On Monday, gold prices crossed the $2,000 mark for the first time in a year and a half as investors sought that safe haven in the wake of the escalating Russia-Ukraine crisis while fears of a halt in palladium supplies pushed to an all-time high. And gold rose in spot …
Read More »Oil Price Rises Ten Percent in Asia
Oil prices rose more than ten percent in frantic trading on Monday due to fears of a US and European embargo on Russian oil and delays in Iran’s nuclear talks. Brent price rose $12.73 to $130.84, while US crude rose $9.92 to $125.60. And after Brent crude rose 21 percent …
Read More »Weekly Recap 28 Feb – 4 Mar
The forex markets ended the week’s trading negatively, especially after Russia bombed one of the largest nuclear power plants in Ukraine. The US dollar ended the trading on significant gains, taking advantage of the war in Ukraine, in addition to the speech of Jerome Powell, Chairman of the Board of …
Read More »Market Drivers – US Session – 4 March
The US dollar has benefited from two main things ; firstly, it is looked upon as a safe-haven currency, meaning this week’s choppy equity market conditions weighed on GBP/USD. Secondly, though the BoE does have a head start versus the Fed having kicked off its hiking cycle at the end …
Read More »US Oil Drilling Rig Count Down For First Time In 6 Weeks
Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil was down by three to 519 this week. That followed increases in each of the last five weeks, Baker Hughes data show. The total active U.S. rig count, which includes those drilling for natural gas, …
Read More »Strong Jobs Data Evidence COVID’s Fading Impact On US Economy
In a buoyant sign for the US economy, businesses stepped up their hiring last month as Omicron faded and more Americans ventured out to spend at restaurants, shops and hotels despite surging inflation.Employers added a robust 678,000 jobs in February, the largest monthly total since July, the Labor Department reported …
Read More »White House Pondering Options To Cut Russian Energy Consumption
The White House on Friday confirmed earlier reports that it is looking at options to cut US consumption of Russian energy. The White House labelled Russia’s attack on a nuclear plant in Ukraine as the “height of irresponsibility” and said that targeting civilian infrastructure would constitute a war crime. An …
Read More »USD/CAD Jumps After Strong US Jobs Data
USD/CAD sharply reversed direction higher on Friday after the release of what traders described as a bumper US labour market report boosted the US dollar and amid a distinctly risk-off market tone weighed on the more risk-sensitive Canadian dollar.The pair started the session below 1.2700, but at one point had …
Read More »Gold Sets USD 1,975 as Next Bullish Target
Gold continues to find demand amid the ongoing Russia-Ukraine crisis. The technical picture suggests that XAU/USD remains bullish in the near-term, pointing to additional gains towards USD 1,975.US inflation data and geopolitical headlines to drive next week’s action. On Wednesday, the US Bureau of Labor Statistics will release the February …
Read More »What do you know about Ukraine?
Ukraine is a relatively small country wedged between Russia and Europe. It was part of the Soviet Union until 1991; it has been a less-than-perfect democracy with a fragile economy and foreign policy that wavers between pro-Russian and pro-European. In November 2013, President Viktor Yanukovych refused a deal for integration …
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