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Oil N' Gold Focus Reports
Fed to Begin Balance Sheet Normalization in October; One More Rate Hike by Year-End; Crude Oil Prices Jumped on Potential Output Cut Extension Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Sep 21 17 01:02 ET
US dollar jumped while Wall Street declined after the FOMC delivered a more hawkish than expected announcement. While the market had largely anticipated the Fed would begin balance sheet reduction in October and leave the policy rate unchanged in September. The members were unmoved by weak inflation and appeared committed to adopt one more rate hike before year-end.
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Crude Oil Prices Range-Bounded at 7-Week High; FOMC Awaited Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Sep 19 17 23:51 ET
Crude oil continued to consolidate around the highest levels in 7 weeks. The inventory build probably weighed on prices, sending both benchmarks lower at close. Traders were also cautiously awaiting the FOMC meeting and the OPEC/non-OPEC meeting due Friday on potential extension of output cut. The front-month WTI crude oil contract slipped -0.86% while the Brent contract was down -0.61% for the day.
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USD, Stocks and Yields Higher ahead of FOMC Meeting Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Sep 18 17 22:38 ET
Financial markets were in a risk on mode ahead of the FOMC meeting. In the commodity sector, safe haven assets lost appeal with the benchmark Comex gold and silver contracts falling -1.07% and -3.07% respectively. Oil prices were mixed. While the front-month WTI crude oil price climbed slightly higher, the Brent contract was down modestly. In the FX market, US dollar rose across the board, sending the DXY index +0.2% higher for the day.
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Fed to Make Formal Announcement of Balance Sheet Normalization, NZ and German Elections over the Weekend Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Sep 18 17 00:26 ET
The focus of this week is undoubtedly the FOMC meeting on September 20. The Fed would formally announce the schedule of the long-awaited normalization of its US$ 4.5 trillion balance sheet. The Fed in June indicated how it intends to gradually reduce the balance sheet. We expect more details including the formal start day would be announced this week.
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Weekly Fundamentals - Crude Oil Prices Rebounded Further on Better Fundamental Outlook Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sat Sep 16 17 02:38 ET
Crude oil prices rallied last week as the market has been more optimistic over the demand/supply balance. Besides the potential extension of the OPEC/non-OPEC output cut deal for another three months, each of the latest monthly reports released by the three major oil agencies appeared to have something to cheer for. The front-month WTI crude oil contract soared +5.08%, while the Brent contract gained +3.42%, last week.
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Greenback Mixed as Better Inflation Overshadowed by Renewed North Korean Threat. Sterling Lifted by Rate Hike Hopes Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Sep 14 17 23:21 ET
US dollar was mixed against major currencies as the better-than-expected inflation data was offset by ongoing debt ceiling concern from mid-December. North Korea's launch of another missile also heightened safe-haven demand(North Korea fired a ballistic missile over the northern Japanese island of Hokkaido Friday, after additional UNSC sanctions were imposed earlier in the week in response to the sixth nuclear test on September 3).
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US Tax Reform; Downside Surprise in Chinese Data; BOE Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Sep 14 17 00:06 ET
US dollar strengthened across the board on rekindled hopes of tax reform. The greenback rose across the major currencies, sending the DXY index +0.7% higher at close. The greenback was in particular strong against commodity currencies, after falling strongly over the past weeks.
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Strong UK Inflation Raises Bet for a Hawkish BOE Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Sep 12 17 23:10 ET
Better-than-expected inflation data raised hopes for a BOE rate hike, lifting the British pound. After gaining +0.61% against USD and +0.79% against EUR, GBP has remained firm today. We do not believe strong CPI in August would lead to a rate hike at the upcoming meeting as growth has remained slow while Brexit negotiations are highly uncertain.
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Crude Oil Climbed on Hopes that OPEC/Non-OPEC Cuts Would Extend Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Sep 11 17 23:22 ET
Crude oil prices gained modestly as investors were gauging the impacts of the recent hurricanes on US oil production. Meanwhile, they were hopeful that the OPEC/non-OPEC output cut deal might extend beyond March 2018. The front-month WTI contract added +1.24% while the Brent contract climbed +0.11% higher. Precious metals slipped on profit-taking and eased geopolitical tensions.
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US Inflation in Focus; BOE, SNB and Chinese Data Due This Week Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Sep 11 17 00:11 ET
Financial markets move sideways as the week begins, as investors are gauging the impacts of natural disasters in the US. Hurricane Irma and Hurricane Harvey are expected to hurt the US economy for months, although NY Fed President William Dudley suggested that reconstruction would booth the economy in the long run. As Dudley suggested last Thursday, "the US economy will continue to perform quite well, with slightly above-trend growth leading to further gradual tightening of the US labor market".
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