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Oil N' Gold Focus Reports
Market Gauges Implications of AHCA Withdrawal on Tax Reforms Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Mar 27 17 01:24 ET
The market maintained a risk-off mode on Monday as Trump pulled the healthcare bill (AHCA) from the House minutes before vote last Friday. The government has decided to move on and focus on tax reform bills. As US Treasury Secretary Steven Mnuchin suggested, "Health care is complicated, tax reform is a lot simpler in some ways". Nonetheless, investors are concerned the failure of AHCA would provide less fiscal headroom for the tax plans, not to mention the divisions within Republicans.
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Market Sideways as Healthcare Bill Vote Delayed Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Fri Mar 24 17 01:05 ET
Financial markets remained range-bound as US congressional vote on healthcare bill has been delayed. Equities were mixed. Wall Street slipped with DJIA and S&P 500 losing -0.02% and -0.11% respectively, whilst the broad European Stoxx 600 index gaining +0.85% for the day. US Treasuries remained firm with yields lower. 2-year yields dropped -1 point to 1.25% and 10-year yields flat at 2.42%.
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Big Day for Healthcare Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Mar 23 17 02:14 ET
Investors are holding breath as they await US Congress' voting on a key healthcare reform bill. As Chair of the House Freedom Caucus, Mark Meadows, suggested, there are still insufficient votes to pass the bill but the chance appears to have improved. The market views the outcome as an indicator of the Congress' willingness to support Donald Trump's agenda and his pro-growth policy, which is the key reason for Wall Street's relentless rally since his victory.
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Sentiment Roiled on Concerns over Delay of Trump's Pro-Growth Policies Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Wed Mar 22 17 01:47 ET
Risk assets fell across the board, amidst concerns over possible delay of US President Donald Trump's pro-growth policies. With the House of Representatives due to vote on the healthcare bill to repeal Obamacare this Thursday, investors worried that Trump might have not have enough votes to repeal and to pass the American Health Care Act (AHCA), a first step towards proposed tax reform later in the year.
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Oil Prices Fell Despite OPEC's Hint to Extend Output Cut Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Mar 21 17 01:38 ET
Oil prices softened amidst a generally mixed financial market. The front-month WTI crude oil contract dropped -1.15% to settle at 48.22 while the Brent contract was down -0.27% to close at 51.62. Traders remained concerned over the buildup of US oil supply, shrugging off Reuters' report that OPEC intends to extend production cuts into 2H17 and Saudi Arabia's data that the Kingdom has trimmed crude exports by -0.3M bpd in January.
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Uncertainty Remains in Global Trade Policies Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Mar 20 17 01:37 ET
The key event over the weekend was the G20 meeting in Germany. However, the message over trade policies was ambiguous. The financial ministers shrugged off comments over preventing protectionism as US President Donald Trump suggested reconsidering the global trade order. As noted in the communiqué, the G20 nations pledged to "working to strengthen the contribution of trade to our economies". Yet, the statement omitted the previous pledge to "avoid all forms of protectionism".
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Weekly Fundamentals - Softer Fed Lifted Commodity Prices Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sat Mar 18 17 05:36 ET
A less hawkish-than-expected Fed, which sent US dollar lower, rescued energy prices from falling for a third consecutive week. The oil supply outlook has remained mixed in the near-term. The market continued to weigh OPEC's compliance against US ramp up in output. The front-month WTI crude oil contract settled at 48.78, recovering +0.6%, whist the Brent contract closed at 51.76, up +0.45%, for the week.
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Sentiment in Europe Soars on Dutch Election, More Hawkish BOE Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Fri Mar 17 17 01:46 ET
Highlight of the day was BOE's meeting as Kristin Forbes, the most hawkish MPC members, surprisingly voted to raise the policy rate by +25 bps. GBPUSD jumped to a 2-week high of 1.2376 after the announcement, before settling at 1.2358, up +0.55%.EURGBP was more mixed as the single currency was lifted by the outcome of the Netherlands' general election.
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Crude Oil Recovered on USD Weakness, Inventory Declined Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Mar 16 17 00:03 ET
The Fed hiked interest rate as widely expected. However, the accompanying statement and the economic projections suggested that the future rate hike path might not be as hawkish as some had anticipated. This resulted in the decline in US dollar and Treasury yields after the announcement. US 2-year yields dropped -8 points to 1.308% whilst 10-year yields plunged -10 points to 2.50%.
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Saudi Arabia Cheats? Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Wed Mar 15 17 01:12 ET
Selloff of crude oil accelerated, after an OPEC report showing that Saudi Arabia's output increased last month, despite its pledge to cut production. A surprising draw in crude oil inventory probably contained the decline. The front-month WTI contract, extending the decline for a 7th consecutive day, fell to as low as 47.09 before settling at 47.72, -1.41%.
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Yields Higher as Some Begin Talking about More Hawkish Dot Plot Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Mar 13 17 23:56 ET
US Treasury prices weakened, sending yields higher, whilst the greenback was range-bound, as the market awaits the FOMC meeting. With a 25-bps rate hike a done-deal, the market now focuses on the likelihood that another hike would be implemented in June and whether there would be more hawkish changes in the dot plot. 10-year US Treasury yields are back above 2.60% (added +3 points to settle at 2.617%) and 2-year yields added +1 points to 1.376%. It appeared that long dated corporate issuance was a key driver of the rise in yields. Wall Street was mixed. Besides the FOMC minutes meeting, investors were cautious over the Netherlands general election, as well as Scotland's potential second referendum to leave the UK. DJIA slipped -0.1% whilst S&P 500 added +0.04%.
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