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Tag Archives: commodities

Oil Drops After Build Up of Oil Inventories in US

Oil prices dipped on Wednesday on renewed concerns about the efficacy of OPEC-led production cuts due to rising tensions within the export group over Qatar and growing U.S. output. Brent crude prices LCOc1 were at $49.70 per barrel at 1351 GMT, down 42 cents. Brent is about 8 percent below its open on May 25, when OPEC and other producers agreed to extend oil output cuts through to the first quarter of 2018. U.S. ...

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Oil, dollar and equities drop: Market update

Asian markets fell as Wall Street and oil fell overnight. The pound is inching higher ahead of Thursday’s general election. Forex GBP Sterling was up 0.1% against the dollar at $1.29 as investors bet on the outcome of Thursday’s general election. Conservatives are still in the lead with 43.4% of the vote. In second place is labour, with 36.5% of the vote. GBPUSD looks to be gaining some momentum ...

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Gold Remain High After Soft NFP, Terror Attack in London

Gold prices has paused on Monday, after gains of 1 percent on Friday. In the North American session, spot gold is trading at $1280.32 per ounce. On the release front, today’s key indicator was ISM Non-Manufacturing PMI. The index pointed to a slowdown in the services sector, dropping to 56.9 points. This was shy of the estimate of 57.1 points. US Employment numbers for May were unexpectedly soft...

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Gold Jumps to 5-Week Highs on Soft Nonfarm Payrolls

Gold prices have posted strong gains in Friday’s North American session, climbing 1 percent. Currently, spot gold is trading at $1274.13 an ounce. On the release front, US employment numbers were a major disappointment. Nonfarm Payrolls plunged to 138 thousand, well off the forecast of 181 thousand. Wage growth softened, as Average Hourly Earnings edged lower to 0.2%, matching the forecast. The ...

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USD/CAD Canadian Dollar Flat on Thin Holiday Trading

The Canadian dollar is trading close to the 1.3445 price level on a low volume session due to the US memorial Day and UK Bank Holidays. The pair has been moving in a tight trading range ahead of the next four days were a deluge of US data is expected. The highlight of the week is the release of the U.S. non farm payrolls (NFP) on Friday. The U.S. Federal Reserve is heavily anticipated to hike rates when the...

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USD/CAD Canadian Dollar Lower After OPEC Extension Announcement Meets Expectations

The Canadian dollar depreciated on Thursday after the price of oil fell close to 5 percent after the announcement by the Organization of the Petroleum Exporting Countries (OPEC) and other major producers to extend the production cut deal by an additional 9 months. Rumours and statements ahead of at the meeting in Vienna had built up some anticipation about a longer time extension or deeper production cuts. The OPEC agreed to extend a daily 1.8 million cut to the end...

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USD/CAD Canadian Dollar Higher After Central Bank Holds Rate

The Bank of Canada kept rates unchanged but statement was not all dovish The Canadian dollar is higher against the US dollar after the Bank of Canada (BoC) kept rates unchanged at 0.50 percent. The release of minutes from the Fed’s May meeting was full of surprises, but still felt short of the market expectations which are pricing in a rate hike in the...

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Week Ahead Political Risk to Drive Dollar

James Comey to Testify in Russia probe The US dollar is lower across the board and has given all the 2017 gains to end up near pre-elections levels. The turmoil in Washington continues to be the main driving factor for markets with the potential testimony of former FBI Director James Comey on Wednesday the biggest event risk for the greenback. The U.S. Federal Reserve has sent mixed signals via non-voting members on the path of rate hikes...

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Inventories Wrong-foot Crude

Overnight Crude Inventory numbers pulled the rug out from under the feet of the oil rally. The surprise jump of 1.6 million barrels against an expected drop of 400,000 barrels was at odds with the API’s 1.8 million drawdowns on Tuesday. Both Brent and WTI immediately gave up all the day’s gains to finish down around 0.50% on the day. The oil market also seems to...

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Hedge Funds Reduce Large Oil Positions Uncertain About Supply

Hedge funds have continued liquidating their large bullish position in crude amid doubts about the pace and timing of any rebalancing in the oil market. Hedge funds’ net position in Brent and WTI has been cut to 642 million barrels, down from a record 951 million barrels on Feb. 21 (tmsnrt.rs/2nvXl0M). The spread of risks between further long liquidation and new...

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