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Oil N' Gold Focus Reports
US Government Re-Opens, BOJ on the Sideline, GBP Tests 1.4 Despite IMF's Downgrade Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Jan 23 18 01:07 ET
The US Senate dramatically passed a bill with 81-18 vote to fund the government until February 8. The Senate leader promised to the Democrats that if a compromise cannot be reached on immigration, in particular the "dreamers" scheme, then the issue would be put to vote. Meanwhile, the debt ceiling would be hit in March might trigger credit rating agencies to downgrade US' sovereign rating.
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Market Shrugged Off US Government Shutdown. BOJ and ECB Under Spotlight Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Jan 22 18 01:49 ET
The US government has shut down as the Senate failed to secure 60 votes to pass to a bill last Friday to keep it going. Yet, the impacts on the stock markets and US dollar have been rather muted for now. Concerning the oil market, the Paris-based International Energy Agency (IEA) suggested that global oil stocks had tightened. Yet, it remained cautious as higher US production could disturb the work of rebalancing.
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Oil Prices Declined in Profit-taking as Inventory Fell and Production Gained Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Fri Jan 19 18 00:19 ET
Oil prices slipped on profit-taking, although the US inventory report showed another week of withdrawal. The front-month WTI crude contract dropped -0.03% while the Brent contract was down -0.1%. Stock markets also pulled back, amidst concerns over a US government shutdown.
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BOC Hikes Rates as Expected; China Data Awaited Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Jan 18 18 01:08 ET
The industry-sponsored API estimated that crude oil inventory fell -5.12 mmb in the week ended January 12. Cushing stock dropped -3.94 mmg for the week. For refined oil products, gasoline and distillate stockpiles gained +1.78 mmb and +0.61 mmb respectively. The EIA's report would probably show a -3.54 mmb decline in crude inventory. Gasoline and distillate stockpiles might have gained +3.43 mmb and +0.09 mmb respectively.
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Single Currency Highest since 2014; BOC in Focus Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Wed Jan 17 18 00:41 ET
Euro rallied to the highest level since 2014 in Asia Wednesday, following a brief consolidation a day ago. The hawkishness continued despite comments that attempted to tone down the prospect of ending QE. Canadian dollar was in consolidative mode ahead of the BOC meeting, at which a rate hike would very likely be announced.
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Euro Extends Rally after Hawkish Comments from ECB's Hansson Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Jan 16 18 03:09 ET
Although the US market was closed on Monday, the greenback extended weakness and was down against major currencies. Aussie was the best performer as driven by expectations of robust Chinese economic growth data (due Thursday) as well as strong commodity prices. European currencies remained firm with EURUSD soaring to the level not seen since December 2014.
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Sterling and Euro Jumped amidst Breaking of Political Deadlocks Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Jan 15 18 00:55 ET
Strong inflation and retail sales data failed to reverse USD's weakness. In the major currency universe, British pound and the euro were the best performers last Friday. GBPUSD jumped to the highest level since June 2016 amidst breakthrough on Brexit talks. Media reported that Finance Ministers of Spain and the Netherlands have agreed to support a Brexit deal which would keep the UK as close to the EU as possible.
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Hawkish ECB Signaled Change in Guidance This Year Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Fri Jan 12 18 00:01 ET
Major currencies generally firmed against US dollar but euro was the best performer. The single currency was lifted as the ECB minutes for the December meeting came in more hawkish than expected. Long-dated US Treasury yields eased as core PPI surprised to the downside and speculations over Chinese purchases proved short-lived. in the commodity sector, crude oil prices have strengthened for four days in a row...
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US Treasuries Fell as China Signaled to Reduce Purchases Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Jan 11 18 00:13 ET
The US Treasury market remained under the spotlight. The Treasury sold US$20B of 10-year notes at the highest yield of 2.579% since July 2014. Yet, what directed the market movement was the news citing that Chinese officials have recommended lowering or stopping purchases of US government bonds. 10-year yields rallied to a 10-month high of 2.597% at one point before ending the day at 2.549%.
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Longer- Term Yields Soared as BOJ Trimmed Purchases Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Wed Jan 10 18 00:55 ET
Japanese yen jumped after the BOJ decided to trim its purchase of very long-term (10-25years and over 25 years) JGBs. The surprising move was interpreted by many as the central bank's policy to reduce stimulus. USDJPY slipped -0.42% while EURJPY was down -0.65% on Tuesday. Japanese longer- dated 20- and 40-year bond yields rose to their highest in a month. Longer- term US Treasuries were also affected by BOJ's move with 10-year yields gaining +6 points to 2.546%.
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