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  1. As US administration strives for lower gasoline cost, oil prices are falling Oil prices fell sharply in early trade on Wednesday, despite US President Joe Biden’s efforts to lower increasing fuel costs, which included pressure on large US corporations to help drivers during the country’s peak summer demand. At 00:31 GMT, US West Texas Intermediate (WTI) crude futures were down $1.34, or 1.2 percent, to $108.18 a barrel, while Brent crude futures were down $1.33, or 1.2 percent, to $113.32. As the US battles rising gasoline costs and inflation, US President Joe Biden is poised to ask for a temporary suspension of the 18.4-cent-per-gallon federal gasoline tax on Wednesday, according to a person briefed on the proposal. On Monday, Biden said he was debating whether or not to run for president. “Even oil traders recognized that higher oil prices would lead to a more aggressive tag team onslaught from the (US) Fed pushing rates higher and the Biden administration getting increasingly creative on the political and fiscal front to tame the energy inflation beast,” said Stephen Innes, managing partner at SPI Asset Management. Seven oil corporations are scheduled to meet with Vice President Joe Biden on Thursday, under pressure from the White House to lower fuel costs as they post record profits. On Tuesday, however, Chevron CEO Michael Wirth stated that criticizing the oil business was not the way to lower petrol prices. “These measures are not helpful in solving the difficulties we face,” Wirth wrote in a letter to Biden, prompting Biden to respond that the industry was being overly sensitive. Despite inflation concerns, demand is projected to rise to pre-COVID levels, and supply is expected to trail demand growth, keeping the market tight, as trading giant Vitol and Exxon Mobil Corp pointed out this week. Read Full News : Daily & Weekly Analysis on XtreamForex
  2. UK Inflation Rate; Canada Inflation Rate; Powell Testimony; Japan Inflation Rate NZD: Westpac Consumer Sentiment, it measures level of a diffusion index based on surveyed consumers. AUD: RBA Gov Lowe Speaks, As head of the central bank, which controls short term interest rates, he has more influence over the nation’s currency value than any other person. Traders scrutinize his public engagements as they are often used to drop subtle clues regarding future monetary policy. AUD: Monetary Policy Meeting Minutes, It’s a detailed record of the RBA Reserve Bank Board’s most recent meeting, providing in-depth insights into the economic conditions that influenced their decision on where to set interest rates. CHF: Trade Balance, Export demand and currency demand are directly linked because foreigners must buy the domestic currency to pay for the nation’s exports. Export demand also impacts production and prices at domestic manufacturers. GBP: MPC Member Pill Speaks, BOE MPC members vote on where to set the nation’s key interest rates and their public engagements are often used to drop subtle clues regarding future monetary policy. EUR: Current Account, It’s directly linked to currency demand – a rising surplus indicates that foreigners are buying more of the domestic currency to execute transactions in the region. GBP: CBI Industrial Order Expectations, It’s a leading indicator of economic health – businesses react quickly to market conditions, and changes in their expectations can be an early signal of future economic activity such as spending, hiring, and investment. GBP: MPC Member Tenreyro Speaks, BOE MPC members vote on where to set the nation’s key interest rates and their public engagements are often used to drop subtle clues regarding future monetary policy. CAD: Core Retail Sales m/m, it measures change in the total value of sales at the retail level, excluding automobiles. CAD: Retail Sales m/m, it measures change in the total value of sales at the retail level. CAD: NHPI m/m, it measures change in the selling price of new homes. USD: Existing Home Sales, It’s a leading indicator of economic health because the sale of a home triggers a wide-reaching ripple effect. For example, renovations are done by the new owners, a mortgage is sold by the financing bank, and brokers are paid to execute the transaction. Read Full News : Daily & Weekly Analysis on XtreamForex
  3. US jobs report indicates more rate hikes are on the way, gold prices are rising Even as the US jobs report suggested additional interest rate hikes this year, gold was up in Asia on Monday morning, putting pressure on non-yielding bullion. By 10:26 p.m. ET, gold futures were up 0.32 percent to $1856.20. (2:26 AM GMT). For the previous week, it has fluctuated between $1,828 and $1,864, with an overall average of $1,850. Since new job market statistics revealed no signs of the US economy succumbing to high inflation and rising borrowing costs, the Federal Reserve is on track to raise interest rates by half a point in June, July, and possibly beyond. Gold fell on Friday as statistics indicated that firms in the United States employed more people than expected in May and continued to raise wages at a rapid rate. Meanwhile, investors increased their bets on interest rate hikes by the European Central Bank this year, pricing in a larger, 50 basis-point raise at one of the bank’s policy meetings by October. Because gold pays no interest, higher rates increase the opportunity cost of storing it. Sibanye Stillwater, a South African precious metals miner, announced on Friday that trade unions leading a strike at its gold operations had received a mandate from their members to accept a three-year pay contract. According to the president of the mining chamber, Ghana’s gold production plunged 30% last year, to its lowest level in more than a decade, knocking the country off its perch as Africa’s top producer. Gold discounts widened in India the previous week as demand slowed owing to rising prices and the end of the wedding season. Read Full News : Daily & Weekly Analysis on XtreamForex
