis in December of 2021 and sent inflation to a 24-year high above 85% last year, before retreating below 40% in May.

Many analysts expect the lira to weaken towards a range of 25-28 against the dollar, with Goldman Sachs revising its forecast to 28 to the dollar over the next 12 months, down from an earlier forecast of 22, according to its June 3 report.

The Turkish lira continues its downward trend on Wednesday morning, falling as much as 7.30% to a fresh record low of 23,20 per dollar, and 24,80 per euro, in its biggest daily selloff since a historic 2021 crash.

USDTRY, Daily chart

After the second round of presidential elections in Turkey on May 28 and the re-election of President Tayyip Erdogan, the Lira has lost nearly 15% of its value against the US dollar and 14% against the common currency, continuing the gradual depreciation.

The Turkish authorities show signs of abandoning efforts to support the bleeding Lira following the election process, after using up tens of billions of dollars of reserves to hold the lira steady in the preview months.

Erdogan’s appointment of former Merrill Lynch executive Mehmet Simsek as the country’s new finance minister- who is well regarded by financial markets- heightened expectations for a return to more orthodox monetary policy and reduced government intervention in markets.

The return of Simsek, who was finance minister and deputy prime minister from 2009-2018, signaled a move away from the unorthodox rate cuts despite high inflation that has sparked a more than 80% erosion in the lira’s value in five years.

Under pressure from Erdogan, a self-described “enemy” of interest rates, the central bank slashed its policy rate to 8.5% from 19% in 2021 to boost growth and investment. But it sparked a record lira crisis in December of 2021 and sent inflation to a 24-year high above 85% last year, before retreating below 40% in May.

Many analysts expect the lira to weaken towards a range of 25-28 against the dollar, with Goldman Sachs revising its forecast to 28 to the dollar over the next 12 months, down from an earlier forecast of 22, according to its June 3 report.

The Turkish lira continues its downward trend on Wednesday morning, falling as much as 7.30% to a fresh record low of 23,20 per dollar, and 24,80 per euro, in its biggest daily selloff since a historic 2021 crash.

USDTRY, Daily chart

After the second round of presidential elections in Turkey on May 28 and the re-election of President Tayyip Erdogan, the Lira has lost nearly 15% of its value against the US dollar and 14% against the common currency, continuing the gradual depreciation.

The Turkish authorities show signs of abandoning efforts to support the bleeding Lira following the election process, after using up tens of billions of dollars of reserves to hold the lira steady in the preview months.

Erdogan’s appointment of former Merrill Lynch executive Mehmet Simsek as the country’s new finance minister- who is well regarded by financial markets- heightened expectations for a return to more orthodox monetary policy and reduced government intervention in markets.

The return of Simsek, who was finance minister and deputy prime minister from 2009-2018, signaled a move away from the unorthodox rate cuts despite high inflation that has sparked a more than 80% erosion in the lira’s value in five years.

Under pressure from Erdogan, a self-described “enemy” of interest rates, the central bank slashed its policy rate to 8.5% from 19% in 2021 to boost growth and investment. But it sparked a record lira crisis in December of 2021 and sent inflation to a 24-year high above 85% last year, before retreating below 40% in May.

Many analysts expect the lira to weaken towards a range of 25-28 against the dollar, with Goldman Sachs revising its forecast to 28 to the dollar over the next 12 months, down from an earlier forecast of 22, according to its June 3 report.

Bitcoin hits a 3-month low of $25,500 after SEC sues Binance

Posted on by Vrasidas Neofytou

A similar picture is seen in the rest of the major digital coins, with Ether losing also 10% and falling briefly below the key $1,800 support level, Solana broke back below the $20 psychological level, while the metaverse-exposed Mana continued lower to $0.45 cents.

The selloff in the crypto exchange stocks rollover into the digital currencies sector as well, with the largest coin in capitalization Bitcoin losing nearly 10% since Monday morning, from the weekend’s highs of $27,500 to Monday’s intraday lows of $25,000, and down 20% from yearly highs of $31,000 hit on mid-April.

A similar picture is seen in the rest of the major digital coins, with Ether losing also 10% and falling briefly below the key $1,800 support level, Solana broke back below the $20 psychological level, while the metaverse-exposed Mana continued lower to $0.45 cents.

The selloff in the crypto exchange stocks rollover into the digital currencies sector as well, with the largest coin in capitalization Bitcoin losing nearly 10% since Monday morning, from the weekend’s highs of $27,500 to Monday’s intraday lows of $25,000, and down 20% from yearly highs of $31,000 hit on mid-April.

A similar picture is seen in the rest of the major digital coins, with Ether losing also 10% and falling briefly below the key $1,800 support level, Solana broke back below the $20 psychological level, while the metaverse-exposed Mana continued lower to $0.45 cents.

