Sources in the OPEC + group told Reuters that the group is unlikely to change the current oil production policy during the meeting of the ministerial committee on Friday, as the lack of supplies and the strength of the demand trend lead to an increase in oil prices. Ministers from …
Read More »EUR/USD Holds Steady Amid Tariff Tensions, Eyes Turn to EU Economic Data
Modest Gains Amid Holiday-Thinned TradingThe EUR/USD pair edged up by 0.18% on Friday, trading at 1.…
Global Markets Wobble as Trump’s Tariff Deadline Draws Near
Global stock markets faltered on Friday, gripped by uncertainty as U.S. President Donald Trump’s Jul…
Sterling Falters Against Yen Amid Tariff Fears and UK Political Strife
The British Pound (GBP) weakened against the Japanese Yen (JPY), with GBP/JPY slipping below 197.61,…
WTI Crude Oil Stalls Near $65 as OPEC+ and Tariff Uncertainties Loom
West Texas Intermediate (WTI) Crude Oil prices hovered near $65.70, down 0.82%, reflecting cautious …
Gold Shines Amid Tariff Threats and U.S. Dollar Weakness
Gold (XAU/USD) climbed above $3,330, driven by a weakening U.S. Dollar and renewed concerns over U.S…
U.S. Dollar Edges Lower Ahead of Trade Deadline Amid Fiscal and Market Uncertainty
The U.S. dollar saw a slight dip on Friday after a brief rally earlier in the week, with attention n…
Markets Brace for U.S. Tariff Deadline Amid Growing Optimism
As investors turn their attention to Washington’s tariff negotiations next week, the expiratio…
European Stocks Slip Amid Uncertainty Ahead of U.S. Trade Deadline and Ongoing Tariff Concerns
European stocks ended the week on a negative note, slipping lower on Friday as uncertainty grew over…
Bitcoin Struggles as U.S. Trade Tariffs Loom and Rate Cut Bets Fade
Bitcoin prices steadied on Friday after a sharp reversal of recent gains, as traders focused on the …
Oil Prices Decline Amid Nuclear Talks and OPEC+ Output Expectations
Oil futures fell on Friday as market participants reacted to ongoing geopolitical developments and e…
Market Analysis
August, 2023
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2 August 2023 2:46 pm
Reuters: The OPEC+ committee will not likely change oil policy at Friday’s meeting
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2 August 2023 1:49 pm
BoE is torn between fighting inflation and recession danger
The Bank of England, which is expected to increase interest rates once again on Thursday, must balance the need to combat an inflation rate that is already running at more than four times its objective against the harm that 13 consecutive rate increases have already done to the economy. Most …
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2 August 2023 1:22 pm
European shares fell to their lowest in two weeks
European stocks fell on Wednesday to their lowest levels in nearly two weeks, with technology and auto stocks leading the losses, as investors globally fled from risky assets after Fitch Ratings suddenly downgraded the credit rating of the United States. The pan-European Stoxx 600 index fell 1.1% by 0708 GMT, …
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2 August 2023 11:52 am
Japan’s stocks recorded the biggest daily decline this year
Japanese stocks posted their largest daily decline in percentage terms this year, as caution spread in Asian markets after an unexpected downgrade of the credit rating of the United States negatively affected sentiment. The Nikkei index fell 2.30 percent to close at 32,707.69 points, the largest daily decline since December …
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2 August 2023 10:28 am
Gold rises after the decline in the dollar and Treasury yields following Fitch’s decision
Gold prices rose on Wednesday after the decline in the dollar and US Treasury bond yields following Fitch’s decision to downgrade the credit rating of the United States, which undermined confidence in the US economy ahead of the release of important data expected this week. The spot gold price rose …
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2 August 2023 9:17 am
Dollar is falling after the downgrade of the credit rating of the United States
The dollar fell on Wednesday after Fitch’s decision to downgrade the credit rating of the United States raised questions about the country’s fiscal outlook, but got some support from a series of relatively strong economic data. On Tuesday, Fitch lowered the US rating to AA+ from AAA, in a move …
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1 August 2023 10:43 pm
Could China’s weak PMI figures be good news for commodities?
For the past three months, China’s Purchasing Managers’ Index has been below 50, a sign that the second-largest economy in the world is getting more and more pessimistic. The sub-index for the important construction industry dropped significantly from a high of 65.6 in March to 51.2 in July. Beijing’s most …
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1 August 2023 9:43 pm
USD/JPY jumps above 143.00 after US data
The USD/JPY pair advances for a third day in a row, gaining 0.70% and moving up towards the 143.53 region, as at the time of writing. Although it accelerated in July, the ISM Manufacturing PMI fell short of expectations. Additionally, JOLTs statistics fall short of predictions.Prior to important labour market …
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1 August 2023 8:17 pm
AUD declines post RBA’s surprise decision
The Australian dollar experienced a significant decline on Tuesday due to the Reserve Bank of Australia’s decision to keep its key interest rate unchanged at 4.10% at its August meeting. This decision was surprising as higher interest rates tend to strengthen a currency by attracting more foreign capital. The release …
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1 August 2023 7:03 pm
US stocks rally loses momentum on weaker earnings
The S&P 500’s 16-month high has lost momentum due to disappointing earnings from several companies. Traders also waded through mixed data on job openings, with JetBlue Airways retreating after slashing its full-year profit forecast and saying it would earn less than analysts expected this quarter. Cruise operators fell as Norwegian …
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1 August 2023 5:03 pm
Toyota’s operating profit increased by 94% in the first quarter of its fiscal year
Japanese automaker Toyota said it nearly doubled its operating profit in the first quarter of its fiscal year, helped by higher sales and production as well as a weaker yen. The company said in a statement announcing its results: “Sales increased in all regions around the world compared to the …
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1 August 2023 5:00 pm
British BP profits fell by 70% in the second quarter of 2023 of declining supplies
British oil company BP’s profits fell by nearly 70% year-on-year in the second quarter of 2023 on the back of weak fossil fuel prices. The British energy major posted an underlying replacement cost profit in the second quarter, which is used as a proxy for net profit, of $2.6 billion. …
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1 August 2023 4:58 pm
Unemployment rate in the eurozone is different from expectations and settles at 6.4%.
The unemployment rate in the euro area stabilized at 6.4%, contrary to expectations that it would rise to 6.5% in June, compared to 6.7% in the same period of 2022. The number of unemployed fell by 62,000 from the previous month to 10.814 million. Meanwhile, the youth unemployment rate, which …
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