Author: FX
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…
iShares Currency Hedged MSCI EAFE Small-Cap ETF declares semi-annual distribution of $0.4726 Source link
© 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…