  4. With an eye on the US NFP, the XAU/USD is approaching the $1,875 mark The gold price (XAU/USD) is swinging around $1,870, following an upswing to reclaim a one-month high during Friday’s early Asian session, as the NFP-related caution saps enthusiasm. The recent mixed stories about China, as well as resurgence in US Treasury yields, may also pose a threat to gold prices. The previous day, though, the yellow metal climbed the highest in a fortnight as the US Dollar Index experienced its greatest daily drop in two weeks. Softer US statistics and Fed policymakers’ hesitation, on the other hand, appeared to have prompted the US dollar’s decline, as well as accelerated gold prices. The early indication of Friday’s US Nonfarm Payrolls (NFP), namely the US ADP Employment Change, fell to 128K for May, vs 300K estimates and a downwardly revised 202K previous figure. The Weekly US Initial Jobless Claims, on the other hand, fell to 200K from 210K expected and 211K the week before. In addition, Nonfarm Productivity and Unit Labor Costs also improved in Q1, to -7.3 percent and 12.6 percent, respectively, compared to market consensus numbers of -7.5 percent and 11.6 percent. Furthermore, factory orders in the United States fell by 0.3 percent in April, compared to a revised 1.8 percent in March and an estimate of 0.7 percent. Lael Brainard, the Vice-Chair of the Federal Reserve, and Loretta Mester, the President of the Cleveland Federal Reserve, both repeated statements that suggested increasing odds supporting the Fed’s aggressive rate hikes. Deputy US Trade Representative (USTR) Sarah Bianchi stated in a Reuters interview on Thursday that “all options are on the table” when it comes to tariff determinations on Chinese goods. “The US Trade Representative is seeking a ‘strategic realignment’ with China, as well as a tariff structure that ‘makes sense,'” the diplomat noted. Read Full News : Daily & Weekly Analysis on XtreamForex
  5. OPEC prepares to establish new output targets, oil prices are rising Oil prices have climbed ahead of the OPEC cartel of oil-producing nations’ meeting on Thursday, as ministers prepare to establish output targets for July in their first meeting since the European Union slapped sanctions on Russian petroleum. Some members of OPEC are pressuring the organization to eliminate Russia, the world’s third largest oil producer, from future quotas, potentially allowing Saudi Arabia and the United Arab Emirates to pump more oil. Brent crude oil futures, the North Sea benchmark, climbed 2% to $117 a barrel at one point on Wednesday. West Texas Intermediate, its North American counterpart, climbed by a comparable amount to just under $116 a barrel. Prices had dipped from highs of over $125 earlier in the week, but had rebounded as investors considered how much supply could be raised to offset the sanctions’ impact. On Thursday, ministers from OPEC’S 13 members and ten non-Opec producers led by Russia, known as Opec+, will meet by video conference. They’re anticipated to accept a 432,000-barrel-per-day hike in July, the latest in a series of monthly increases that began in September 2021. Russia has fallen behind the rest of the group, with output predicted to fall by 8% this year. According to the Wall Street Journal, Russia’s declining production has spurred some countries, including Gulf members, to propose eliminating Russia from production targets, allowing other members to increase their output. Oil and energy costs have risen dramatically in recent months as global economies emerge from pandemic lockdowns, exacerbated by the consequences from Russia’s invasion of Ukraine. As people struggle with increased fuel prices, rapid price swings have contributed to inflationary pressures and cost-of-living issues around the world. The price hikes have prompted failed attempts by US Vice President Joe Biden and UK Prime Minister Boris Johnson to persuade other major oil producers, such as Saudi Arabia, to pump more, infuriating environmentalists who argue that governments should instead focus on energy efficiency measures that could quickly reduce demand. G7 energy ministers urged for higher OPEC production during a meeting last week in Germany. The break-up of the Opec+ group, according to Bjarne Schieldrop, chief commodities analyst at SEB, will allow Saudi Arabia and the UAE to employ their spare capacity to boost production. However, he questioned if it would help to relieve the pressure on global markets. He claimed that “minds in the EU and the US are concentrated on damaging Russian petro-income.” “More oil from Saudi Arabia and the United Arab Emirates will allow the west to impose stricter sanctions, reducing Russian oil supplies while keeping oil prices stable.” As a result, there would be no more supply for the market overall.” Russian Foreign Minister Sergei Lavrov, on the other hand, stated on Wednesday that Russia hopes to continue working with OPEC. “The ideas of cooperation on this basis retain their meaning and relevance,” Lavrov said at a news conference in Saudi Arabia during a visit to the Middle East. Most of Russia’s important banks involved in the oil trade have been sanctioned by the US, EU, and allies such as the UK, and the EU belatedly agreed on a partial embargo on oil imports on Tuesday. Another step to make it more difficult for Russia to export has been collaboration between the UK and the EU to prohibit insurers from insuring ships transporting Russian oil. The world’s oldest insurance market, Lloyd’s of London, announced on Wednesday that it is working closely with British and other governments and authorities to impose global sanctions on Russia. Read Full News : Daily & Weekly Analysis on XtreamForex
  6. Crude Oil Climbed Whether Russia’s Oil Imports Will Be Banned by the EU Crude oil closed yesterday at 9080, up 2.06%, as traders awaited news on whether the European Union would agree to an embargo on Russian oil imports. On Monday and Tuesday, the EU will gather to consider the sixth package of sanctions against Russia for its invasion of Ukraine, which Moscow refers to as a “special military operation.” When the Organization of Petroleum Exporting Countries and its allies, including Russia, meet on Thursday, they are expected to reject Western efforts to accelerate output increases, underscoring market tightness. They will maintain to their existing plans to increase output by 432,000 barrels per day in July. Russia slightly increased oil production to 10.17 million barrels per day (bpd) between May 1 and 29, according to the TASS news agency, although output is still over 1 million bpd lower than when the West placed sanctions on Moscow. After some clients postponed or denied Russian barrels owing to sanctions, production from the world’s third-largest producer after the United States and Saudi Arabia fell by almost 10% to 10.05 million bpd in April from February. On May 1-29, TASS reported that output had been marginally restored to 10.17 million bpd. Technically, the market is seeing fresh buying, with open interest up 9.13 percent to settle at 11055, while prices are up 183 rupees. Read Full News : Daily & Weekly Analysis on XtreamForex
