Iraqi Minister Ihsan Abdul Jabbar said late Saturday, OPEC and its allies (OPEC+) will be able to meet the oil demand by its planned increase to the monthly oil output, per Bloomberg. Key quotes “Rising prices for natural gas and coal in Asia and Europe could lead to a rise in oil demand this winter.” “Monthly increases
FX
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AUD/USD fell on broad US dollar strength, as the greenback rose almost 1% in the US Dollar Index. European stock indices fell, while US equity indices rose, depicting a mixed-market sentiment, which benefited the US Dollar. US Core PCE rise overshadowed the Australian Retail Sales jump, weighed on the AUD/USD. The Australian dollar slid for
The pound finds buyers at 1.3665 after a 0.75% daily decline. The sterling suffers against a stronger USD. GBP/USD’s reaction to the BoE is unpredictable – MUFG. The British pound is attempting to find support at 1.3665 lows on Friday’s late US trading, after plummeting more than 0.7% on the day. End-of-month moves with November’s
Euro under pressure around the London fix, drops across the board. US dollar strengthens even as US yields pull back. EUR/USD drops a hundred pips from weekly highs. The EUR/USD pair is accelerating the decline on Friday amid a stronger US Dollar across the board. Around the last London fix of October, the pair dropped
“OPEC+ now sees some more room for its crude in the market,” Energy Intelligence reports, citing an initial draft of a report prepared ahead of the alliance’s November 4 meeting. At its last meeting, OPEC+ decided to maintain the planned 400K barrel per day (bpd) increase in oil output. Meanwhile, it was reported earlier on
As expected, the European Central Bank (ECB) left its key policy measures on hold. President Lagarde noted that the impact of COVID-19 was fading and that the Governing Council spent most of its meeting discussing inflation. In the view of economists at TD Securities, EUR/USD is to test resistance near 1.1680 off the back of
S&P 500 Futures consolidates recent losses amid cautious optimism. US Democrats expect deal on President Biden’s stimulus plan on Thursday. Fed tapering tantrum, cautious mood ahead of US GDP, ECB challenge buyers. S&P 500 Futures print mild gains around 4,550 during early Thursday. The risk barometer cheers the hopes of US stimulus while also marking
The Bank of Canada (BoC) said in its fall Monetary Policy Report (MPR) that it lowered the 2021 Gross Domestic Product (GDP) growth forecast to 5.1% from 6% in July’s MPR. Key takeaways from MPR as summarized by Reuters “2021 Q2 annualized GDP was -1.1% (vs +2.0% in July MPR), Q3 annualized GDP seen +5.5% (vs
Gold has been offered in a mixed session, with the US dollar holding at higher levels. The risk-on sentiment has dented the allure of the safe-haven metal. Central banks and economic data could love the needle over the next couple of weeks. Update: Gold price is looking to extend Tuesday’s sell-off, as the sellers find a
Following a contraction of 1.4% in August, New Home Sales in the US surged by 14% in September, the data published by the US Commerce Department showed on Tuesday. This reading surpassed the market expectation for an increase of 1.5% by a wide margin. Further details of the publication revealed that the median sale price
NZD/USD refreshes intraday low, teasing confirmation of a bullish chart pattern. Weekly support line, 200-HMA joins firmer RSI to challenge bears. Monthly top, early June’s swing high lure pair buyers. NZD/USD pokes resistance line of a two-day-old descending triangle around 0.7170, up 0.15% intraday, during early Tuesday. Given the Kiwi pair’s ability to rebound from
Gold caught some fresh bids on Monday amid the latest COVID-19 breakout in China. Resurgent USD demand, elevated US bond yields could cap gains for the commodity. Acceptance above 100/200-day SMAs supports prospects for further near-term gains. Gold attracted fresh buying on the first day of a new trading week and built on the intraday
Silver eases from key SMA, keeps late Friday’s pullback from seven-week top. Bullish candlestick formation, MACD conditions keep buyers hopeful. September’s high add to the upside filters, fortnight-old support line probe sellers. Silver (XAG/USD) stays mildly bid around $24.35 during early Monday. The bright metal refreshed multi-day high the previous day before reversing from $24.82.
GBP/USD Weekly Forecast: Time for a meaningful downside correction? Covid and US GDP eyed GBP/USD has been rising amid speculation of a BOE rate hike and risk-on-related dollar weakness. UK covid headlines, US GDP and US politics are set to move markets ahead of Halloween. Late October’s daily chart is painting a mixed picture. A rate hike in
XAU/USD ended the day in a high tone, clung above $1,790.00. Fed’s Chairman Powell: High inflation will likely last well into next year. XAU/USD: Has an upward bias, but higher US bond yields and market sentiment could impact the non-yielding metal. Gold (XAU/USD) finished the day at $1,792.59 for a 0.54% gain at the time
WTI futures pare losses and return near multi-year highs at $83.95. Oil prices consolidate after a six-week rally. Front-month WTI futures have bounced up at $82.50, regaining previous losses to return to levels near multi-year highs at $83.95. On a broader picture, however, crude prices remain within previous ranges, consolidating after a nine-week rally. Oil’s
BoE’s Chief Economist Huw Pill: Inflation in the UK could top 5%. Brexit: The EU could terminate the post-Brexit trade deal with the UK. EUR/GBP: The 1-hour chart depicts the pair is tilted to the upside, confirmed by RSI at 63.50 and aiming higher. The EUR/GBP edges higher as the New York session progresses, gains