All Articles Tagged - crude oil

US Open Note – Dollar struggles ahead of key data; BoC awaited

Posted on June 9, 2021 at 12:56 pm GMT

Dollar waiting for tomorrow’s US CPI data The US dollar is weaker somewhat today, and Treasury yields were lower as traders wait for the US inflation announcement on Thursday as it may affect the timeline for Federal Reserve discussions on tapering bond purchases and may be a key catalyst for the bond market. Dollar/yen is continuing its selling interest, hovering near 109.37, while the US dollar index is experiencing some losses as well. S&P 500 and Nasdaq futures are signaling a positive open; however, Dow Jones futures are suggesting a negative open. Euro and pound take some positive steps The [..]

US Open Note – Risky currencies cheer on dollar weakness as stocks ease

Posted on June 7, 2021 at 12:54 pm GMT

Dollar fails to move up again after disappointing NFP The eagerly awaited NFP release for May on Friday was better than April’s figure, however, it disappointed investors. The unemployment rate fell to 5.8% but the greenback finished the day sharply lower. Today, dollar/yen is continuing the selling interest with weaker momentum, trading near 109.40, while the US dollar index is recovering some losses. US stock futures were slightly on the downside after a positive day on Friday. In Washington, the two main parties are sticking to their different approaches on [..]

Daily Market Comment – Fed sets stage for taper, meme stock madness returns

Posted on June 3, 2021 at 8:43 am GMT

· Fed says it will start selling corporate bonds, dollar yawns · Crude oil storms higher as traders bet against Iran deal · Markets quiet ahead of key data, but meme stocks strike back Fed to unwind corporate bond holdings The currency and equity markets remain frozen in a holding pattern, unable to break out even after the Fed announced it will start selling the corporate bonds it bought last year when the credit sector was in tatters. This serenity [..]

Daily Market Comment – Crude oil powers higher, dollar quiet after ISM data

Posted on June 2, 2021 at 8:35 am GMT

· Oil prices climb after OPEC signals nothing new · Dollar quiet, equities surrender gains but remain elevated · Loonie rides the oil wave, Turkish lira falls to new record lows OPEC kicks the can down the road Crude oil prices stormed higher yesterday to touch levels not seen since late 2018 after the world’s most powerful oil cartel did not signal any further increases to its production levels beyond July, as some feared. The producers apparently didn’t even discuss [..]

Daily Market Comment – Dollar struggles ahead of key data, OPEC decision coming up

Posted on June 1, 2021 at 8:22 am GMT

· Dollar drops in thin trading, turns gaze to ISM data and Fed speeches · OPEC meeting unlikely to roil markets, but Iranian negotiations might · Aussie unscathed by RBA, gold continues to rampage Greenback trades heavy The US dollar was the main mover in an otherwise quiet session on Monday, with American and British traders away on public holidays. There doesn’t seem to be an end to the dollar’s suffering. Inflation is heating up and yet the Fed remains [..]

OPEC meeting unlikely to roil markets, but Iran might – Special Report

Posted on May 31, 2021 at 2:53 pm GMT

It’s a crucial week for the oil market, with an OPEC+ meeting on Tuesday that will likely see the cartel and its allies increase their production gradually, capitalizing on the improvement in demand. This has already been decided, so the market reaction this time will depend on the signals they send about any future moves. As for oil prices, the main downside risk is a flood of Iranian supply returning to the market later this year. Sticking to the plan [..]

Daily Market Comment – Busy week kicks off with RBA and OPEC meetings

Posted on May 31, 2021 at 8:22 am GMT

· Equity and currency markets generally quiet with US and UK on holiday · It’s a packed week though – RBA and OPEC get the show rolling · Overall, investors seem awfully comfortable with prospect of Fed taper Taper blues not enough to dent sentiment The Fed’s leadership recently opened the door for discussing when cheap money policies should start being withdrawn, and yet global markets don’t seem bothered at all. The major US stock indices are hovering near record [..]

US Open Note – Dollar continue to rise after core PCE price data

Posted on May 28, 2021 at 1:07 pm GMT

Core PCE data boost dollar The spotlight of the day is the release of the US core PCE price data. The figure for April rose to 3.1% y/y from 2.9% that was the expectation and 1.8% in March. This is the highest since August 1992 and above the Fed’s 2% target for the first time since 2018. PCE is the Fed’s preferred measure of inflation so traders watch it closely. Personal income increased to -13.1% from -20.9% previously, while personal [..]

US Open Note – Kiwi shines after RBNZ’s hawkish stance; Dollar remains below 109 yen

Posted on May 26, 2021 at 1:00 pm GMT

RBNZ less dovish message drives kiwi up Kiwi is the best performing currency today versus the US dollar, surpassing the 0.7300 handle and recording a fresh three-month high. The Reserve Bank of New Zealand (RBNZ) projected a rate hike by September 2022, taking the economy closer to an exit from the pandemic situation. The bank signalled a less dovish message in May, while leaving monetary policy steady, as it revised up its forecasts for inflation higher but lowered them for unemployment. In other commodity [..]

US Open Note – Dollar mixed in the absence of data

Posted on May 24, 2021 at 12:47 pm GMT

Dollar waits for PCE inflation; euro jumps above $1.22 This week is a quiet period in terms of data as the US core PCE on Friday will be in the spotlight. The US dollar posted some marginal gains in the beginning of this session, but lost steam after finding strong resistance near the 109.00 round number versus the Japanese yen. The lack of major releases is not helping the greenback to turn up until there are more strong US data and Treasury yields stop their decline. The US [..]

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