Author: FX
bkindler The Organization of the Petroleum Exporting Countries is hoping to give out more membership cards soon, with only 13 countries currently part of the oil producer group. Haitham al-Ghais, secretary-general of OPEC, wouldn’t reveal the names of the candidates, but mentioned some recent visits to oil-producing countries while cautioning against drawing too much from the information. “I was in Malaysia, I was in Brunei. I was in Azerbaijan, I was in Mexico,” he said following an OPEC conference in Vienna. When asked about the requirements for becoming an OPEC member, al-Ghais said: “They have to be a net [oil]…
Looking for USD-related trades ahead of Uncle Sam’s jobs data releases on Thursday and Friday? I gotchu! Take a look at USD/CHF hanging out near a trend support: USD/CHF 15-min Forex Chart by TV In case you missed it, the FOMC meeting minutes released yesterday showed that “almost all” Fed members voted for the June rate hike pause, while “some” favored raising the Fed’s interest rates by another 25 basis points. Meanwhile, SNB governing board member Andrea Maechler said earlier today that further rate hikes “cannot be ruled out.” The hawkish Fed meeting minutes didn’t seem to do the dollar…
Expects inflation to fall markedly but it will be hard for borrowers stillAs of now, he also surely can’t give a date on when they may be stopping the tightening cycle anyway. So, to talk about rate cuts is a bit premature and a little too far down the road – not least when inflation remains as high as it is. Source link
I’m seeing a textbook correction play on the 4-hour chart of silver! Will resistance keep holding? As you can see from the 4-hour chart below, the commodity price made lower highs connected by a falling trend line. Silver (XAG/USD) 4-hour Chart by TV Now this resistance zone has been holding since mid-May, so it might still serve as a ceiling this time. To top it off, the trend line coincides with a former support area around $23.00, the 50% Fibonacci retracement level, and the 100 SMA dynamic inflection point. Talk about confluence, huh? The 100 SMA is below the 200…
Share: USD/CAD justifies 21-EMA breakout to refresh three-week high. Risk-aversion, hawkish Fed bets underpin US Dollar run-up, weigh on Oil price. Upbeat oscillators suggest further upside towards 50-EMA, support-turned-resistance line confluence. Mid-tier US, Canada statistics eyed for clear directions past 1.3360. USD/CAD picks up bids to refresh the highest levels in three weeks around 1.3305 heading into Thursday’s European session. In doing so, the Loonie pair takes clues from the market’s broad risk aversion which propels the US Dollar while weighing on the prices of commodities and antipodeans. It’s worth noting that the grim concerns about China, one…
Crude Oil, WTI, OPEC+, Fed, ECB, China, API, OVX, Crack Spread – Talking PointsCrude oil is pushing to the top end of the range going into the Thursday sessionOPEC+ is talking up its intentions to get the result they desire from pricingA sizable drop in inventory added to positive sentiment. Where to for WTI? Recommended by Daniel McCarthy Get Your Free Oil Forecast Crude oil is firming going into Thursday’s trading session after notable gains overnight in the wake of the OPEC+ gathering in Vienna.Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman, said in reference to oil price stability, “we…
3/3 © Reuters. A man pulls a cart carrying jugs of water amid the orange alert for heatwave, at a hutong alley in Beijing, China July 5, 2023. REUTERS/Tingshu Wang 2/3 BEIJING (Reuters) – Chinese weather forecasters on Thursday issued a string of heat advisories across northern parts of the country as temperatures were expected to breach 40 degrees Celsius (104 degrees Fahrenheit) in some areas, stressing taxed power grids. The torrid heat has gripped China for several weeks, pushing local governments to ask residents and businesses to curb the usage of electricity. Weather experts have predicted the extreme temperatures…
Martin Lemus/iStock via Getty Images Talks this week between Newmont (NYSE:NEM) and workers at the Peñasquito mine have failed to resolve the strike that has lasted nearly a month, and Mexico’s chamber of mines said Wednesday the ongoing stoppage will significantly harm the country’s already-weak production. The suspension of operations at Mexico’s biggest mine in terms of production of gold and silver is expected to weigh on national mining production that already came in flat Y/Y in the four months between January and April, and Mexico’s FY 2022 mining output fell 5.3% Y/Y to 317B pesos (~$15.8B), with gold production…
ICYMI – Reports on Wednesday, US time, that Iran tried to seize 2 oil tankers near Strait of Hormuz. Shots were fired at one of the tankers. The U.S. Navy conveyed the information, saying Iran tried to seize two oil tankers near the strategic Strait of Hormuz early on Wednesday:fired on one of them, no casualties nor major damageIranian naval vessels backed off after the U.S. Navy dispatched a guided missile destroyer to the sceneboth tankers carried on with their business“The Iranian navy did make attempts to seize commercial tankers lawfully transiting international waters,” said Cmdr. Tim Hawkins, spokesman for…
Share: BoJ intervention prospects raise prospects for a bearish correction in USD/JPY. USD/JPY bears are lurking at resistance and eye a significant correction. USD/JPY edged higher on Wednesday with the US Dollar finding support ahead of a slew of key US events that included Wednesday’s hawkish Federal Open Market Committee minutes that reinforced market expectations of another interest rate hike at the end of July. Most Fed officials expected that the policymakers would eventually need to tighten policy further.As a consequence, the US Treasury yields moved higher and added to earlier gains in the Greenback. ”Fed funds futures showed expectations…