  7. Gold prices are declining as the Fed maintains its aggressive policy stance On Thursday, gold prices fell, with some investors profiting after minutes from a US Federal Reserve policy meeting revealed that the central bank was likely to maintain its interest-rate hikes. The price of spot gold fell 0.1 percent to $1,851.57 per ounce. Gold futures in the United States rose 0.2 percent to $1,849.8. According to Brian Lan, managing director of dealer Gold Silver Central, the Fed’s resolve to hiking rates has influenced gold a little, with some profits being taken as the news sinks in, and prices could drop to $1,820 or so. On Wednesday, gold recovered some of its losses caused by the dollar’s rise as minutes from the Fed’s May meeting suggested the central bank would not become more aggressive, instead raising interest rates by 50 basis points in June and July to combat inflation. In the long run, however, investors who are aware that a recession is on the horizon are looking for a high-value asset that can help them get through this period, and gold will shine, according to Lan. The opportunity cost of owning bullion, which returns nothing, rises as short-term interest rates and bond yields rise in the United States. During financial crises, however, gold is seen as a safe-haven asset. The Fed’s decision to add two more half-percentage-point raises and then wait to see how they affect the economy was good for gold, but the market’s reaction has been disappointing, according to Michael McCarthy, chief strategy officer at Tiger Brokers in Australia. Read Full News : Daily & Weekly Analysis on XtreamForex
  8. Global oil prices have risen again as EU negotiates with Hungary Oil prices increased on Thursday, extending a cautious advance this week on signals of constrained supply, as the European Union (EU) negotiates with Hungary over plans to prohibit imports from Russia, the world’s second-largest crude supplier, following its invasion of Ukraine. At 0142 GMT, Brent crude futures for July settlement were up 7 cents, or 0.1 percent, to $114.10 per barrel. WTI crude futures for July delivery in the United States rose 22 cents, or 0.2 percent, to $110.55 a barrel. “An EU embargo on Russian oil imports is the key upward driver,” Commonwealth Bank commodities analyst. On Wednesday, European Council President Charles Michel expressed confidence that a deal may be struck before the council’s next meeting on May 30. However, Hungary continues to be a stumbling barrier to the EU penalties that require unanimous agreement. Hungary is requesting 750 million Euros ($800 million) to improve its refineries and expand a pipeline from Croatia, allowing it to transition away from Russian oil. Even without a formal ban, Russian oil is scarce on the market as buyers and traders avoid interacting with the country’s crude and fuel providers. Cargoes from Baltic ports are taking lengthier routes to Asian refineries, according to ANZ analysts, while exports to the Netherlands and France have all but ceased. The Permian Basin’s expected growth in oil output to a record high of 5.2 million barrels per day (bpd) is unlikely to close the 2 million to 3 million bpd gap left by lost Russian supply analyst said. Read Full News : Daily & Weekly Analysis on XtreamForex
  9. Big tech and banks are driving Wall Street higher; the Dow is up 2% On Monday, US equities finished higher as bank gains and a resurgence in market-leading tech companies fueled a broad-based rally following Wall Street’s largest weekly fall since the dotcom bust more than two decades ago. All three major US market indexes rose between 1.6 and 2.0 percent, with resurgent megacap tech titans Apple Inc and Microsoft Corp providing the biggest boost. Interest rate-sensitive banks rose 5.1 percent after JPMorgan Chase & Co, the largest U.S. lender, boosted its current year interest income outlook. The stock of JPMorgan Chase increased by 6.2 percent. “It appears to be more of a relief rally than a fundamental shift in market attitude,” said Oliver Pursche, senior vice president at Wealthspire Advisors in New York. “Investors as a group believe another shoe is about to drop, and they are probably correct in the short run.” On Friday, the S&P 500 fell 18.7% from its record closing high set on Jan. 3. If the benchmark index closes 20% or more below that high, it will confirm that the market has been in a downtrend since then. Concerns over consistently rising inflation and strong moves by the Federal Reserve to contain it have roiled markets in recent weeks, as the global economy deals with the consequences from Russia’s invasion of Ukraine. “Today, it appears the market is less concerned about inflation and the Fed’s ability to orchestrate a smooth landing,” said Chuck Carlson, president and CEO of Horizon Investment Services in Hammond, Indiana. Carlson said that “the bias is still to the downside.” The Dow Jones Industrial Average increased by 618.34 points, or 1.98 percent, to 31,880.24, the S&P 500 increased by 72.39 points, or 1.86 percent, to 3,973.75, and the NASDAQ Composite increased by 180.66 points, or 1.59 percent, to 11,535.28. On Wednesday, the Fed will disclose minutes from its most recent policy meeting, giving investors a glimpse into its thinking. This week’s economic statistics may provide more evidence that inflation peaked in March, as well as if high prices have harmed consumer purchasing power. The S&P 500’s 11 major sectors all closed the session in the green, with financials leading the way with a 3.2 percent gain. The first-quarter reporting season is virtually over, with 474 of the S&P 500 businesses having released results. According to Refinitiv, 78 percent of them exceeded expectations. According to Refinitiv, current quarter pre-announcements are typically pessimistic, with 59 negative estimates and 32 positive, compared to 37 negative and 52 positive in the year-ago quarter. VMWare Inc’s stock jumped 24.8 percent on news that chipmaker Broadcom Inc was in talks to buy the cloud service provider over the weekend. Broadcom’s stock fell 3.1 percent. Didi Global’s U.S.-listed shares fell 4.0 percent after shareholders voted to de-list the Chinese ride-hailing app from the New York Stock Exchange. Read Full News : Daily & Weekly Analysis on XtreamForex
