Market Update

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, the group known as OPEC+, is expected to discuss a potential extension of the oil supply deal beyond April 2022 on Thursday, Reuters reported, citing two OPEC+ sources.

According to a report seen by Reuters, an OPEC+ committee warned of “significant uncertainty” and the risk of a possible disruption to the global oil market after April 2022. The report also showed that the committee, known as the Joint Technical Committee, expects a surplus of oil by the end …

The dollar is set to record its best monthly gain since March on Wednesday, June 30, supported by traders’ concerns ahead of hard-to-predict US jobs data and concern that the delta strain of the Coronavirus will delay the recovery from the pandemic. The dollar gained about 2.5% against a basket …

Eurozone’s annual CPI matched expectations at 1.9% but eased slightly for May as data showed on Wednesday from Eurostat. Core numbers also fell to 0.9% y/y in June versus 1.0% recorded in May. “Looking at the main components of euro area inflation, energy is expected to have the highest annual …

Japanese stocks fell on Wednesday, June 30, as the highly contagious delta strain of the coronavirus spread in Asia, while the benchmark index suffered losses in June on worries about the economic outlook. The stock market ended the last trading day of the month with a loss for the tenth …

Gold hovered around a two-month low on Wednesday, June 30, as investors awaited US jobs data for greater clarity on the US Federal Reserve’s stance on policy, while the yellow metal headed for its worst monthly decline since November 2016. And gold fell in spot transactions 0.2% to $ 1757.76 …

The Euro (EUR) declined on Tuesday as the U.S. Dollar (USD) rose across the board with Treasury bond yields rebounding ahead of the jobs data. The EUR/USD pair lost 0.21% to reach 1.1899, its biggest loss and lowest level since June 18. This is the second consecutive daily loss for …

The British Pound (GBP) resumed losses against a stronger U.S. Dollar (USD), with the latter rising on the back of a rebound by Treasury bond yields. In addition, the Sterling remains impacted by the uncertainty surrounding plans to reopen the U.K. despite concerns about the coronavirus Delta variant. Today, the …

The New York Stock Exchange (NYSE) closed modestly higher on Tuesday, with the technology stocks leading the gains in Wall Street and investors awaiting economic data, especially the upcoming jobs report, to asses the possible impact on monetary policy and interest rates. The S&P 500 and the Nasdaq Composite continued …

Oil prices fluctuated on Tuesday, recovering from losses before giving up some of its daily gains, but managed to close higher with markets anticipating the coming OPEC+ decision on production policy. Concerns over the rising number of coronavirus (COVID-19) cases in a number of countries continue to limit the effect …