Bitcoin, 2-hour chart

The selloff in the crypto exchange stocks rollover into the digital currencies sector as well, with the largest coin in capitalization Bitcoin losing nearly 10% since Monday morning, from the weekend’s highs of $27,500 to Monday’s intraday lows of $25,000, and down 20% from yearly highs of $31,000 hit on mid-April.

A similar picture is seen in the rest of the major digital coins, with Ether losing also 10% and falling briefly below the key $1,800 support level, Solana broke back below the $20 psychological level, while the metaverse-exposed Mana continued lower to $0.45 cents.

Bitcoin, 2-hour chart

The selloff in the crypto exchange stocks rollover into the digital currencies sector as well, with the largest coin in capitalization Bitcoin losing nearly 10% since Monday morning, from the weekend’s highs of $27,500 to Monday’s intraday lows of $25,000, and down 20% from yearly highs of $31,000 hit on mid-April.

A similar picture is seen in the rest of the major digital coins, with Ether losing also 10% and falling briefly below the key $1,800 support level, Solana broke back below the $20 psychological level, while the metaverse-exposed Mana continued lower to $0.45 cents.

Bitcoin, 2-hour chart

The selloff in the crypto exchange stocks rollover into the digital currencies sector as well, with the largest coin in capitalization Bitcoin losing nearly 10% since Monday morning, from the weekend’s highs of $27,500 to Monday’s intraday lows of $25,000, and down 20% from yearly highs of $31,000 hit on mid-April.

A similar picture is seen in the rest of the major digital coins, with Ether losing also 10% and falling briefly below the key $1,800 support level, Solana broke back below the $20 psychological level, while the metaverse-exposed Mana continued lower to $0.45 cents.

Following the news of the Binance suit, investors turned net sellers across the crypto board, with Binance token BNB losing 9% to $277, and rival Coinbase stocks falling over 9% to $58.70 on Monday, adding further risk to the remaining large crypto exchanges, after a series of high-profile crypto exchange bankruptcies through 2022.

Bitcoin, 2-hour chart

The selloff in the crypto exchange stocks rollover into the digital currencies sector as well, with the largest coin in capitalization Bitcoin losing nearly 10% since Monday morning, from the weekend’s highs of $27,500 to Monday’s intraday lows of $25,000, and down 20% from yearly highs of $31,000 hit on mid-April.

A similar picture is seen in the rest of the major digital coins, with Ether losing also 10% and falling briefly below the key $1,800 support level, Solana broke back below the $20 psychological level, while the metaverse-exposed Mana continued lower to $0.45 cents.

Following the news of the Binance suit, investors turned net sellers across the crypto board, with Binance token BNB losing 9% to $277, and rival Coinbase stocks falling over 9% to $58.70 on Monday, adding further risk to the remaining large crypto exchanges, after a series of high-profile crypto exchange bankruptcies through 2022.

Bitcoin, 2-hour chart

The selloff in the crypto exchange stocks rollover into the digital currencies sector as well, with the largest coin in capitalization Bitcoin losing nearly 10% since Monday morning, from the weekend’s highs of $27,500 to Monday’s intraday lows of $25,000, and down 20% from yearly highs of $31,000 hit on mid-April.

A similar picture is seen in the rest of the major digital coins, with Ether losing also 10% and falling briefly below the key $1,800 support level, Solana broke back below the $20 psychological level, while the metaverse-exposed Mana continued lower to $0.45 cents.

Crypto market selloff:

Following the news of the Binance suit, investors turned net sellers across the crypto board, with Binance token BNB losing 9% to $277, and rival Coinbase stocks falling over 9% to $58.70 on Monday, adding further risk to the remaining large crypto exchanges, after a series of high-profile crypto exchange bankruptcies through 2022.

Bitcoin, 2-hour chart

The selloff in the crypto exchange stocks rollover into the digital currencies sector as well, with the largest coin in capitalization Bitcoin losing nearly 10% since Monday morning, from the weekend’s highs of $27,500 to Monday’s intraday lows of $25,000, and down 20% from yearly highs of $31,000 hit on mid-April.

A similar picture is seen in the rest of the major digital coins, with Ether losing also 10% and falling briefly below the key $1,800 support level, Solana broke back below the $20 psychological level, while the metaverse-exposed Mana continued lower to $0.45 cents.

Crypto market selloff:

Following the news of the Binance suit, investors turned net sellers across the crypto board, with Binance token BNB losing 9% to $277, and rival Coinbase stocks falling over 9% to $58.70 on Monday, adding further risk to the remaining large crypto exchanges, after a series of high-profile crypto exchange bankruptcies through 2022.