  10. In the idle markets, XAU/USD remains protective at $1,800 As global markets battle for clear directions to extend the previous optimism, gold (XAU/USD) prices drop from intraday highs, being range-bound near $1,813-18. During a sluggish Asian session on Wednesday, the precious metal maintained its previous day’s fall from the 200-DMA. The current Fed speak is more hawkish than previous ones, but reports about the EU’s oil ban on Russian imports, as well as China’s COVID restrictions, put optimists to the test. Despite this, traders remain optimistic due to stronger GDP data from Japan and the Euro zone, buoyant Retail Sales from the US, and the UK’s robust jobs report. “The Fed should boost rates to 2.25 percent -2.5 percent neutral ranges ‘expeditiously,'” Fed policymaker Evans seems to have weighed on the market’s mood by raising fears of a fast rate hike. Fed Chair Jerome Powell and normally hawkish St Louis Fed President James Bullard argued for a 50 basis point rate hike on Tuesday, putting pressure on the dollar. In terms of the report, initial Euro zone GDP for Q1 2022 increased past 5.0 percent YoY to 5.1 percent, as well as above 0.2 percent QoQ estimates to 0.3 percent. In April, however, US retail sales increased by 0.9 percent MoM, somewhat higher than the projected 0.7 percent but lower than the upwardly revised 1.4 percent gain (from 0.5 percent). Japan’s preliminary GDP figures for Q1 2022 climbed past -0.4 percent estimates to -0.2 percent QoQ, while Annualized GDP improved to -1.0 percent from -1.8 percent expected. The Financial Times (FT) reports that China is diverting anti-poverty funds to COVID testing as the crisis worsens, adding to the market’s concerns about the European Commission’s (EC) decision to move away from Russian energy imports. In this environment, US 10-year Treasury rates increased by 0.5 basis points (bps) to 2.988 percent, while S&P 500 Futures struggle to find a clear direction despite Wall Street’s strong advances. However, if the US Dollar Index, which is currently flat near 103.35, benefits from the latest cautious optimism, gold traders may see additional losses. The greenback gauge could be influenced by second-tier housing figures as well as qualitative factors such as corona virus and geopolitics. Despite maintaining inside a $5.00 trading range recently, gold prices have maintained the prior day’s retreat from the 200-DMA. XAU/USD may return an annual horizontal support range between $1,790-85, given the bearish MACD signals and the metal’s failure to cross the major moving average, which was around $1,838 by press time. Read Full News : Daily & Weekly Analysis on XtreamForex
  11. Global stock markets are falling as inflation and economic concerns remain On Thursday, global shares slumped to an 18-month low, as investors worried that rising inflation would endure, forcing central banks to continue tightening monetary policy. Stocks in the United States closed a choppy session marginally down, as investors juggled concerns over lingering inflation with evidence that it may be peaking. Since plunging from its all-time high in January, the S&P 500 has come dangerously close to confirming a bear market. A German warning that Russia was now using energy supply as a “weapon” heightened economic concerns in Europe. The STOXX 600 index was down 0.75 percent throughout Europe. As of 5:09 p.m. ET, the MSCI global stock index was down 0.69 percent (2109 GMT). Oil prices were uneven as a result of supply concerns stemming from the planned European Union embargo on Russian oil. Brent crude dropped 6 cents to $107.45 per barrel. WTI crude oil increased 42 cents, or 0.4 percent, to $106.13 a barrel. The producer price index for final demand grew 0.5 percent in April, less than the 1.6 percent increase in March, according to the US Labor Department, as growing energy prices slowed. Consumer price growth fell to 8.3 percent in April from 8.5 percent in March, but it still beat experts’ expectations of 8.1 percent. “Since the Fed hiked rates… and the accompanying robust US jobs market, and CPI statistics have reinforced worries over the scale of the task confronting the Fed,” ANZ bank analysts stated. Overnight, the leading pan-Asian Pacific indices fell 2.5 percent to a 22-month low. The Nikkei 225 lost 1.8 percent. Stocks in emerging markets fell 2.28 percent. Treasury yields have fallen. After the benchmark US government bond fell to a morning low of 2.816 percent, the yield on 10-year Treasury notes US10YT=RR plummeted 7.1 basis points to 2.843 percent. Germany’s benchmark 10-year yield fell as much as 15 basis points to 0.85 percent, its lowest level in over two weeks. With the collapse of the so-called stablecoin TerraUSD, selling in bitcoin, and a 15% drop in the next-largest cryptocurrency, ether, the crash in cryptocurrency markets proceeded .Tether, the world’s largest stablecoin by market capitalization with a value directly linked to the dollar, has fallen below its so-called “peg” to the dollar. Crypto markets have already lost over $1 trillion due to the worldwide sell-off. This week, about a third of that loss occurred. “The breakdown of the peg in TerraUSD has resulted in several unpleasant and foreseeable consequences. BTC, ETH, and most ALT coins have suffered widespread liquidation “Other cryptocurrencies, stated Richard Usher, head of OTC trading at BCB Group. Read Full News : Daily & Weekly Analysis on XtreamForex
