Forex – Dollar pushes higher as U.S. political woes subside-SapForex24

The dollar pushed higher against other major currencies on Friday, as former FBI director James Comey’s highly-anticipated testimony did little to rattle markets and as investors awaited the final results of the U.K. election.

EUR/USD slipped 0.25% to 1.1183, the lowest since May 31.

Comey accused President Donald Trump of firing him to try to undermine his investigation into possible collusion by the Trump campaign team with Russia’s alleged efforts to influence the 2016 presidential election.

Meanwhile, the euro remained vulnerable after the European Central Bank on Thursday cut its forecast for inflation this year to 1.5%, down from 1.7% in March.
The forecast came after the central bank left interest rates unchanged in a widely expected move.

        Forex and Comex Market Updates-sapForex24

GBP/USD was down 0.91% at a two-month low of 1.2712 as U.K. Prime Minister Theresa May’s Conservative Party lost its parliamentary majority in Thursday’s general election, potentially disrupting Brexit negotiations.

May faced calls to leave the government on Friday after the election left no single party with a clear claim to power just 10 days ahead of the start of Brexit negotiations.

Earlier Friday, the U.K. Office for National Statistics said manufacturing production increased by 0.2% in April, disappointing expectations for a gain of 0.9%. Year-on-year, manufacturing production was flat in April.

The report also showed that industrial production gained 0.2% in April, below forecasts for a 0.8% increase.

USD/JPY advanced 0.42% to 110.35, while USD/CHF gained 0.43% to trade at 0.9715.

The Australian dollar was weaker, with AUD/USD down 0.16% at 0.7537, while NZD/USD held steady at 0.7210.

Meanwhile, USD/CAD was little changed at 1.3505.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.45% at 97.39, the highest since May 30.

For More Information Whatsapp@ +91-9981999934 or Visit Here@ http://sapforex24.com/

Oil sinks to fresh 1-month low as glut worries weigh-SapForex24

Oil prices gave up modest overnight gains in North American trading on Thursday, falling to a fresh one-month low in the wake of data showing a surprise build in U.S. crude stockpiles.

The U.S. West Texas Intermediate crude July contract was at $45.52 a barrel by 7:30AM ET (1130GMT), down 21 cents, or around 0.5%, after hitting its lowest since May 5 at $45.34.

Elsewhere, Brent oil for August delivery on the ICE Futures Exchange in London dipped 22 cents to $47.84 a barrel. The global benchmark touched $47.65 earlier in session, a level not seen since May 5.

Oil prices plunged on Wednesday after data showed that U.S. crude stockpiles unexpectedly climbed for the first time in nine weeks.

              FOREX NEWS-COMEX LIVE-SAPFOREX24

The U.S. Energy Information Administration said in its weekly report that crude oil inventories rose by 3.3 million barrels in the week ended June 2, disappointing expectations for a crude-stock decline of 3.4 million barrels.

The report also showed that gasoline inventories increased by 3.3 million barrels. For distillate inventories including diesel, the EIA reported a rise of 4.4 million barrels.

Meanwhile, investors continued to weigh the impact of diplomatic tensions between Qatar and other Middle Eastern nations, including Saudi Arabia, on an OPEC-led push to tighten the market.

With oil production of about 620,000 barrels per day, Qatar’s crude output ranks as one of the smallest among OPEC producers, but tension within the cartel could weaken an agreement to hold back production in order to prop up prices.

Last month, OPEC and some non-OPEC producers extended a deal to cut 1.8 million barrels per day in supply until March 2018.

Concerns that the ongoing rebound in U.S. shale production could derail efforts by other major producers to rebalance global oil supply and demand remained in focus.

Elsewhere on Nymex, gasoline futures for July inched down 0.3 cents, or about 0.2%, to $1.498 a gallon, while July heating oil added 0.2 cents to $1.419 a gallon.

Natural gas futures for July delivery tacked on 1.2 cents to $3.032 per million British thermal units, as traders looked ahead to weekly storage data due later in the global day.

For More Information Whatsapp@ +91-9981999934 or Visit Here@ http://sapforex24.com/

Forex – Dollar holds steady vs. rivals in risk-off trade-SapForex24

The dollar held steady against other major currencies on Thursday, amid ongoing political turmoil in the U.S. and as investors avoided risky assets ahead of Thursday’s U.K. election and the European Central Bank’s policy decision.

