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Oil N' Gold Focus Reports
Busy Week ahead in US Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sun Oct 29 17 23:44 ET
The greenback takes a breather, after rallying to a 3-month high last week, ahead of a eventful week. At the time of writing this report, the DXY index has slipped -0.1% as USD is pulling back against major currencies with the exception of CAD. The market is cautiously waiting for President Trump's announcement of the next Fed Chair.
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Weekly Fundamentals - Brent Crude Broke Above US$ 60/bbl Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sun Oct 29 17 00:08 ET
Oil's rally gathered momentum on Friday as Saudi Arabia reinforced support of extending the output cut deal beyond March 2018 and Iraqi conflicts have shown no signs of abating. While these two factors had sent the Brent crude contract above US$ 60/bbl for the first time since March 2015, draws of gasoline and distillate stockpiles and the broad-based strong sentiment were supportive of the oil market last week.
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EURUSD Plunged as ECB embarked Dovish Tapering. US Passed Budget, Tax Reform Next Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Oct 26 17 22:43 ET
What dominated market attention was ECB's tapering announcement and US' House approval of the US$ 4 trillion budget plan for fiscal 2018. Dovish sentiment of the former and indication of the latter as a step closer to the tax reform plan together resulted in an almost -1% decline in EURUSD. The greenback indeed rose across the board, lifting the DXY index to +0.96% higher on Thursday. Stock market strengthened.
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Unexpected Inventory Gain Pressured WTI Prices Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Oct 26 17 00:52 ET
Surprising increase in crude oil inventory weighed on WTI crude oil price, sending the front-month contract -0.55% lower at close. The corresponding Brent contract climbed higher, thus widening the WTI-Brent spread. In the FX market, US dollar was mixed against major currencies, sending the DXY index -0.06% lower for the day.
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Oil Prices Climb Higher on Inventory Draw Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Oct 24 17 22:39 ET
Oil prices remained firm with refined oil products leading the gains. After strengthening over the past 2 consecutive weeks, heating oil and RBOB gasoline prices have shown no signs of fatigue. The latest driver came from API's report showing huge inventory draws. The front-month Nymex heating oil and RBOB gasoline contract soared +1.925 and +2.2% respectively.
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Quiet Market with Focus on Passage of US Budget and ECB Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Oct 23 17 21:53 ET
US dollar firmed on expectations that that the House members would pass the revised Senate budget this week, paving the way for the tax reform plan. The greenback rose against major currencies, sending the DXY index higher by +0.46%.
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Abe Secures Two-Third Majority in Snap Election, Yen Lower Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sun Oct 22 17 20:42 ET
Landslide victory of PM Shinzo Abe's Liberal Democratic Party (LDP) at the snap election has sent USDJPY to the highest level since July. Unlike other currencies that tend to strengthen in light of erasure of domestic uncertainty, Japanese yen, as a safe haven asset, weakens as the political status quo is preserved.
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Weekly Fundamentals - Geopolitics and Fall in US Rigs Sustained Oil's Rally Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sat Oct 21 17 23:11 ET
Driven by geopolitical tensions in the Middle East and helped by further decline in US inventory and oil rig counts, oil prices clung onto gains last week. Both crude oil benchmarks rallied to the highest levels in the middle of the week but then retreated on profit-taking towards to end, although still managed to sustain another week gains at close.
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Gold Recovery Likely Short-Lived as Indian Buying in Festival Weakens Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Oct 19 17 22:17 ET
Gold price gained for the first time in 4 days on hopes that Diwali, India's festival beginning on October 18/19 this year, would boost demand for the yellow metal. However, gold's rally based on this hope would be short-lived as data suggested that buying this year is markedly lower than the same period in 2016.
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Kiwi Plunges Amidst Heightening Uncertainty of a New Government Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Oct 19 17 01:26 ET
***Breaking: NZ First enters coalition with Labour*** We are anxiously awaiting NZ First's announcement on what party(ies) he would work with in forming the new New Zealand government. NZDUSD has accelerated the selloff on rising political uncertainty at home. NZ First's head Winston Peters has yet to make the final decision. NZ First has noted that he would make an announcement "shortly" but we have no idea on the exact time.
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