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Oil N' Gold Focus Reports
Oil Prices Slumped after OPEC Deal Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu May 25 17 23:46 ET
Crude oil prices slumped over -4% on profit-taking as the decision after the OPEC/non-OPEC meeting was in line with market expectations. Recall that, after OPEC/non-OPEC announced to take coordinated action to reduce output late last year (effective January 2017), crude oil benchmarks recovered from low-40 levels in November 2016 to above US$55/bbl in January this year.
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Greenback Soft on Uncertain Rate Hike Path after June Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu May 25 17 02:11 ET
Central bank news captured the spotlight on Wednesday, with the FOMC minutes and the BOC meeting the major market movers. For the former, while policymakers basically affirmed a rate hike in June, the future rate path remained uncertain. Concerns over the US economic outlook were aggravated by the indications that the Fed's balance sheet reduction might begin in as soon as later this year. By contrast, market sentiment was buoyed by BOC's more upbeat comments on global and domestic growth developments.
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USD Higher as ECB Official Affirmed Forward Guidance. FOMC Minutes Awaited Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue May 23 17 23:12 ET
Following a modestly risk-off opening due to the terrorist attack in Manchester, United Kingdom, financial markets were buoyed by upbeat macroeconomic data. US dollar strengthened ahead of the FOMC minutes while the euro was a tad softer as ECB Executive Board Member Benoit Coeure indicated that there's no need to change policy exit sequencing from that communicated by the bank previously.
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Single Currency Making New High as Merkel Complained "Too Weak" Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon May 22 17 22:55 ET
Crude oil prices remained firm ahead of the OPEC/non-OPEC meeting later this week. The front-month WTI crude oil contract extended the recent rally, accumulating gains of +4.2% over the past 4 days, and settled at 50.73. Adding +0.49% on Monday, the Brent contract also strengthened for a 4th consecutive day, closing at 53.87 before rising to as high as 54.37 in early trading. In the FX market, euro's strength accelerated as German Chancellor suggesting that it's too weak.
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Busy Week Ahead - OPEC, FOMC Minutes and BOC Meeting Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sun May 21 17 23:56 ET
Crude oil prices extend last week's strength in Asia Monday. With both benchmarks holding above US$ 50/bbl, the market is awaiting the OPEC/non-OPEC meeting schedule on May 25. The market has priced in an output extension deal until March 2018. We are concerned that the deal would be incapable of revitalizing the energy prices further from current levels due to US' rapid shale investment. In the FX market, US dollar stabilized after the selloff over the past week.
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Weekly Fundamentals - Traders Thrilled whilst Awaiting Upcoming OPEC Meeting Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sun May 21 17 04:21 ET
Energy and precious metal prices were generally higher over the past week, led by weakness in US dollar which was weighed down by political crisis in the White House. On the oil market, the positive sentiment was also driven by expectations that the OPEC/non-OPEC meeting, scheduled on May 25, would bring agreement of output cut extension of 18 months.
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Sentiment Lifted as US' Mnuchin Suggested Could Reach +3% with Tax Reform Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Fri May 19 17 00:24 ET
US financial markets stabilized after the selloff in the previous day, thanks to better-than-expected macroeconomic data. Wall Street gained +0.27% and the S&P 500 index ended the day +0.37% higher. US dollar recovered with the DXY index paring the losses made on Wednesday. Note in particular that GBPUSD reversed gains after briefly breaching 1.3.
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Political Uncertainty Trumps Financial Markets Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Wed May 17 17 23:30 ET
Reemerging US political uncertainty was responsible for the selloff in the global financial markets. It was reported that US President Donald Trump might have asked former FBI direct James Comey to drop his investigation into former National Security Adviser Michael Flynn. Despite the President's denial, investors were concerned that growing congressional crisis would delay the pro-growth economic policy, especially the plan to cut tax and expand infrastructural spending.
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Euro Rallied to 6-Month High as Strong Data Raised Hopes for a More Upbeat ECB Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue May 16 17 23:50 ET
The euro rallied, as more encouraging dataflow raised expectations that ECB would adopt a less dovish stance in its upcoming meeting in June. Currently trading around a new 6-month high of 1.11, the single currency jumped almost +1% against US dollar. Extending the 5th consecutive day of strength, EURGBP has rallied +2.36%. Another highlight of the day was US dollar's weakness. Currently trading around 97.96, the DXY index has sank to the lowest level since November 2016 after 4 days' of selloff.
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Oil Extends Rally as Saudi and Russia Signal to Extend Supply Cut buy 9 Months, More Countries might Join Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue May 16 17 00:20 ET
The rally in oil prices led the strength in global stock markets. Energy prices were lifted by news that both Saudi Arabia and Russia agree that the output cut deal should extend until the ended of 1Q18, longer than the 6-month period specified in the initial agreement. The front-month WTI crude oil prices, extending the rally for a 4th consecutive day, rose to as high as 49.66 before settling at 48.85, up +2.1%.
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Chinese Data Surprised to the Downside, Deepening Worries that Growth has Peaked Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sun May 14 17 22:54 ET
Investors act cautiously in Asia Monday as China has just released a set of weaker-than-expected macroeconomic data, sending more signals that the country’s activities growth has peaked in the first quarter. This followed last Friday’s US dataflow disappointment. Chinese retail sales expanded+10.7% y/y in April, easing from +10.9% in the prior month. The market had anticipated a milder moderation to +10.8%.
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