Bitcoin, 2-hour chart

The selloff in the crypto exchange stocks rollover into the digital currencies sector as well, with the largest coin in capitalization Bitcoin losing nearly 10% since Monday morning, from the weekend’s highs of $27,500 to Monday’s intraday lows of $25,000, and down 20% from yearly highs of $31,000 hit on mid-April.

A similar picture is seen in the rest of the major digital coins, with Ether losing also 10% and falling briefly below the key $1,800 support level, Solana broke back below the $20 psychological level, while the metaverse-exposed Mana continued lower to $0.45 cents.

The SEC suit marks an escalation in the regulatory crusade against the crypto industry seen this year, coming just months after the U.S. Commodity Futures Trading Commission also accused Binance of similar violations.

Crypto market selloff:

Following the news of the Binance suit, investors turned net sellers across the crypto board, with Binance token BNB losing 9% to $277, and rival Coinbase stocks falling over 9% to $58.70 on Monday, adding further risk to the remaining large crypto exchanges, after a series of high-profile crypto exchange bankruptcies through 2022.

Bitcoin, 2-hour chart

The selloff in the crypto exchange stocks rollover into the digital currencies sector as well, with the largest coin in capitalization Bitcoin losing nearly 10% since Monday morning, from the weekend’s highs of $27,500 to Monday’s intraday lows of $25,000, and down 20% from yearly highs of $31,000 hit on mid-April.

A similar picture is seen in the rest of the major digital coins, with Ether losing also 10% and falling briefly below the key $1,800 support level, Solana broke back below the $20 psychological level, while the metaverse-exposed Mana continued lower to $0.45 cents.

The SEC suit marks an escalation in the regulatory crusade against the crypto industry seen this year, coming just months after the U.S. Commodity Futures Trading Commission also accused Binance of similar violations.

Crypto market selloff:

Following the news of the Binance suit, investors turned net sellers across the crypto board, with Binance token BNB losing 9% to $277, and rival Coinbase stocks falling over 9% to $58.70 on Monday, adding further risk to the remaining large crypto exchanges, after a series of high-profile crypto exchange bankruptcies through 2022.

Bitcoin, 2-hour chart

The selloff in the crypto exchange stocks rollover into the digital currencies sector as well, with the largest coin in capitalization Bitcoin losing nearly 10% since Monday morning, from the weekend’s highs of $27,500 to Monday’s intraday lows of $25,000, and down 20% from yearly highs of $31,000 hit on mid-April.

A similar picture is seen in the rest of the major digital coins, with Ether losing also 10% and falling briefly below the key $1,800 support level, Solana broke back below the $20 psychological level, while the metaverse-exposed Mana continued lower to $0.45 cents.

The SEC complaint accused Binance of commingling user funds with a separate trading firm owned by Zhao, echoing the charges against now-bankrupt exchange FTX, which had allegedly carried out a similar practice, which eventually led to its collapse in November.

The SEC suit marks an escalation in the regulatory crusade against the crypto industry seen this year, coming just months after the U.S. Commodity Futures Trading Commission also accused Binance of similar violations.

Crypto market selloff:

Following the news of the Binance suit, investors turned net sellers across the crypto board, with Binance token BNB losing 9% to $277, and rival Coinbase stocks falling over 9% to $58.70 on Monday, adding further risk to the remaining large crypto exchanges, after a series of high-profile crypto exchange bankruptcies through 2022.

Bitcoin, 2-hour chart

The selloff in the crypto exchange stocks rollover into the digital currencies sector as well, with the largest coin in capitalization Bitcoin losing nearly 10% since Monday morning, from the weekend’s highs of $27,500 to Monday’s intraday lows of $25,000, and down 20% from yearly highs of $31,000 hit on mid-April.

A similar picture is seen in the rest of the major digital coins, with Ether losing also 10% and falling briefly below the key $1,800 support level, Solana broke back below the $20 psychological level, while the metaverse-exposed Mana continued lower to $0.45 cents.

The SEC complaint accused Binance of commingling user funds with a separate trading firm owned by Zhao, echoing the charges against now-bankrupt exchange FTX, which had allegedly carried out a similar practice, which eventually led to its collapse in November.

The SEC suit marks an escalation in the regulatory crusade against the crypto industry seen this year, coming just months after the U.S. Commodity Futures Trading Commission also accused Binance of similar violations.

Crypto market selloff:

Following the news of the Binance suit, investors turned net sellers across the crypto board, with Binance token BNB losing 9% to $277, and rival Coinbase stocks falling over 9% to $58.70 on Monday, adding further risk to the remaining large crypto exchanges, after a series of high-profile crypto exchange bankruptcies through 2022.

