Author: FX

© Reuters. Investing.com — jumped Wednesday while prices for remained lame. On the surface, it was a catch-up to the previous session when the international benchmark was up strongly while U.S. markets were closed for the 4th of July holiday. But a closer look at export numbers suggest a trend may be forming. Government data revealed U.S. crude shipments for the week ended June 23 at or near record with a daily volume of 5.338 million barrels. In the previous week to June 16, the volume was 4.543M barrels per day. Earlier for the week ended June 9, exports were…

FED MINUTES KEY POINTS:Fed minutes from the June meeting show that central bank officials believe that additional policy firming may be warranted to curb price pressuresThe account of the two-day session also reveals that policymakers are not entirely satisfied with the progress made on the inflation frontThe U.S. dollar extends gains as yields head higher Recommended by Diego Colman Get Your Free USD Forecast Most Read: USD/CAD Trapped in Lateral Channel for Now, Range Trading and Breakout ScenariosThe Federal Reserve today released the minutes from its June 13-14 conclave, at which the rate-setting committee voted by unanimous decision to keep…

The Minister of Kuwait has stated that the country’s oil output capacity will reach 3.2 million barrels per day (BPD) by the end of 2024. However, he denied that Kuwait is seeking an increase in its OPEC quota. This follows the earlier statement by the CEO of Kuwait’s state oil company, who stated that the current production capacity exceeds 2.8 million BPD and is expected to reach 3 million BPD in 2025. Despite these projections, Kuwait will continue to adhere to OPEC decisions.Crude oil is currently trading up $2 at $71.79. The high price reached $72.12. The low price reached…

Share: Canadian Dollar loses ground as higher interest rates in the US and expectations of more hikes favor the US Dollar.   A triennial OPEC conference of Oil bigwigs gets underway though media coverage is limited.  The longer-term uptrend may be experiencing the start of a new upcycle if the daily highs can be held.   Canadian Dollar (CAD) is weakening versus the US Dollar (USD) on Wednesday, depressed by the view that interest rates will rise further in the US compared to Canada.  According to predictions from Trading Economics, base interest rates – set by each nation’s central banks…

Mario Tama/Getty Images News Major market averages opened up Wednesday’s trading session lower with tech stocks under pressure. Early on and the Nasdaq Composite (COMP.IND) lost 0.6%, the S&P 500 (SP500) fell 0.4%, and the Dow (DJI) declined by 0.5%. China hit back on U.S. chip curbs on Tuesday, saying it would curb exports of gallium and germanium, both used in chipmaking. Info Tech (XLK) tarted trading lower, while the chip ETFs (SMH) (SOXX) were also down. The 10-year Treasury yield (US10Y) rose 1 basis point to 3.87%. The 2-year yield (US2Y) fell 1 basis point to 4.90%. “Data releases…

WTI PRICE, CHARTS AND ANALYSIS: Recommended by Zain Vawda Download the Newly Released Q3 Forecast on Oil Now Most Read: What is OPEC and What is Their Role in Global Markets?Oil prices received a boost this morning following a lackluster Asian session on the back of weak Chinese PMI data. A host of comments crossed the wires this morning from the OPEC seminar in Vienna with Saudi Arabia’s Energy Minister leading the way.GLOBAL PMI DATA CONTINUES TO DISAPPOINT, OPEC SEMINAR IN VIENNAThe Asian session saw Oil come under some selling pressure as the Chinese Caixin PMI data revealed a significant…

© Reuters. FILE PHOTO: The logo of accounting firm PricewaterhouseCoopers (PwC) is seen on a board at the St. Petersburg International Economic Forum 2017 (SPIEF 2017) in St. Petersburg, Russia, June 1, 2017. REUTERS/Sergei Karpukhin/File Photo By Lewis Jackson SYDNEY (Reuters) – PwC Australia provided Google (NASDAQ:) confidential information about the start date of a new tax law leaked from Australian government tax briefings, according to two sources familiar with the matter. This is the first time a company has been directly linked to the national scandal involving the “big four” accounting firm that was first revealed in January. PwC…

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Share: WTI Crude Oil prices face rejection near the 50-DMA and drift lower on Wednesday. The formation of a descending triangle on the daily chart favours bearish traders. A sustained strength beyond the $72.00 mark is needed to negate the negative bias. Western Texas Intermediate (WTI) Crude Oil prices come under renewed selling pressure on Wednesday and reverse a major part of the previous day’s positive move. The intraday downfall picks up pace during the early part of the European session and drags the commodity to a fresh daily low, around the $70.25 region in the last hour.…

AUD/USD ANALYSIS & TALKING POINTSAustralian and Chinese PMI’s disappoint leaving AUD on offer.FOMC minutes to come later this evening.Ascending triangle breakout looming as AUD/USD approached triangle apex. Recommended by Warren Venketas Get Your Free AUD Forecast AUSTRALIAN DOLLAR FUNDAMENTAL BACKDROPAs we enter the second half of 2023, the Australian dollar is trading at a key inflection point against the US dollar after yesterday’s Independence Day celebrations in the US. The morning kicked off in Asian trade with two important economic releases including both the Australian PMI and Chinese Caixin PMI’s. Both missed estimates and highlighted the growing concern of global…