Gold (XAU/USD) is declining for the second day in a row. The reason of such a dynamic is that investors have turned to stocks.
Crude inches up as markets consider busy data week
On Monday, oil tacked on in Asia, with market participants paying attention to quite busy week of data points on demand and supply.
American West Texas Intermediate crude futures rallied 0.26% being worth $49.42 a barrel. At the same time Brent futures added 0.20% trading at $55.73 a barrel.
Japanese markets are still unavailable, while China returns from a week-long holiday.
In the week ahead, investors will closely watch fresh weekly data on American stockpiles of crude as well as refined products on Wednesday and Thursday in order to further assess the real impact of recent storm activity was on demand and supply.
The reports emerged one day later than usual because of the Columbus Day holiday in the USA on Monday.
Besides this, crude traders are going to focus on monthly data from the OPEC members and also the International Energy Agency to evaluate global crude supply as well as demand levels.
The Reserve Bank of Australia will publish its statement and announce the interest rate on July 7, at 7:30 MT time.
The overall market sentiment was mixed after the USA recorded the largest increase in virus cases since May 9. The data even offset the better-than-expected NFP.
The risk-on tone is back on the market again. Let’s look at main trading opportunities.