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Commodities Fundamental Report: Thursday 23-03-2017

News Date: 23/3/2017 03:28:41
 

The pound remains steady around a two-week high against the greenback, despite loud bangs outside the British parliament, but police described it as a firearm incident on the Westminster Bridge near Parliament.

The pair settled around 1.2486 against the US dollar

Today we are waiting on the economic calendar a very important Britain economic indicator, retail sales in February, which is expected to rise 0.4% from the previous reading -0.3%, if the reading is higher than expectations, this will give the pound the strength to continue to rally higher.

This statement measures consumer consumption levels, which are one of the most important components of GDP, so their improvement supports the economic recovery in the country.

Gold prices are still hovering around a three-week high supported by a weak dollar, and a wave of concern over the ability of US President Trump to pass economic support projects, which in turn drives investors to buy gold as a safe haven.

Spot gold prices are hovering around $ 1246.99 an ounce.

The inability of US President Donald Trump to deliver on his campaign promises will hit financial markets, especially equity markets, with a wave of frustration that will push them down, and gold demand will increase as a safe haven as a store value.

Crude oil is trying to recover after yesterday's sharp drop, affected by a report by the US Energy Information Administration, which showed a higher-than-expected built in inventories.

Futures Crude oil contracts for May delivery rose 0.41% to trade at $ 48.40 a barrel.

Crude fell yesterday to $ 47.07 a barrel (the lowest since November) after the US weekly EIA report showed a rise of 5.48 million barrels, higher than the estimated 1.9 million barrels, compared to the previous decline of -0.2 million barrels.

The current recovery of crude oil is a correction movement after touching the pivotal levels, which are not expected to last long, amid a marked rise in stockpiles and ongoing talks about OPEC cutting oil production to control global supply glut.


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