  12. US stock sell-off deepens as S&P & NASDAQ falls The brutal market sell-off resumed on Monday, with all three main indices finishing down starting the week. The S&P 500 fell below 4,000 for the first time since April 2021, while the tech-heavy NASDAQ fell more than 4%. The Cboe Volatility Index, or stock market fear measure, rose to 34.66 on Monday. Stocks fell even as the yield on the 10-year Treasury note fell to around 3.04 percent, down from 3.1 percent on Friday, as investors sought to avoid the carnage in markets. So far in 2022, there has been nowhere to hide in markets as equities, bonds, and cryptocurrency have all been crushed, and stocks and bonds are seeing a simultaneous correction for the first time in over 50 years. “Investors, in my opinion, have become too gloomy about the future for the US economy and stock market,” experienced stock market bull Edward Yardeni told the Financial Times on Monday. “I can’t remember such stock bearishness in a long time.” According to Morgan Stanley analysts in a Monday report, retail traders have now lost all of the money they made during the outbreak. Twitter’s shares dropped on Monday. In the absence of Elon Musk’s takeover attempt, the company’s expected price, according to short seller Hindenburg Research, would be 37% lower. According to the experts, Tesla’s CEO has complete control over the sale and might revise his offer. According to Bloomberg, Goldman Sachs is planning to discontinue working with most SPACs owing to liability concerns and increased regulation in the market. However, if the SEC relaxes its SPAC supervision standards, the investment bank may reconsider. Lumber prices fell to their lowest level of the year on Monday, as the highest mortgage rates in 13 years weighed on home demand. Overseas, China’s yuan fell to an 18-month low versus the dollar, as Beijing’s Covid restrictions weighed on the economy and US bond rates remained high. Meanwhile, the three most valuable cryptocurrencies by market capitalization – bitcoin, ether, and solana – all fell on Monday. Coinbase and Silvergate Capital stock dropped in tandem with the overall token selloff. Read Full News : Daily & Weekly Analysis on XtreamForex
  13. Oil falls due to global economic fears, ahead of the EU decision on Russia’s oil ban Oil prices fell on Monday, along with Asian stock markets, on worries of a worldwide recession reducing oil consumption, with investors eyeing European Union discussions on a Russian oil embargo, which is likely to constrain global supply. By 0153 GMT, Brent crude had fallen 28 cents, or 0.3 percent, to $112.11 per barrel. West Texas Intermediate oil in the United States was trading at $109.36 per barrel, down 41 cents, or 0.4 percent. “The key reasons that impact the oil price are the broader risk-off mood fueled by recession worries, and China’s lockdowns,” CMC Markets analyst Tina Teng said. Concerns about interest rate rises and lengthy COVID-19 lockdowns in China, which are harming the world’s second largest economy, have also rattled global financial markets. “China’s continued restrictions may continue to impact on short-term oil prices,” Teng added. Saudi Arabia’s price drop reflected concerns about global oil consumption, she added. On Sunday, Saudi Arabia, the world’s largest oil exporter, reduced crude prices for Asia and Europe for June. Brent and WTI jumped for the second week in a row last week on supply worries after the European Commission suggested a phased restriction on Russian oil as part of its toughest-yet package of measures related to the Ukraine war. The plan requires a vote by all EU members. However, Bulgaria’s Deputy Prime Minister stated late Sunday that if the proposed embargo is not lifted, the nation will reject EU oil penalties against Russia.”The negotiations will continue tomorrow and maybe on Tuesday, with a meeting of the leaders required to finalise them. Our stance is unequivocal. If certain nations receive a dispensation, we would like to receive one as well “Vassilev told BNT national television. Bulgaria had previously stated that if such opt-outs were permitted, it would seek an exemption from the planned Russian oil ban, but it was unclear if it was seeking a full exemption or a delay similar to the one suggested on Friday for Hungary, Slovakia, and the Czech Republic. According to Teng, the exclusions “will surely make the punishments less effective.” Read Full News : Daily & Weekly Analysis on XtreamForex
  14. EUR/USD Reach Historical Levels | Xtreamforex EUR/USD has recovered its foothold in the early European session on Thursday and progressed to its most elevated level in seven days close 1.0900. The specialized standpoint recommends that the bullish predisposition stays in one piece in the close to term and extra gains could be seen in the event that the pair clears the following resistance at 1.0920. Further developing business sector mind-set and falling US Treasury security yields made the greenback experience weighty misfortunes against its rivals. The US Dollar Index, which tracks the dollar’s presentation against a container of six major currencies, is now down 1% since posting its most noteworthy day to day close in almost two years on Tuesday. In the interim, hawkish remarks from European Central Bank (ECB) authorities gave an extra lift to the euro and powered EUR/USD’s. ECB policymakers Martins Kazaks said on Wednesday that an ECB rate hike was conceivable when July. Policymaker Pierre Wunsch told Bloomberg early Thursday that policy rates could turn positive this year and ECB Vice President Luis de Guindos noticed that he was anticipating that the QE should end in July to make ready for a rate hike. Eurostat will deliver the March Harmonized Index of Consumer Prices (HICP) for the euro region. Consistently, HICP is supposed to show up at 7.5% to match the glimmer gauge. All the more critically, ECB President Christine Lagarde and FOMC Chairman Powell will show up at the IMF Springs Meetings. Except if Lagarde stands up against hiking the policy rate in early-Q3, the euro is probably going to save its solidarity. Read Full News : Daily & Weekly Analysis on XtreamForex