Bitcoin, 2-hour chart

The selloff in the crypto exchange stocks rollover into the digital currencies sector as well, with the largest coin in capitalization Bitcoin losing nearly 10% since Monday morning, from the weekend’s highs of $27,500 to Monday’s intraday lows of $25,000, and down 20% from yearly highs of $31,000 hit on mid-April.

A similar picture is seen in the rest of the major digital coins, with Ether losing also 10% and falling briefly below the key $1,800 support level, Solana broke back below the $20 psychological level, while the metaverse-exposed Mana continued lower to $0.45 cents.

SEC filed a complaint listing 13 charges against Binance- which has a market value of $44 billion, Changpeng Zhao, and the U.S. arm of Binance, claiming that Binance was operating a “web of dishonesty,” by inflating its trading volumes, misusing customer funds, and lying to investors over its regulatory compliance.

The SEC complaint accused Binance of commingling user funds with a separate trading firm owned by Zhao, echoing the charges against now-bankrupt exchange FTX, which had allegedly carried out a similar practice, which eventually led to its collapse in November.

The SEC suit marks an escalation in the regulatory crusade against the crypto industry seen this year, coming just months after the U.S. Commodity Futures Trading Commission also accused Binance of similar violations.

Crypto market selloff:

Following the news of the Binance suit, investors turned net sellers across the crypto board, with Binance token BNB losing 9% to $277, and rival Coinbase stocks falling over 9% to $58.70 on Monday, adding further risk to the remaining large crypto exchanges, after a series of high-profile crypto exchange bankruptcies through 2022.

Bitcoin, 2-hour chart

The selloff in the crypto exchange stocks rollover into the digital currencies sector as well, with the largest coin in capitalization Bitcoin losing nearly 10% since Monday morning, from the weekend’s highs of $27,500 to Monday’s intraday lows of $25,000, and down 20% from yearly highs of $31,000 hit on mid-April.

A similar picture is seen in the rest of the major digital coins, with Ether losing also 10% and falling briefly below the key $1,800 support level, Solana broke back below the $20 psychological level, while the metaverse-exposed Mana continued lower to $0.45 cents.

SEC filed a complaint listing 13 charges against Binance- which has a market value of $44 billion, Changpeng Zhao, and the U.S. arm of Binance, claiming that Binance was operating a “web of dishonesty,” by inflating its trading volumes, misusing customer funds, and lying to investors over its regulatory compliance.

The SEC complaint accused Binance of commingling user funds with a separate trading firm owned by Zhao, echoing the charges against now-bankrupt exchange FTX, which had allegedly carried out a similar practice, which eventually led to its collapse in November.

The SEC suit marks an escalation in the regulatory crusade against the crypto industry seen this year, coming just months after the U.S. Commodity Futures Trading Commission also accused Binance of similar violations.

Crypto market selloff:

Following the news of the Binance suit, investors turned net sellers across the crypto board, with Binance token BNB losing 9% to $277, and rival Coinbase stocks falling over 9% to $58.70 on Monday, adding further risk to the remaining large crypto exchanges, after a series of high-profile crypto exchange bankruptcies through 2022.

Bitcoin, 2-hour chart

The selloff in the crypto exchange stocks rollover into the digital currencies sector as well, with the largest coin in capitalization Bitcoin losing nearly 10% since Monday morning, from the weekend’s highs of $27,500 to Monday’s intraday lows of $25,000, and down 20% from yearly highs of $31,000 hit on mid-April.

A similar picture is seen in the rest of the major digital coins, with Ether losing also 10% and falling briefly below the key $1,800 support level, Solana broke back below the $20 psychological level, while the metaverse-exposed Mana continued lower to $0.45 cents.

Sellers have taken control of the cryptocurrency market since Monday after news that the U.S. Securities and Exchange Commission (SEC) sued the world’s largest cryptocurrency exchange Binance, and its founder and CEO Changpeng Zhao, alleging that Zhao was secretly controlling Binance as part of a “web of deception” to evade U.S. laws, among other charges, adding another blow to the crypto industry and exchanges of the world.

SEC filed a complaint listing 13 charges against Binance- which has a market value of $44 billion, Changpeng Zhao, and the U.S. arm of Binance, claiming that Binance was operating a “web of dishonesty,” by inflating its trading volumes, misusing customer funds, and lying to investors over its regulatory compliance.

The SEC complaint accused Binance of commingling user funds with a separate trading firm owned by Zhao, echoing the charges against now-bankrupt exchange FTX, which had allegedly carried out a similar practice, which eventually led to its collapse in November.

The SEC suit marks an escalation in the regulatory crusade against the crypto industry seen this year, coming just months after the U.S. Commodity Futures Trading Commission also accused Binance of similar violations.

Crypto market selloff:

Following the news of the Binance suit, investors turned net sellers across the crypto board, with Binance token BNB losing 9% to $277, and rival Coinbase stocks falling over 9% to $58.70 on Monday, adding further risk to the remaining large crypto exchanges, after a series of high-profile crypto exchange bankruptcies through 2022.

