Market News

The Pound Sterling dipped and struck a 2-week low versus the US Dollar after the greenback got a boost from the Federal Reserve Bank chairwoman.

In her comments on Tuesday, Federal Reserve Chair Janet Yellen discussed the need to continue with interest rate hikes despite uncertainty about the path of inflation

Earlier, the Pound Sterling had edged higher versus the Euro and struck a fresh 10-week peak, pushed higher by growing worries over Germany’s political future.

Turkish President Tayyip Erdogan’s threat to cut crude flows from Iraq’s Kurdistan region sent oil prices higher on Thursday morning, extending the commodity’s gains for the fifth straight day.

The Pound Sterling recovered from last Friday’s slide which came on the heels of the Prime Minister’s disappointing speech.

Angela Merkel has won a fourth term as the Chancellor of Germany, but she faces significant challenges in creating a coalition, an obstacle that has sent the euro lower during Monday’s Asian trading session.

This week will see a less busy news agenda, with monthly policy commentaries and bid rates due only from the Reserve Bank of New Zealand.

The Pound Sterling steadied on Thursday after the US Federal Reserve indicated a likely rate hike by year’s end.

The US Dollar was broadly higher and touched on a 2-month peak against the Japanese Yen after the Federal Reserve indicated that a December rate hike was still a possibility.

The New Zealand Dollar, aka the Kiwi, took the lead in movements among major currency pairs after the latest New Zealand poll showed a wide lead for the ruling National Party ahead of this weekend’s general elections.

Wall Street closed at record highs once again on Tuesday, but Asian stocks haven’t followed the trend, instead remaining fairly stable, rather than heading higher.

The US Dollar struck a fresh 8-week peak versus the Japanese Yen ahead of the start of a 2-day monetary policy meeting of the Federal Reserve Bank.

All eyes are on the U.S. Federal Reserve which is beginning its two-day policy meeting today after which the Fed is largely expected to keep interest rates stable while announcing a plan to reduce its balance sheets.

The Pound Sterling struck a 15-month peak versus its US counterpart ahead of Mark Carney’s speech later today.

Oil prices remained firm during Mondays Asian trading session and hovered near multi-month highs after U.S. drilling for new production declined and U.S. refineries continued their reboot after getting hit by Hurricanes Harvey and Irma earlier this month.