  15. GBP/USD/EUR Beats 14-Year Trend Line Resistance At 127.10/50 GBP/USD stays weighty, flexing against the 1.30 support level. The pair is set to stay under pressure while underneath 1.3150, Financial analysts report. Support at 1.2980-1.30 still looks firm, support at 1.2980-1.30 still looks firm. Note that the pair has bombed on different occasions at 1.2980-1.30 since mid-March.” Hidden prospects actually negative until further notice, and that predisposition ought to continue insofar as the pair stays beneath 1.3150 EUR/USD has begun to inch higher early Wednesday in the wake of having shut for all intents and purposes unaltered on Tuesday. The recharged dollar shortcoming in the European session is assisting the pair with holding above 1.0800 and extra recuperation gains could be seen the length of this level stays in one piece. Albeit the greenback profited by rising US Treasury yields on Tuesday, the 10% increment in Germany’s 10-year yield, the benchmark of the alliance, permitted the common currency to remain strong against its significant adversaries. In the mean time, yields on the 10-year US Treasury Inflation-Protected Securities moved into the positive territory without precedent for over two years during the Asian session on Wednesday. Read Full News : Daily & Weekly Analysis on XtreamForex
  16. EUR/USD Forecast: Euro on the brink of renewing multi-year lows XAUUSD Price stays helpless before the price activity in the US dollar and the Treasury yields, kindness of the forceful Fed’s tightening assumptions. In the interim, the shortfall of the primary level US monetary information leaves the consideration on the Fed analysis and rising worries over expansion and development chances, notwithstanding an extended Russia-Ukraine war. Should the market mind-set deteriorate, the safe house interest for the US dollar will be back in play, restricting the potential gain in Gold Price. Furthermore, the reestablished potential gain in the Treasury yields could likewise keep a beware of XAUUSD. XAUUSD price is battling to take on the recuperation above $1,982, the intermingling of the Fibonacci 61.8% one-day, the earlier week’s high and Bollinger Band one-day Upper. Acknowledgment over the last option is basic to continue the upswing towards the earlier day’s high of $1,998. In front of that level, a lot of firm resistance levels are seen around $1,991, where the Fibonacci 23.6% one-day, turn point one-week R1 and turn point one-day R1 match. On the other side, the earlier day’s low of $1,971 goes about as solid support, beneath which a drop towards the Fibonacci 38.2% one-week at $1,966 will in the off. Further down, XAUUSD traders could target strong support at $1,960, the intersection of the earlier year’s high and the Fibonacci 61.8% one-month. EUR/USD has organized an unobtrusive bounce back to the 1.08 region. Except if the pair figures out how to clear the 1.0830 resistance, traders are probably going to keep on ruling the pair’s activity Read Full News : Daily & Weekly Analysis on XtreamForex
  17. EUR/USD Rising US yields, sour market mood weigh on Euro EUR/USD has experienced bearish move on early Monday subsequent to having shut the earlier week somewhere down in regrettable territory. Despite the fact that trading conditions stay slender because of the Easter Monday holiday in Europe, rising US Treasury bond yields and risk-averse marketing strategy is developed that the common currency is probably going to make some extreme memories tracking down interest. Following a long weekend, the benchmark 10-year US T-bond yield opened with a bullish gap and hits at its most grounded level since December 2018 2.8% during the Asian session. Mirroring the positive effect of rising US yields on the greenback, the US Dollar Index sits at a two-year high above 100.70 in the early European session. In the interim, US stock index futures are down somewhere in the range of 0.25% and 0.8%, highlighting to a risk-averse market environment toward the start of the week. The US financial agenda won’t offer any high-sway information discharges and the dollar’s market valuation ought to keep on driving EUR/USD’s activity. Read Full News : Daily & Weekly Analysis on XtreamForex
  18. XAU/USD Lacks Directional Conviction on Conflicting Market Forces XAUUSD had gotten a ailment break of an earlier triangle pattern at $1,898. In any case, its advance can be tempered for the present by $2,001, the 61.8% Fibonacci retracement of the unpredictable March range of $2,070-$1,890. Bypassing $1,981 opens the entryway for a trial of the psychological $2,000 price boundary. XAUUSD breakthrough has all the earmarks of being in fact driven, and some movements driven by the expansion hedge theme this week with March PPI for definite interest flooding by most in records back to 2010. This could be only a more limited traversed three-legged adjustment which makes 2,001 an acutely watched resistance stake. So don’t preclude a rollback which safeguards the super bullish pattern given the week after week MACD Read Full News : Daily & Weekly Analysis on XtreamForex
  19. NZD/USD higher after the larger than expected interest rate hike from the RBNZ NZD: Food Price Index , It measures change in the price of food and food services purchased by households. JPY: Core Machinery Orders m/m, It measures change in the total value of new private-sector purchase orders placed with manufacturers for machines, excluding ships and utilities. JPY: M2 Money Stock y/y, It measures change in the total quantity of domestic currency in circulation and deposited in banks. AUD: Westpac Consumer Sentiment, It measures change in the level of a diffusion index based on surveyed consumers. NZD: Official Cash Rate, Short term interest rates are the paramount factor in currency valuation – traders look at most other indicators merely to predict how rates will change in the future. Forecast 1.25% NZD: RBNZ (Reserve Bank of New Zealand) Rate Statement, It’s among the primary tools the RBNZ uses to communicate with investors about monetary policy. It contains the outcome of their decision on interest rates and commentary about the economic conditions that influenced their decision. Most importantly, it discusses the economic outlook and offers clues on the outcome of future decisions. GBP: CPI (Consumer Price Index) y/y, Consumer prices account for a majority of overall inflation. Inflation is important to currency valuation because rising prices lead the central bank to raise interest rates out of respect for their inflation containment mandate. Forecast 6.7% GBP: Core CPI y/y, It measures change in the price of goods and services purchased by consumers, excluding the volatile food, energy, alcohol, and tobacco items. GBP: PPI Input m/m, It measures change in the price of goods and raw materials purchased by manufacturers. GBP: PPI Output m/m, It measures