Bitcoin, 2-hour chart

The selloff in the crypto exchange stocks rollover into the digital currencies sector as well, with the largest coin in capitalization Bitcoin losing nearly 10% since Monday morning, from the weekend’s highs of $27,500 to Monday’s intraday lows of $25,000, and down 20% from yearly highs of $31,000 hit on mid-April.

A similar picture is seen in the rest of the major digital coins, with Ether losing also 10% and falling briefly below the key $1,800 support level, Solana broke back below the $20 psychological level, while the metaverse-exposed Mana continued lower to $0.45 cents.

Sellers have taken control of the cryptocurrency market since Monday after news that the U.S. Securities and Exchange Commission (SEC) sued the world’s largest cryptocurrency exchange Binance, and its founder and CEO Changpeng Zhao, alleging that Zhao was secretly controlling Binance as part of a “web of deception” to evade U.S. laws, among other charges, adding another blow to the crypto industry and exchanges of the world.

SEC filed a complaint listing 13 charges against Binance- which has a market value of $44 billion, Changpeng Zhao, and the U.S. arm of Binance, claiming that Binance was operating a “web of dishonesty,” by inflating its trading volumes, misusing customer funds, and lying to investors over its regulatory compliance.

The SEC complaint accused Binance of commingling user funds with a separate trading firm owned by Zhao, echoing the charges against now-bankrupt exchange FTX, which had allegedly carried out a similar practice, which eventually led to its collapse in November.

The SEC suit marks an escalation in the regulatory crusade against the crypto industry seen this year, coming just months after the U.S. Commodity Futures Trading Commission also accused Binance of similar violations.

Crypto market selloff:

Following the news of the Binance suit, investors turned net sellers across the crypto board, with Binance token BNB losing 9% to $277, and rival Coinbase stocks falling over 9% to $58.70 on Monday, adding further risk to the remaining large crypto exchanges, after a series of high-profile crypto exchange bankruptcies through 2022.

Bitcoin, 2-hour chart

The selloff in the crypto exchange stocks rollover into the digital currencies sector as well, with the largest coin in capitalization Bitcoin losing nearly 10% since Monday morning, from the weekend’s highs of $27,500 to Monday’s intraday lows of $25,000, and down 20% from yearly highs of $31,000 hit on mid-April.

A similar picture is seen in the rest of the major digital coins, with Ether losing also 10% and falling briefly below the key $1,800 support level, Solana broke back below the $20 psychological level, while the metaverse-exposed Mana continued lower to $0.45 cents.

Australian dollar jumps after a surprise rate hike by RBA to 4.10%

Posted on by Vrasidas Neofytou

Aussie has been trading in a downward trend since topping at nearly $0.71 in mid-February 2023, and eventually bottoming to $0.6484 on June 01, down nearly 10%.

 

Yet, the pair still trades below May’s highs of $0.68 as the recent escalated tension between U.S. and China for Taiwan, the major trade partner of Australia has been weighing on the Aussie outlook and keeps messing the optimism over the antipodean economy.

Aussie has been trading in a downward trend since topping at nearly $0.71 in mid-February 2023, and eventually bottoming to $0.6484 on June 01, down nearly 10%.

 

Yet, the pair still trades below May’s highs of $0.68 as the recent escalated tension between U.S. and China for Taiwan, the major trade partner of Australia has been weighing on the Aussie outlook and keeps messing the optimism over the antipodean economy.

Aussie has been trading in a downward trend since topping at nearly $0.71 in mid-February 2023, and eventually bottoming to $0.6484 on June 01, down nearly 10%.

 

The AUD/USD pair hit an intraday high of $0.6680 shortly after the rate hike decision, extending gains from last week on improved risk sentiment and a rebound on Chinese stock markets given some optimism over fresh stimulus from China’s administration, that will support imports from Australia and demand for the Australian dollar in the long term.

Yet, the pair still trades below May’s highs of $0.68 as the recent escalated tension between U.S. and China for Taiwan, the major trade partner of Australia has been weighing on the Aussie outlook and keeps messing the optimism over the antipodean economy.

Aussie has been trading in a downward trend since topping at nearly $0.71 in mid-February 2023, and eventually bottoming to $0.6484 on June 01, down nearly 10%.

 

The AUD/USD pair hit an intraday high of $0.6680 shortly after the rate hike decision, extending gains from last week on improved risk sentiment and a rebound on Chinese stock markets given some optimism over fresh stimulus from China’s administration, that will support imports from Australia and demand for the Australian dollar in the long term.