EUR/USD edged down 0.12% to 1.1266.

Sentiment on the greenback remained vulnerable ahead of former FBI Director James Comey’s testimony to a Senate committee on Thursday.

Investors are fearful that the Trump administration may be further damaged by any revelations that could emerge when Comey testifies about Russia’s alleged involvement in the U.S. election.

                     Forex Market News-SapForex24

In the euro zone, expectations are growing that the ECB could strike a less dovish tone at its meeting on Thursday after recent economic reports indicated that the recovery in the euro area is deepening.

Market participants were also gearing up for the first round of French parliamentary elections on Sunday. The latest polls show that the party of President Emmanuel Macron is set to win the biggest parliamentary majority since 1968.

GBP/USD little changed at 1.2909.

While pollsters still expect British Prime Minister Theresa May to win the most seats in the Thursday election, a tight result could throw the country into political deadlock just days before formal Brexit talks with the European Union are due to begin on June 19.

USD/JPY fell 0.23% to 109.16, while USD/CHF eased up 0.08% to trade at 0.9627.
The Australian and New Zealand dollars were stronger, with AUD/USD up 0.60% at 0.7553 and with NZD/USD adding 0.18% to 0.7198.

The Australian Bureau of Statistics earlier said gross domestic product rose 0.3% in the first quarter, beating expectations for an uptick of 0.2% and after a growth rate of 1.1% in the last quarter of 2016.

Meanwhile, USD/CAD edged down 0.16% to trade at 1.3433, the lowest since May 29.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was little changed at 96.53, not far from Tuesday’s seven-month low of 96.47.

For More Information Whatsapp@ +91-9981999934 or Visit Here@ http://sapforex24.com/

Forex – Dollar at 7-month low, yen surges amid investor jitters-SapForex24

The dollar slumped to seven month lows against a currency basket on Tuesday and the safe haven yen strengthened broadly as investors grew more cautious amid fears over looming geopolitical risks.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was at 96.68 by 07.41 GMT after falling to an overnight low of 96.49, the weakest level since November 8.

The dollar came under pressure ahead of former FBI Director James Comey’s testimony to a Senate committee on Thursday.

Investors are fearful that the Trump administration may be further damaged by any revelations that may emerge when Comey testifies about Russia’s alleged involvement in the U.S. election.

             FOREX NEWS-COMEX LIVE-SAPFOREX24

The dollar was already on the defensive after last Friday’s disappointing U.S. jobs report.

Most analysts believe the poor data will not stop the Federal Reserve from raising interest rates at its meeting later this month, but most market participants now expect a more dovish path in the second half of the year.

USD/JPY was down 0.76% to 109.62, the weakest level since April 25.
Investors were also wary ahead of Britain’s election and a European Central Bank meeting, both of which are also set for Thursday.

While pollsters still expect British Prime Minister Theresa May will win the most seats in the election, a narrow win could throw Britain into political deadlock just days before formal Brexit talks with the European Union are due to begin on June 19.

Sterling pushed higher, with GBP/USD putting on 0.25% to trade at 1.2937.
The euro was a touch lower against the dollar, with EUR/USD at 1.1246, holding below the seven-month peak of 1.1283 set on Monday.

The single currency was sharply lower against the firmer yen, with EUR/JPY down 0.8% to 123.33.

Expectations are growing that the ECB could strike a less dovish tone at its meeting on Thursday after recent economic reports indicated that the recovery in the euro area is deepening.

Meanwhile, the Australian dollar was little changed with AUD/USD at 0.7483 after the country’s central bank kept interest rates on hold on Tuesday and said economic growth is still expected to increase gradually over the next couple of years.

For More Information Whatsapp@ +91-9981999934 or Visit Here@ http://sapforex24.com/

Oil prices dip on fears Middle East spat could harm OPEC cuts-SapForex24

Oil prices reversed gains to trade down on Monday on concerns that the cutting of ties with Qatar by top crude exporter Saudi Arabia and other Arab states could hamper a global deal to reduce oil production.

Saudi Arabia, the United Arab Emirates, Egypt and Bahrain closed transport links with top liquefied natural gas (LNG) and condensate shipper Qatar, accusing it of supporting extremism and undermining regional stability.

The move pushed Brent crude prices up as much as 1 percent, before paring gains to trade down 30 cents at $49.65 a barrel at 1046 GMT (6:46 a.m. ET).

