2021-08-26 • Updated
The US Futures dropped on Thursday following some remarks by some of the Federal Reserve members earlier today, including Bullard who repeated his previous statement. Bullard wants to complete QE tapering by the end of Q1 of next year, such scenario is considered as extreme and probably unrealistic. Yet, the market reaction so far is reasonable.
The Dollar index spiked higher across the board, retesting 93.00 resistance area, while futures turned negative. However, eyes are still on the Federal Reserve's chairman Powell later today, which may change the current move.
If Powel kept the door open for a delay, equities are likely to recover, while the dollar might turn negative by the end of the day or by the end of the week. Otherwise, if the Fed stick to its plan to start tapering this year, equities may suffer a notable sell off and may turn negative on the week, while the Dollar Index might break above 93.70 this time.
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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