On Wednesday, the US Dollar and US rates dropped, while the Canadian dollar recovered some of the ground it had lost due to weak US services activity data. As a result of negative US data, the US dollar declines while the Canadian dollar rises. Contrary to forecasts, US service sector …
Read More »USD/CHF retreats following dismal US Services PMI
The USD/CHF pair is facing selling pressure near 0.9100 due to weak ISM Services PMI data from the United States Institute of Supply Management (ISM). The Services PMI, which represents the service sector, fell to 51.4 from expectations of 52.7 and the prior reading of 52.6. The US Dollar has …
Read More »Gold gives up record peak but remains above $2,100 ahead of Powell’s testimony
On Wednesday, gold prices experienced a slight decline but remained above the $2,100 per ounce mark, following a surge driven by increased expectations of a US interest rate cut in June, which pushed the precious metal to a record high in the previous session ahead of Federal Reserve Chairman Jerome …
Read More »BoC’s March Meeting: Potential for its Inaugural Rate Cut?”
Since its January meeting, the Bank of Canada has refrained from using the phrase “the bank is still ready to raise interest rates if necessary,” which was previously a frequent mention in its statements. This adjustment comes at a time when the market anticipates rate cuts by other central banks. …
Read More »Gold leaps as traders shift focus to Powell testimony
Gold prices reached a new record of $2141.59 earlier on Tuesday, driven by expectations of forthcoming Fed policy easing. Reports of slowing business activity in the US services sector contributed to the rally, with XAU/USD now trading at $2126.85.A decline in US Treasury yields supports the surge in gold prices. …
Read More »Will BoC’s March meeting decide first rate cut in 2024?
The Bank of Canada is expected to maintain a 5% interest rate at its upcoming meeting, with a possible first rate cut in June. This approach will allow the Bank to monitor GDP figures and their impact on the interest rate’s outlook, as economic analysts believe the Canadian economy is …
Read More »OPEC+ production cuts in place and what could change
OPEC+ analysts and sources have indicated that the group, consisting of OPEC members such as Saudi Arabia and allied countries like Russia, will hold an online meeting on Thursday. During this meeting, further adjustments to the existing agreement, which has already curtailed oil supplies until 2024, might be considered to …
Read More »OPEC raises forecast for global demand growth to 2.44 million barrels in 2023
In its monthly report issued on Monday, November 13, 2023, OPEC raised its expectations for growth in global oil demand to 2.44 million barrels per day in 2023. OPEC also maintained its expectations for growth in global oil demand in 2024 at 2.25 million barrels per day, and its expectations …
Read More »OPEC+ expects global economic growth despite the challenges
Haitham Al-Ghais, Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), said on Tuesday that the organization expects the global economy to grow and fuel demand to increase despite macroeconomic challenges, including high inflation and interest rates. He said at the Argus European Crude Oil Conference on Tuesday that …
Read More »CEO of the Russian company Novatek: US sanctions indicate our professionalism
CEO of the Russian natural gas production company Novatek, Leonid Mikhelson, said on Friday that US sanctions on the company’s future Arctic 2 liquefied natural gas project constitute “a recognition of our professionalism.” He added during a conference in Samarkand that Qatar, Russia and the United States will be able …
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