U.S. West Texas Intermediate futures were at $47.40 a barrel, down 26 cents.
With a production capacity of about 600,000 barrels per day (bpd), Qatar’s crude output is one of OPEC’s smallest but tension within the Organization of the Petroleum Exporting Countries could weaken the supply deal, aimed at supporting prices.

          Comex Market News Update-SapForex24

“I think it’s still going to be a bit of a debate on the true impact it can have on the oil market,” said Olivier Jakob, strategist at Petromatrix.

“In terms of oil flows it doesn’t change very much but there is a wider geopolitical impact one needs to consider,” Jakob added, explaining that a breakdown in relations between Qatar and Saudi Arabia could make the OPEC-led agreement on production cuts less effective.

There are already doubts the effort to curb production by almost 1.8 million bpd is seriously denting exports.

While there was a dip in OPEC supplies between February and April, a report on Monday by Thomson Reuters Oil Research said OPEC shipments likely jumped to 25.18 million bpd in May, up over 1 million bpd from April.

Brent futures are still down about 7 percent from their open on May 25, when OPEC opted to extend production cuts into 2018.

Crude output in the United States, which is not participating in the cuts, has jumped more than 10 percent since mid-2016 to 9.34 million bpd, close to levels of top producers Saudi Arabia and Russia.

The rise in U.S. production has been driven by a record 20th straight weekly climb in oil drilling, with the rig count climbing by 11 in the week to June 2, to 733, the most since April 2015.

“Investors continue to doubt the ability of OPEC to rebalance the oil market, with crude oil prices remaining under pressure amid further signs of rising U.S. oil production,” ANZ bank said.

For More Information Whatsapp@ +91-9981999934 or Visit Here@ http://sapforex24.com/

Oil prices drop amid glut concerns, U.S. withdrawal from climate deal-SapForex24

Oil prices tumbled below $50 on Friday amid worries that U.S. President Donald Trump’s decision to abandon a global climate pact could spark more crude drilling in the United States, stoking a persistent glut in global supply.

Global benchmark Brent crude futures (LCOc1) was down 1.7 percent, or 80 cents, at $49.75 a barrel, as of 0725 GMT.

U.S. West Texas Intermediate crude (CLc1) futures dropped 87 cents, or 1.81 percent, to $47.46 per barrel.

Commodity markets were absorbing news the United States would withdraw from the landmark 2015 global agreement to fight climate change, a move that fulfilled a major campaign pledge but drew condemnation from U.S. allies.

           Comex Market Update-Sapforex24

“This could lead to a drilling free-for-all in the U.S. and also see other signatories waver in their commitments,” said Jeffrey Halley, senior market analyst, OANDA.

“This outcome could increase the supply-side equation from the United States and complicate OPEC’s forward projections. A scenario that would not be favorable to oil prices.”

Surging U.S. production has put a strain on OPEC members’ efforts to curb production to drain a global crude supply overhang.

A week ago, the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC members met in Vienna to roll over an output cut deal to reduce 1.8 million barrels per day (bpd) until the end of next March.

Russian Deputy Prime Minister Arkady Dvorkovich said on Friday he did not think that the global output cut agreement would be altered should prices go lower.
Russia’s Rosneft CEO Igor Sechin also said the market cannot stabilize unless all producers cut output.

Oil prices are down some 7.5 percent since OPEC’s May 25 decision to extend the cuts.

Faced with lingering glut woes, the oil cartel also discussed last week reducing output by a further 1 to 1.5 percent, and could revisit the proposal should inventories remain high, according to sources.

But oil markets were offered some support by official data that showed crude inventories in the United States, the world’s top oil consumer, fell sharply last week as refining and exports surged to record highs.

Crude stockpiles were down by 6.4 million barrels in the week to May 26, beating analyst expectations for a decrease of 2.5 million barrels.

However, U.S. crude production rose to 9.34 million bpd last week, up nearly 500,000 bpd from a year ago.

“We may or may not see more huge draws. But crude production is slowly but surely going to neutralize the (OPEC-led)production cut,” said Sukrit Vijayakar, director of energy consultancy Trifecta.

Rising output from Nigeria and Libya, which are exempted from the deal, is also undercutting oil producers’ attempt to limit production.

For More Information Whatsapp@ +91-9981999934 or Visit Here@ http://sapforex24.com/