FXHIGHWAY

 Breaking News

Oil prices slump to 3-1/2 month lows after BoJ disappointment

News Date: 29/7/2016 05:22:11
 
Oil prices tumbled to fresh multi-month lows alongside other commodities, while the yen surged versus its rivals after the Bank of Japan disappointed investors by less-than-expected easing measures, as it only doubled its purchases of exchange-traded funds to $58 billion, leaving every thing else the same.

U.S. crude futures tumbled for the eight session to $40.63 a barrel, with a 1.22% loss and a 3-1/2 month low at $40.58, while Brent crude futures shed 1.41% to hover around $42.62 a barrel.

The yen spiked to fresh two-week highs after BoJ's decisions, last trading at 103.68 against the dollar, up 1.50% on the day, and after touching an earlier high at 102.72.

Other commodities suffered losses alongside oil, with gold futures down nearly three dollars, or 0.21% to $1,338 an ounce, while silver futures lost nine cents, or 0.47% to hover around $20.09 an ounce. Copper gave up 0.23% to $2.204 a pound.

Investors await an array of data later, with U.S. GDP expected to have grown 2.6% annually in the second quarter, which would help the dollar regain its footing.

U.S. consumer spending is forecast to inch up in a survey to 90.2 in July from June's 89.2, which would confirm the steadiness of consumer spending and uphold the dollar as well.

Latest news

After the long collapse, the American labor market is achieving some relative recovery, as the number of added jobs yesterday reached 4,800 million jobs, which exceeded all expectations, and came as
07-2020 03 00:34:55

Beginning with the latest developments in commodities, the gold futures contracts started this morning with a rise of 0.70%, to be traded at 1784.56 dollars an ounce, after opening at 1771.61 dollar
07-2020 01 03:47:05

Oil prices continued to lose their losses after the recovery in demand decreased, due to the high number of injuries they suffer, and Brent crude fell by the same percentage 2%, which in turn pays to
06-2020 29 05:49:33

The US dollar concluded its research for the week, sticking to its gains, which means that the demand remains on the latter, and this is due to it being a safe haven in light of fears and concerns ab
06-2020 26 06:34:32

The US stock indexes on Wall Street ended their trading high, thanks to the support of the economic data that led them to the rise, which showed that the contraction of the economy in the manufacturi
06-2020 24 00:45:21

More News

Logs

Advertisements