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Sterling climbs for second straight session

Economies.com
2021-10-26 08:40AM UTC

Sterling rose in European trade against dollar for another session on prospects of increasing monetary policy and raising interest rates by the Bank of England to counter increasing inflationary pressures.

 

GBP/USD rose 0.2% to 1.3788, with an intraday low at 1.3756, after climbing 0.1% yesterday, the first profit in three days, resuming the gains of yesterday away from five-week highs at 1.3835. 

 

Bank of England is scheduled to meet next week on November 4 to discuss monetary policies appropriate for economic development amid prospects of cutting down the assets purchases program in a step that might lead to raising interest rates.

 

Markets are pricing in a 60% chance of policy tightening by the Bank of England in order to control the increasingly out of control inflation. 

 

Bank of England Governor Andrew Bailey said last week the central bank will have to clearly move to control inflation and counter potential risks. 

Dow Jones and S&P 500 close at new records

Economies.com
2021-10-25 20:34PM UTC

US stock indices rose on Monday, and hit new records, amid anticipation of more quarterly business reports.

 

Wall Street rebounded today the technology and energy sectors, especially after Tesla stock jumped, amid anticipation of major earning reports in the coming days, led by Apple, Microsoft, and Facebook.

 

Concerns over the pandemic are escalating due to the rising number of coronavirus infections in several countries such as Russia and the UK.

 

To the oil market, WTI crude November futures held at $83.76 a barrel, after hitting the highest level since October 2014 above $85.

 

Brent December futures rose 0.5% or 46 cents, and closed at the highest level since October 2018 of $85.99 a barrel.

 

As for stocks, Dow Jones rose 0.2% or 64 points, and closed at 35,741, with a day high of 35,787, and a low of 35,629.

 

S&P 500 rose 0.5% or 21 points to 4,566, after hitting a high of 4,572 and a low of 4,537 points.

 

Nasdaq rose 0.9% or 136 points to 15,226, with a high of 15,259 and a low of 15,070.

Silver rises, shrugs off rising dollar and stocks

Economies.com
2021-10-25 18:29PM UTC

Silver prices rose on Monday, and rugged off the US dollar's rise against most of its peers.

 

The market is awaiting major earning reports in the coming days, especially in the tech sector, led by Apple, Microsoft, Alphabet and Amazon.

 

Concerns over the pandemic are escalating due to the rising number of coronavirus infections in several countries such as Russia and the UK.

 

Federal Reserve members stated that the pandemic caused the retirement of 3 million US citizens.

 

The dollar index rose against a basket of major currencies by 0.2% to 93.8 points as of 18:18 GMT, after hitting a high of 93.9 points and a low of 93.4 points.

 

Gold spot prices rose 0.8% to $24.6 an ounce as of 18:18 GMT, with a day high at $24.6, and a low at $24.3

Dollar maintains gains during trading

Economies.com
2021-10-25 17:29PM UTC

The US dollar rose against most of its peers on Monday, as investors turned to various assets.

 

The market is awaiting major earning reports in the coming days, especially in the tech sector, led by Apple, Microsoft, Alphabet and Amazon.

 

Concerns over the pandemic are escalating due to the rising number of coronavirus infections in several countries such as Russia and the UK.

 

Federal Reserve members stated that the pandemic caused the retirement of 3 million US citizens.

 

Investors are worried about the return of lockdown restrictions and social distancing, which impact the performance of economies, which is apparent in the Russian government's decision to reimpose lockdown in some areas where the virus has spread.

 

The dollar index rose against a basket of major currencies by 0.2% to 93.8 points as of 17:18 GMT, after hitting a high of 93.9 points and a low of 93.4 points.