Inflation in the Eurozone climbed to an annual rate of 5 percent in December, the second-consecutive record, according to the European Union statistics office’s initial estimate, which was released on Friday.The rate was slightly higher than the previous month’s increase of 4.9 percent. Inflation around the world has jumped as …
Read More »US Drillers Add Oil, Gas Rigs For Fourth Week
US energy companies kicked off the new year by continuing to add oil and natural gas rigs this week after increasing the rig count in 2021 after two years of declines.The oil and gas rig count, an early indicator of future output, rose two to 588 in the week to …
Read More »WTI Maneuvering Geopolitical Worries, Still Targeting Solid Weekly Gains
WTI slipped back under $79.00 on Friday but remains on course for substantial weekly gains. Supply as well as geopolitical issues have been key drivers of oil this week, with the broader macro-economic story taking a back seat. Oil prices have come under modest selling pressure on the final day …
Read More »Weaker USD Shields Gold From Surging Yields
Gold has been swinging either side of the $1790 level in recent trade in wake of the latest jobs report. XAU/USD is being shielded from higher yields by the weaker US dollar, and if this reverses, gold will be in trouble.Gold is nervously holding on to very modest on-the-day gains …
Read More »Oil Jumps on Supply Concerns With Kazakhstan Unrest
Oil prices rose on Friday and headed for the highest weekly increase since mid-December, due to unrest in Kazakhstan and production outages in Libya, which raised concerns about supplies. Brent crude futures rose 76 cents, or 0.9 percent, to $82.75 a barrel by 0939 GMT. US West Texas Intermediate crude …
Read More »What to Expect From US Employment Data?
Markets are awaiting the release of US employment data during December at 13:30 GMT. This data will be necessary given its strong impact on the dollar and the currency market movements. Markets expect to add 400,000 jobs in December, compared to 210,000 jobs previously recorded. Expectations also indicate a decline …
Read More »Market Drivers – US Session – 6 January
The North American trading session closed Thursday with prevalent passive performance, while the US dollar has managed to retain its gains against most of the major currencies since the release of FOMC minutes.Economic DataThe weekly jobless claims reading rose to 207 thousand claims for the week ending 31 December, compared …
Read More »ISM Data Reflects Status Of US Economic Recovery
US businesses and firms have eventually managed to cope with shortages and Omicron. The ISM services index falls to three-month low of 62% from record 69.1%. Most US companies that service customers are still doing brisk business, but omicron threatens to dampen sales. The ISM figures have revealed that CVS, …
Read More »Could NFP Data Ignite More Hawkish US Policy?
The financial markets’ traditionally favorite US economic statistic has been dethroned, and new classes of data became of higher importance. For the next several quarters, the main role of Nonfarm Payrolls will be to support, reinforce and confirm the Federal Reserve’s new policy which is highly sensitive to inflation. Short …
Read More »USD/CAD Slides On Strong Oil
The Canadian dollar is struggling to navigate the latest omicron wave with mixed performance against the rising commodity prices.Oil Prices have left the pair in the middle of the range over the past six weeks with the bottom at 1.2600 and top at 1.2950. With all the lockdowns in Canada …
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