Breaking News

Commodities Fundamental Report: Monday 3-4-2017

News Date: 3/4/2017 03:33:27
 

Euro attempts to recover, after last week economic data that showed a markable drop in euro-zone April inflation rates, below expectations, suggesting that the ECB comfortable with maintaining its quantitative easing policy, despite signs it gave to investors in March about The possibility of raising benchmark interest rates next year.

The EURUSD rose 0.18% to hit 1.0677.

Today, European economies will announce April Manufacturing PMIs, which are expected to show stability compared to the previous levels, which will have a limited impact on the euro.

Spot gold prices are still waiting for a number of key US data from the ISI Manufacturing Index today, and the US jobs report on Friday, which will give the Fed further signs of tightening monetary policy.

Spot gold prices are hovering around $ 1248.06 an ounce.

More US data better than expected will push gold downwards as it supports expectations of a Fed rate hike, reducing demand for gold as a safe haven.

US crude oil futures fell slightly, with concern over global oil supply glut after the number of US rig count indicated higher US shale production, while the strength of the US dollar increased negative pressure on the US dollar.

Futures Crude oil contracts for May delivery fell 0.37% to trade at $ 50.50 a barrel.

Last November, The Organization of the Petroleum Exporting Countries (OPEC) agreed with non-OPEC members including Russia to cut production to curb global supplies and support prices, and the expectation is to extend these cuts until the second half of next year.

But so far, alternative oil supplies remain high, including from the United States, as oil shale production rises, and doubts that Russia is not comply with the deal to cut output, preventing the market from re-balanced.

 Sponsored by: CloudsIndex.com

Latest news

The dollar index rise against six major currencies, including the British pound and the euro, rose to its highest level in 20 years, supported by the decline of the British pound. The euro recorded
09-2022 26 02:49:04

Crude oil futures rose during the Asian session today, Thursday, this rise came after a decline : after the US central bank raised interest rates to control inflation, which directly affected the dem
09-2022 22 02:20:30

Yesterday, Wall Street closed lower , following the US central bank’s meeting, which is expected to raise interest rates significantly. According to the data, the Standard & Poor's 500
09-2022 21 01:33:42

Today gold futures and crude oil futures rose during the Asian session. As the gold futures contract was traded in December at $1,685.30 an ounce, its price increased by 0.42%, after it had previous
09-2022 20 02:56:35

The dollar fell by about 1% from its highest level in 20 years, this comes when investors assessed some of the risks of large increases in interest rates expected by major central banks during this w
09-2022 19 01:28:27

More News

Logs

Advertisements