change in the price of goods sold by manufacturers. GBP: RPI y/y, It measures change in the price of goods and services purchased by consumers for the purpose of consumption. JPY: BOJ Gov Kuroda Speaks, As head of the central bank, which controls short term interest rates, he has important influence over the nation’s currency value. Traders scrutinize his speeches as they are often used to drop subtle clues regarding future monetary policy and interest rate shifts. EUR: Italian Industrial Production m/m, It measures change in the total inflation-adjusted value of output produced by manufacturers, mines, and utilities. GBP: House Price Index (HPI), It measures change in the selling price of homes. USD: Producer Price Index (PPI), It’s a leading indicator of consumer inflation – when producers charge more for goods and services the higher costs are usually passed on to the consumer. Forecast 1.1% USD: Core PPI m/m, It measures change in the price of finished goods and services sold by producers, excluding food and energy. CAD: BOC Monetary Policy Report, It provides valuable insight into the bank’s view of economic conditions and inflation – the key factors that will shape the future of monetary policy and influence their interest rate decisions. CAD: BOC Rate Statement, It’s the primary tool the BOC uses to communicate with investors about monetary policy. It contains the outcome of their decision on interest rates and commentary about the economic conditions that influenced their decision. Most importantly, it discusses the economic outlook and offers clues on the outcome of future decisions. CAD: Interest Rates, Short term interest rates are the paramount factor in currency valuation – traders look at most other indicators merely to predict how rates will change in the future. Forecast 1.00% USD: Crude Oil Inventories, It measures change in the number of barrels of crude oil held in inventory by commercial firms during the past week. Read Full News : Daily & Weekly Analysis on XtreamForex
  20. Market News: EUR/USD, GBP/USD, AUD/USD, NZD/JPY NZD: International Travel and Migration, it measures change in the number of short-term overseas visitors who arrived in the country GBP: Like-for-like Retail Sales, it measures change in the value of same-store sales at the retail level. JPY: Bank Lending, it measures change in the total value of outstanding bank loans issued to consumers and businesses. JPY: Producer Price Index, it measures change in the price of goods sold by corporations. AUD: NAB Business Confidence, It’s a leading indicator of economic health – businesses react quickly to market conditions, and changes in their sentiment can be an early signal of future economic activity such as spending, hiring, and investment. EUR: German Final CPI m/m, it measures change in the price of goods and services purchased by consumers. EUR: German WPI m/m, it measures change in the price of goods by wholesalers. GBP: Average Earnings Index 3m/y, it measures change in the price businesses and the government pay for labor, including bonuses. GBP: Claimant Count Change, it measures change in in the number of people claiming unemployment-related benefits during the previous month. GBP: Unemployment Rate, it measures percentage of total work force that is unemployed and actively seeking employment during the past 3 months. EUR: French Trade Balance, it measures difference in value between imported and exported goods during the reported month. EUR: ZEW Economic Sentiment, it measures Level of a diffusion index based on surveyed German institutional investors and analysts. EUR: German ZEW Economic Sentiment, it measures level of a diffusion index based on surveyed German institutional investors and analysts. USD: NFIB Small Business Index, it measures level of a composite index based on surveyed small businesses. USD: Consumer Price Index, it measures change in the price of goods and services purchased by consumers. Read Full News : Daily & Weekly Analysis on XtreamForex
  21. US Dollar Price Action Setups: EUR/USD, GBP/USD, AUD/USD, USD/JPY AUD: AIG Services Index, Survey of about 200 service-based companies which asks respondents to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories AUD: Trade Balance, it measures difference in value between imported and exported goods and services during the reported month. JPY: JGB Auction, it measures average yield on a 30-year bond the government sold at auction, and the bid-to-cover ratio of the auction. JPY: Leading Indicators, it measures Level of a composite index based on 11 economic indicators. Forecast 100.9% CHF: Unemployment Rate, the number of unemployed people is an important signal of overall economic. Forecast 2.2% EUR: German Industrial Production, Change in the total inflation-adjusted value of output produced by manufacturers, mines, and utilities. Forecast 0.1% GBP: HBOS (Halifax Bank of Scotland) HPI (House Price Index), It’s a leading indicator of the housing industry’s health because rising house prices attract investors and spur industry activity. CHF: Foreign Currency Reserves, It provides insight into the SNB’s (Swiss National Bank) currency market operations, such as how actively they are defending the franc’s exchange rate against the euro. EUR: Retail Sales, It’s the primary gauge of consumer spending, which accounts for the majority of overall economic activity. EUR: ECB Monetary Policy Meeting Accounts, record of the ECB Governing Board’s most recent meeting, providing in-depth insights into the economic conditions that influenced their decision on where to set interest rates GBP: MPC Member Pill Speaks, Bank of England Monetary Policy Committee members vote on where to set the nation’s key interest rates and their public engagements are often used to drop subtle clues regarding future monetary policy. USD: Unemployment Claims, it measures number of individuals who filed for unemployment insurance for the first time during the past week. Forecast 201K. USD: FOMC Member Bullard Speaks, about the economy and monetary policy at an event hosted by the University of Missouri, in Columbia. USD: Treasury Sec Yellen Speaks, about cryptocurrency policy and regulation at an event hosted by American University, in Washington DC. USD: Nat Gas Inventories, it measures Change in the number of cubic feet of natural gas held in underground storage during the past week. Forecast -28B. USD: Consumer Credit m/m, It’s correlated with consumer spending and confidence – rising debt levels are a sign that lenders feel comfortable issuing loans, and that consumers are confident in their financial position and eager to spend money. Forecast 18.0B. Read Full News : Daily & Weekly Analysis on XtreamForex
