MELBOURNE: Oil prices rose early on Friday, adding to big gains overnight after OPEC and its allies agreed to not increase supply in April as they await a more solid recovery in demand from the coronavirus pandemic. U.S. West Texas Intermediate (WTI) crude futures climbed 17 cents, or 0.3%, to $64.00 at 0128 GMT, holding
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Fed Chair Jerome Powell’s lack of concrete hint on action against rising nominal rates sent treasury yield higher, and stocks lower overnight. Dollar rode on risk aversion and jumped sharply higher. Nevertheless, the greenback’s rally was concentrated against Euro, Swiss Franc and Yen only. Sterling, Canadian, and Australian are indeed still rather resilient. In particular,
More OPEC headlines Russia and Kazakhstan will be allowed to modestly increase oil output in April, according to a report. Further reports also say that existing quotas will be rolled over. One report says Saudis will keep their voluntary 1mbpd cut through April. That was not the baseline at all but it’s still murky. Assuming
LONDON: Saudi Arabia‘s energy minister said on Thursday that the situation in the oil market had improved but the outlook for a recovery in demand remained uncertain. Prince Abdulaziz bin Salman was speaking at the opening of a meeting of the Organization of the Petroleum Exporting Countries, Russia and its allies, a group known as
Selloff in Swiss Franc and Yen is the main focus today. But the forex markets are mixed elsewhere. Commodity currencies are mildly firmer as led by Aussie, but major pairs are just bounded in very tight range at the time of writing. Euro, Sterling and Dollar are mixed for the moment. But the picture could
Forex news for Asia trading for Thursday 4 March 2021 the Australian dollar was a mover (relatively speaking) in majopr FS during the session here today, helped along by a trade balance data release (for January) that came in at +10bn vs. +6.8bn expected (see bullets above for more detail in the numbers) and the
SINGAPORE: Oil prices rose for a second straight session on Thursday, as the possibility that OPEC+ producers might decide against increasing output at a key meeting later in the day underpinned alongside a drop in U.S. fuel inventories. Brent crude futures added 11 cents, or 0.2%, to $64.18 a barrel, as of 0148 GMT, after
Sluggish demand and rising output to profit from strong oil prices lifted US inventory significantly last week. The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks dropped -2.8 mmb to 1282 mmb in the week ended February 26. Crude oil inventory jumped remarkably, by
Precious metals beaten up Gold is down $33 to $1705 and silver is down more than 3% as the ugly run continues for gold. I’m not sure I can name a more-hated financial asset right now than gold. I highlighted yesterday that the bounce looked very much like a dead cat-variety rebound. I think there’s
NEW DELHI: Gold futures on Wednesday fell by 0.58 per cent to Rs 45,284 per 10 gram as participants offloaded their holdings on a low spot demand. On the Multi Commodity Exchange, gold prices for April delivery slipped by Rs 264, or 0.58 per cent, to Rs 45,284 per 10 gram in a business turnover
Dollar recovers in early US session as sluggish ADP job growth drags down stock futures. Additionally, treasury yields are having a mild rebound. At this point, Sterling is following as the strongest followed the day, then Canadian. New Zealand Dollar is leading Australian Lower, followed by Swiss Franc and Yen. Eyes will now be on
The Department of Health in Hong Kong said on Tuesday night that it received a suspended serious adverse event following COVID-19 vaccination involving a 63-year-old man who received a COVID-19 vaccine on February 26. The man subsequently developed shortness of breath on Sunday and attended the Queen Elizabeth Hospital for treatment, and passed away on
MELBOURNE: Oil prices were down in early trade on Wednesday, extending several days of losses, amid uncertainty over how much supply producing countries will push to restore to the market at a meeting this week while the coronavirus pandemic persists. U.S. West Texas Intermediate (WTI) crude futures fell 18 cents, or 0.3%, to $59.57 a
As widely anticipated, the RBA left all monetary policy measures unchanged. As a summary, the cash rate target, the 3-year Australian Government Bond ‘Yield Curve Control’ (YCC) target and the Term Funding Facility (TFF) interest rate all stay at 0.1%. While acknowledging the upbeat economic developments, policymakers pledged to make further adjustments to its purchases
Commodity boom in everything extends to milk Fronterra’s GlobalDairyTrade auction put the average price at $4231, which is a 15.0% increase, including 21.0% in whole milk powder. Not only is that huge jump, but it’s the 8th consecutive auction with higher prices. Prices are up around 40% since November. Invest in yourself. See our forex
NEW DELHI: Silver futures on Tuesday dropped by Rs 1,373 to Rs 67,427 per kg as participants reduced their bets on low demand. On the Multi Commodity Exchange, silver contracts for May delivery tumbled by Rs 1,373, or 2 per cent, to Rs 67,427 per kg in a business turnover of 12,801 lots. Silver traded
Euro is under some pressure today after a heavy ECB official indicated the readiness to response to surging yields. But Swiss Franc is not too far behind. The forex markets are mixed elsewhere. Dollar is currently the stronger one, together with Aussie and Sterling. Meanwhile, Kiwi is the weaker commodity currencies. Canadian Dollar is mixed,
There has been no let-up on the offer in oil with prices falling further during the Asian timezone so far. I’ve been posting on the upcoming OPEC+ meeting: An overnight summary from ANZ raises similar concerns on a potential boost in output, in brief: traders look ahead nervously to the OPEC meeting with signs that