Yet, the pair still trades below May’s highs of $0.68 as the recent escalated tension between U.S. and China for Taiwan, the major trade partner of Australia has been weighing on the Aussie outlook and keeps messing the optimism over the antipodean economy.

Aussie has been trading in a downward trend since topping at nearly $0.71 in mid-February 2023, and eventually bottoming to $0.6484 on June 01, down nearly 10%.

 

Reserve Bank of Australia’s Governor Philip Lowe said, while inflation in the nation may have “passed its peak,” there are still indicators showing inflation persisting, forcing the central bank to respond with a fresh rate hike to bring down the nation’s inflation rate.

The AUD/USD pair hit an intraday high of $0.6680 shortly after the rate hike decision, extending gains from last week on improved risk sentiment and a rebound on Chinese stock markets given some optimism over fresh stimulus from China’s administration, that will support imports from Australia and demand for the Australian dollar in the long term.

Yet, the pair still trades below May’s highs of $0.68 as the recent escalated tension between U.S. and China for Taiwan, the major trade partner of Australia has been weighing on the Aussie outlook and keeps messing the optimism over the antipodean economy.

Aussie has been trading in a downward trend since topping at nearly $0.71 in mid-February 2023, and eventually bottoming to $0.6484 on June 01, down nearly 10%.

 

Reserve Bank of Australia’s Governor Philip Lowe said, while inflation in the nation may have “passed its peak,” there are still indicators showing inflation persisting, forcing the central bank to respond with a fresh rate hike to bring down the nation’s inflation rate.

The AUD/USD pair hit an intraday high of $0.6680 shortly after the rate hike decision, extending gains from last week on improved risk sentiment and a rebound on Chinese stock markets given some optimism over fresh stimulus from China’s administration, that will support imports from Australia and demand for the Australian dollar in the long term.

Yet, the pair still trades below May’s highs of $0.68 as the recent escalated tension between U.S. and China for Taiwan, the major trade partner of Australia has been weighing on the Aussie outlook and keeps messing the optimism over the antipodean economy.

Aussie has been trading in a downward trend since topping at nearly $0.71 in mid-February 2023, and eventually bottoming to $0.6484 on June 01, down nearly 10%.

 

RBA proceeded with another rate hike this morning and said that further tightening of monetary policy might be required to ensure that inflation returns to a range between 2%-3% target in a reasonable timeframe, which rose again in April to 6.8% year-on-year.

Reserve Bank of Australia’s Governor Philip Lowe said, while inflation in the nation may have “passed its peak,” there are still indicators showing inflation persisting, forcing the central bank to respond with a fresh rate hike to bring down the nation’s inflation rate.

The AUD/USD pair hit an intraday high of $0.6680 shortly after the rate hike decision, extending gains from last week on improved risk sentiment and a rebound on Chinese stock markets given some optimism over fresh stimulus from China’s administration, that will support imports from Australia and demand for the Australian dollar in the long term.

Yet, the pair still trades below May’s highs of $0.68 as the recent escalated tension between U.S. and China for Taiwan, the major trade partner of Australia has been weighing on the Aussie outlook and keeps messing the optimism over the antipodean economy.

Aussie has been trading in a downward trend since topping at nearly $0.71 in mid-February 2023, and eventually bottoming to $0.6484 on June 01, down nearly 10%.

 

RBA proceeded with another rate hike this morning and said that further tightening of monetary policy might be required to ensure that inflation returns to a range between 2%-3% target in a reasonable timeframe, which rose again in April to 6.8% year-on-year.

Reserve Bank of Australia’s Governor Philip Lowe said, while inflation in the nation may have “passed its peak,” there are still indicators showing inflation persisting, forcing the central bank to respond with a fresh rate hike to bring down the nation’s inflation rate.

The AUD/USD pair hit an intraday high of $0.6680 shortly after the rate hike decision, extending gains from last week on improved risk sentiment and a rebound on Chinese stock markets given some optimism over fresh stimulus from China’s administration, that will support imports from Australia and demand for the Australian dollar in the long term.

Yet, the pair still trades below May’s highs of $0.68 as the recent escalated tension between U.S. and China for Taiwan, the major trade partner of Australia has been weighing on the Aussie outlook and keeps messing the optimism over the antipodean economy.

Aussie has been trading in a downward trend since topping at nearly $0.71 in mid-February 2023, and eventually bottoming to $0.6484 on June 01, down nearly 10%.

 

According to the latest Reuters poll, nearly a two-thirds majority of economists, or 21 of 32, expected the RBA to hold its benchmark interest rate steady at 3.85% this Tuesday.

RBA proceeded with another rate hike this morning and said that further tightening of monetary policy might be required to ensure that inflation returns to a range between 2%-3% target in a reasonable timeframe, which rose again in April to 6.8% year-on-year.

