2021-08-26 • Updated
After few days of lack of fundamentals, all eyes are headed towards the US GDP & Jobless Claims later today. The Q2 GDP is expected to post the highest reading since the Q3 of last year, while the Core PCE Price Index is expected to remain stable at 6.1%.
On the other hand, the Jobless Claims is expected to rise slightly from the lowest level since the beginning of Covid19 era to 350K.
However, traders are advised to be very careful, the impact of these numbers is unlikely to last. Most probably it will be a quick move right after the announcement and markets will likely stabilize and it might be a nonevent as all eyes will turn again to Jackson Hall symposium which remains the key for now.
One thing everyone is waiting for, will the Fed stick to its plan to taper QE before the end of the year? If yes, the entire move that we saw in equities since the beginning of this week will be reversed in a short period of time, while if the Federal Reserve decided to surprise the markets with a delay due to Delta variant fears, markets will be celebrating the continuation of the Fed's liquidity.
China has issued new oil product export quotas to allow oil companies to send surplus barrels overseas, particularly Sinopec, which has the highest volume among quota holders. While the exact quota volume remains undisclosed, oil companies are forecasted to export approximately 3.5 million metric tons of clean oil products in September, a 10% increase from August.
Thanks to the incredible advancements in horizontal drilling and fracking technology, the United States has experienced a mind-blowing shale revolution. They've become the heavyweight champion of crude oil production, leaving Saudi Arabia and Russia in the dust. They even turned the tables and became net exporters of refined petroleum products in 2011.
Oil prices rebounded slightly on Friday but are still expected to show losses for the week due to concerns about slowing growth in the US and China. US crude futures rose 2.7% to $70.41 per barrel, while the Brent contract increased by 2.5% to $74.33 per barrel.
Bitcoin's price remains stagnant despite the Fed's slightly less hawkish tone. In contrast, Bitcoin has outperformed other assets, doubling in price from $16K to nearly $38K this year. Improved fundamentals, including the resolution of Binance concerns...
Hey folks, it’s a wrap to yet another month in the 2023 calendar, and I’m guessing you know what that means - time for another episode in the “What To Trade” series. For December, I will be mapping out trade more cautiously as the market volatility often drops
Gold prices, reaching the highest since May 5, are consolidating as traders await the US PCE Price Index, a key inflation indicator. The upcoming data could impact the Fed's policy, influencing the demand for the US Dollar and providing direction for gold. The Greenback sees some repositioning, recovering modestly ahead of the data risk.
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Don’t waste your time – keep track of how NFP affects the US dollar and profit!
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