  22. XAU/USD is expected to drop to about $1,900 as aggressive Fed officials dampen market sentiment After a massive sell-off on Tuesday, gold (XAU/USD) is struggling in the Asian session. Given the adverse market movement and aggressive tone espoused by Federal Reserve (Fed) policymakers, the precious metal is anticipated to drop to around the psychological support of $1,900.00. In a speech on Tuesday, Fed Governor Lael Brainard stated that the Fed is prepared to act aggressively if inflation data and expectations indicate that such action is warranted. While Fed President Mary Daly has underlined the need for the Fed to reduce its balance sheet as quickly as possible. Furthermore, increased oil costs will not cause a significant downturn in the US economy. On the other hand, on negative market mood, the US dollar index (DXY) has risen to almost 99.60. Fed members’ hawkish positions suggest that, in the future, rising interest rates will limit liquidity influx throughout the world. The risk-off impulse has been triggered, and the greenback is now climbing higher. Aside from the DXY, increased prospects of a 50 basis point (bps) interest rate hike have injected steroids into US Treasury rates. The 10-year US Treasury rates have surpassed 2.6 percent and are on the verge of setting a new three-year high. The price of gold fell somewhat as the US currency gained strength. The DXY index, which measures the value of the dollar against a basket of other currencies, reached its highest level in over two years. The benchmark 10-y++3fear Treasury yield has risen to 2.55 percent, while the two-year yield has risen to 2.56 percent for the first time since March 2019. Spot gold fell 0.3 percent to $1,916 per ounce, but was trading in a tight range, while US gold futures down 0.1 percent to $1,931.20. XAU/USD is down 0.2 percent at $1,921 at the time of writing, pressured in Asia after comments by Federal Reserve Governor Lael Brainard. In advance of tomorrow’s hawkish minutes, the Fed member mentioned the possibility of forceful action by the central bank. Brainard stated that the Fed might begin lowering its balance sheet as early as May, and that it would do so at a “rapid pace.” Interest rate rises might be more aggressive than the usual 0.25 percentage point increments, according to Brainard. Meanwhile, during the March meeting, Fed policymakers began the process of policy normalisation by raising rates 25 basis points to 0.25 percent -0.50 percent, and the minutes of that meeting will be issued on Wednesday. “Gold prices have remained remarkably robust, indicating strong ETF and comex inflows into gold trumping withdrawals linked with a hawkish Fed,” according to TD Securities analysts. “Because actual rates may be less effective as a barometer for evaluating gold’s relative price, we look at gold flows to see how long interest in the yellow metal will last.” ETF flows have tended to be more significantly connected with changes in market expectations for Fed hikes than real rates, the yield curve, or even price momentum, according to our study. Read Full News : Daily & Weekly Analysis on XtreamForex
  23. In Asian markets, the XAU/USD bleeds out, falling below $1,920 The price of gold, XAU/USD, has been under pressure this week due to conflicting mood around the Ukraine issue against anticipation of a rapid-fire response from the Federal Reserve following last week’s Nonfarm Payrolls report. XAU/USD is down 0.26 percent at the time of writing, having fallen from a high of $1,926.86 to below Friday’s low of $1,918.32. The dollar got off to a strong start on Monday, boosted by a surge in US Treasury rates on anticipation of a series of Fed rate hikes. Following the release of the NFP report, US 2-year bond rates hit a new all-time high in the North American session, while US 10-year yields also climbed, indicating a drop in investor demand. After a large upward revision to the February statistics to 750k, non-farm payrolls gained 431k in March. The unemployment rate decreased to 3.6 percent, while average hourly wages rose 0.4 percent month over month, bringing annual growth to 5.6 percent. The report was mixed, with hourly wages for February reduced down to 0.1 percent, indicating that, together with the March number, the pressure on the US labor market may be fading. Overall, the report has bolstered the Fed’s case for using aggressive rate rises to keep inflation under control. Fed funds futures have a nearly 4/5 likelihood of a 50 basis point rise next month built in. Despite this, economists at ANZ Bank believe that demand for safe have assets would continue robust because to the ongoing conflict in Ukraine. “Since Russia invaded Ukraine, the disparity between fair value and current gold prices has jumped from zero to USD300/oz, implying a significant risk premium. In addition, the Russia-Ukraine conflict’ indirect effects will give a considerable degree of support. The wider isolation of Russia will result in an inflationary structural change in the energy industry.” In other markets, speculation about further penalties kept the general tone cautious in early trade, but this, too, bolstered the US dollar. After Ukrainian and European authorities accused Russian soldiers of crimes, Germany’s defense minister suggested on Sunday that the European Union should consider restricting Russian gas supplies. Ukraine has accused Russian soldiers of carrying out a “massacre” in Bucha, which Russia’s defense ministry has denied. “Haven flows are expected to keep the yellow metal sustained as long as significant progress on ceasefire discussions and de-escalation remains elusive,” analysts at TD Securities said. “At the same time, the 2-year and 10-year curves flirting with inversion has fanned rumours of a coming recession, providing yet another favorable dynamic for gold.” Read Full News : Daily & Weekly Analysis on XtreamForex
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