Reserve Bank of Australia’s Governor Philip Lowe said, while inflation in the nation may have “passed its peak,” there are still indicators showing inflation persisting, forcing the central bank to respond with a fresh rate hike to bring down the nation’s inflation rate.

The AUD/USD pair hit an intraday high of $0.6680 shortly after the rate hike decision, extending gains from last week on improved risk sentiment and a rebound on Chinese stock markets given some optimism over fresh stimulus from China’s administration, that will support imports from Australia and demand for the Australian dollar in the long term.

Yet, the pair still trades below May’s highs of $0.68 as the recent escalated tension between U.S. and China for Taiwan, the major trade partner of Australia has been weighing on the Aussie outlook and keeps messing the optimism over the antipodean economy.

Aussie has been trading in a downward trend since topping at nearly $0.71 in mid-February 2023, and eventually bottoming to $0.6484 on June 01, down nearly 10%.

 

According to the latest Reuters poll, nearly a two-thirds majority of economists, or 21 of 32, expected the RBA to hold its benchmark interest rate steady at 3.85% this Tuesday.

RBA proceeded with another rate hike this morning and said that further tightening of monetary policy might be required to ensure that inflation returns to a range between 2%-3% target in a reasonable timeframe, which rose again in April to 6.8% year-on-year.

Reserve Bank of Australia’s Governor Philip Lowe said, while inflation in the nation may have “passed its peak,” there are still indicators showing inflation persisting, forcing the central bank to respond with a fresh rate hike to bring down the nation’s inflation rate.

The AUD/USD pair hit an intraday high of $0.6680 shortly after the rate hike decision, extending gains from last week on improved risk sentiment and a rebound on Chinese stock markets given some optimism over fresh stimulus from China’s administration, that will support imports from Australia and demand for the Australian dollar in the long term.

Yet, the pair still trades below May’s highs of $0.68 as the recent escalated tension between U.S. and China for Taiwan, the major trade partner of Australia has been weighing on the Aussie outlook and keeps messing the optimism over the antipodean economy.

Aussie has been trading in a downward trend since topping at nearly $0.71 in mid-February 2023, and eventually bottoming to $0.6484 on June 01, down nearly 10%.

 

AUD/USD pair, 2-hour chart

According to the latest Reuters poll, nearly a two-thirds majority of economists, or 21 of 32, expected the RBA to hold its benchmark interest rate steady at 3.85% this Tuesday.

RBA proceeded with another rate hike this morning and said that further tightening of monetary policy might be required to ensure that inflation returns to a range between 2%-3% target in a reasonable timeframe, which rose again in April to 6.8% year-on-year.

Reserve Bank of Australia’s Governor Philip Lowe said, while inflation in the nation may have “passed its peak,” there are still indicators showing inflation persisting, forcing the central bank to respond with a fresh rate hike to bring down the nation’s inflation rate.

The AUD/USD pair hit an intraday high of $0.6680 shortly after the rate hike decision, extending gains from last week on improved risk sentiment and a rebound on Chinese stock markets given some optimism over fresh stimulus from China’s administration, that will support imports from Australia and demand for the Australian dollar in the long term.

Yet, the pair still trades below May’s highs of $0.68 as the recent escalated tension between U.S. and China for Taiwan, the major trade partner of Australia has been weighing on the Aussie outlook and keeps messing the optimism over the antipodean economy.

Aussie has been trading in a downward trend since topping at nearly $0.71 in mid-February 2023, and eventually bottoming to $0.6484 on June 01, down nearly 10%.

 

AUD/USD pair, 2-hour chart

According to the latest Reuters poll, nearly a two-thirds majority of economists, or 21 of 32, expected the RBA to hold its benchmark interest rate steady at 3.85% this Tuesday.

RBA proceeded with another rate hike this morning and said that further tightening of monetary policy might be required to ensure that inflation returns to a range between 2%-3% target in a reasonable timeframe, which rose again in April to 6.8% year-on-year.

Reserve Bank of Australia’s Governor Philip Lowe said, while inflation in the nation may have “passed its peak,” there are still indicators showing inflation persisting, forcing the central bank to respond with a fresh rate hike to bring down the nation’s inflation rate.

The AUD/USD pair hit an intraday high of $0.6680 shortly after the rate hike decision, extending gains from last week on improved risk sentiment and a rebound on Chinese stock markets given some optimism over fresh stimulus from China’s administration, that will support imports from Australia and demand for the Australian dollar in the long term.

Yet, the pair still trades below May’s highs of $0.68 as the recent escalated tension between U.S. and China for Taiwan, the major trade partner of Australia has been weighing on the Aussie outlook and keeps messing the optimism over the antipodean economy.

Aussie has been trading in a downward trend since topping at nearly $0.71 in mid-February 2023, and eventually bottoming to $0.6484 on June 01, down nearly 10%.

