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Oil N' Gold Focus Reports
Trump’s and Yellen's Speeches Awaited Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Feb 27 17 01:17 ET
We have a busy calendar in the US this week. The highlight is certainly President Trump's State of the Union address before a joint session of Congress on Tuesday. Traditionally, the speech is an introduction of the president's policies for the coming year. Therefore, we expect to hear more details about the tax reform plan...
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Weekly Fundamentals - Border Tax Debate in Focus Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sun Feb 26 17 06:30 ET
Crude oil prices managed to record gains over the past week, with the front-month WTI and Brent contracts adding +1.11% and +0.32% respectively. Since mid-December last year, both contracts have been range-bounded with WTI hovering around USD$50-55/bbl and Brent around US$53-59/bbl.
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US Treasury Secretary Pledges to Lift GDP Growth to +3% Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Fri Feb 24 17 01:32 ET
Crude oil prices climbed higher as US inventory built less than anticipated. USD's weakness also helped support the commodities. The front-month WTI contract initially rose to a 7-week high of 54.94 before ending the day at 54.45, up +1.61%.
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Crude Oil Prices Slipped on Concerns over US Stock-build Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Feb 23 17 01:15 ET
US dollar erased gains made earlier in the day after the January FOMC minutes showed no hints that a rate hike would come in March. The DXY index rose to a 1-week high of 101.72 before the minutes, but then retreated to 101.22, down -0.15%, at close. Equities were mixed in the US with DJIA adding +0.16% while S&P 500 down -0.11%.
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Wall Street New Highs Again, European Shares Soared on Strong PMI Data Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Wed Feb 22 17 00:16 ET
Equities strengthened. Wall Street soared to new record highs after the President's Day holiday. Gains were mainly supported by retailer shares. DJIA and S&P 500 indices added +0.58% and +0.6% respectively. European shares rose to 14-month highs as boosted by strong manufacturing and services PMIs.
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Eurozone in Focus as Political Risks Heightened; Greek Debt Concerns Rekindled Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Feb 21 17 01:36 ET
With the US market closed on President Day's holiday, the focus turned to Europe. French bonds remained under pressure, sending yields higher, on heightened concerns over Frexit 10-year French yields rose +7 bps higher to a 1.5 week high of 1.14%. Meanwhile, the 10-year French-German yield spread soared to 0.77% at close.
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Awaiting FOMC Minutes for March Rate Hike Hints Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Feb 20 17 00:57 ET
For the week ahead, the market awaits the FOMC minutes for the January meeting due Wednesday. The tone would likely remain upbeat on the economic improvement, acknowledging improvement in the job market and inflation.
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Weekly Fundamentals - Upward Revisions in Demand Outlook Support Oil Prices Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sun Feb 19 17 06:35 ET
Crude oil prices have been range-bounded in recent months. The front month WTI crude oil contract has been moving within a range of US$50-55/bbl since mid December last year, while the Brent contract with US$53-58.5/bbl during the period. Such movements are understandable.
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USD, Equities Lower; Treasuries Higher Despite Solid Data Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Fri Feb 17 17 01:30 ET
Wall Street drifted lower after climbing to new high. We believe this was mainly due to profit-taking as US macroeconomic data remained solid. US dollar slipped while Treasury prices rose, pressuring yields. US 2-year and 10-year yields dropped -5 bps to 1.21% and 2.45% respectively. European peripheral bonds firmed, with yields lower, after release of the ECB minutes.
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Upbeat US CPI and Retail Sales Lift Hopes of March Rate Hike Further Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Feb 16 17 00:42 ET
Speculations of a March rate hike heightened on Yellen's hawkish comments and upbeat inflation and retail sales data. The OIS now prices in a 48% of rate hike next month, up from 37% a few days ago, while Bloomberg's estimate now suggests a 42% chance, up from 30% yesterday.
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Hopes of March Rate Hike Lifted as Yellen Sounded Hawkish Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Wed Feb 15 17 01:17 ET
Expectations for Fed funds rate hike in March climbed higher in the aftermath of Chair Janet Yellen's testimony. Reactions in the financial markets were further strength in Treasury yields and US dollar. Treasury prices fell, sending yields higher. 2-year yields climbed +2 bps higher to 1.23% and while 10-year yields gained +3 bps to 2.47%.
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