 

AUD/USD pair, 2-hour chart

According to the latest Reuters poll, nearly a two-thirds majority of economists, or 21 of 32, expected the RBA to hold its benchmark interest rate steady at 3.85% this Tuesday.

RBA proceeded with another rate hike this morning and said that further tightening of monetary policy might be required to ensure that inflation returns to a range between 2%-3% target in a reasonable timeframe, which rose again in April to 6.8% year-on-year.

Reserve Bank of Australia’s Governor Philip Lowe said, while inflation in the nation may have “passed its peak,” there are still indicators showing inflation persisting, forcing the central bank to respond with a fresh rate hike to bring down the nation’s inflation rate.

The AUD/USD pair hit an intraday high of $0.6680 shortly after the rate hike decision, extending gains from last week on improved risk sentiment and a rebound on Chinese stock markets given some optimism over fresh stimulus from China’s administration, that will support imports from Australia and demand for the Australian dollar in the long term.

Yet, the pair still trades below May’s highs of $0.68 as the recent escalated tension between U.S. and China for Taiwan, the major trade partner of Australia has been weighing on the Aussie outlook and keeps messing the optimism over the antipodean economy.

Aussie has been trading in a downward trend since topping at nearly $0.71 in mid-February 2023, and eventually bottoming to $0.6484 on June 01, down nearly 10%.

 

The Australian dollar gained nearly 0.80% to $0.6680 a dollar on Tuesday morning after the Reserve Bank of Australia (RBA) board members decided to hike the Official Cash Rate (OCR) by another 25 basis points (bps) to 4.10% at its June 06 policy meeting, a hawkish surprise once again following another surprise 25 bps rate hike delivered in May.

AUD/USD pair, 2-hour chart

According to the latest Reuters poll, nearly a two-thirds majority of economists, or 21 of 32, expected the RBA to hold its benchmark interest rate steady at 3.85% this Tuesday.

RBA proceeded with another rate hike this morning and said that further tightening of monetary policy might be required to ensure that inflation returns to a range between 2%-3% target in a reasonable timeframe, which rose again in April to 6.8% year-on-year.

Reserve Bank of Australia’s Governor Philip Lowe said, while inflation in the nation may have “passed its peak,” there are still indicators showing inflation persisting, forcing the central bank to respond with a fresh rate hike to bring down the nation’s inflation rate.

The AUD/USD pair hit an intraday high of $0.6680 shortly after the rate hike decision, extending gains from last week on improved risk sentiment and a rebound on Chinese stock markets given some optimism over fresh stimulus from China’s administration, that will support imports from Australia and demand for the Australian dollar in the long term.

Yet, the pair still trades below May’s highs of $0.68 as the recent escalated tension between U.S. and China for Taiwan, the major trade partner of Australia has been weighing on the Aussie outlook and keeps messing the optimism over the antipodean economy.

Aussie has been trading in a downward trend since topping at nearly $0.71 in mid-February 2023, and eventually bottoming to $0.6484 on June 01, down nearly 10%.

 

The Australian dollar gained nearly 0.80% to $0.6680 a dollar on Tuesday morning after the Reserve Bank of Australia (RBA) board members decided to hike the Official Cash Rate (OCR) by another 25 basis points (bps) to 4.10% at its June 06 policy meeting, a hawkish surprise once again following another surprise 25 bps rate hike delivered in May.

AUD/USD pair, 2-hour chart

According to the latest Reuters poll, nearly a two-thirds majority of economists, or 21 of 32, expected the RBA to hold its benchmark interest rate steady at 3.85% this Tuesday.

RBA proceeded with another rate hike this morning and said that further tightening of monetary policy might be required to ensure that inflation returns to a range between 2%-3% target in a reasonable timeframe, which rose again in April to 6.8% year-on-year.

Reserve Bank of Australia’s Governor Philip Lowe said, while inflation in the nation may have “passed its peak,” there are still indicators showing inflation persisting, forcing the central bank to respond with a fresh rate hike to bring down the nation’s inflation rate.

The AUD/USD pair hit an intraday high of $0.6680 shortly after the rate hike decision, extending gains from last week on improved risk sentiment and a rebound on Chinese stock markets given some optimism over fresh stimulus from China’s administration, that will support imports from Australia and demand for the Australian dollar in the long term.

Yet, the pair still trades below May’s highs of $0.68 as the recent escalated tension between U.S. and China for Taiwan, the major trade partner of Australia has been weighing on the Aussie outlook and keeps messing the optimism over the antipodean economy.

Aussie has been trading in a downward trend since topping at nearly $0.71 in mid-February 2023, and eventually bottoming to $0.6484 on June 01, down nearly 10%.

 

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