The Us Bureau of Labor Statistics will release monthly average hourly earnings, non-farm employment change (NFP), and unemployment rate on June 3, 15:30 MT time (GMT+3).
Crude leaps 1% on weaker greenback
On Monday, crude prices leapt more than 1% on a weaker greenback, but another ascend in American drilling activity stoked concerns that a global supply glut will go on notwithstanding an OPEC-led effort to tame output.
Brent crude futures soared 1.1%, showing $46.04 per barrel.
American West Texas Intermediate crude futures edged up 1%, trading at $43.45 per barrel.
Financial experts told that crude prices extended profits because traders covered their short positions, though there was little fundamental news backing prices.
On Monday, the US dollar index demonstrated poor performance versus a basket of currencies amid dipping hopes for the Fed to raise interest rates again later in 2017. A weaker greenback also makes crude more affordable for countries utilizing other currencies.
Meanwhile, American energy companies added up to 11 crude rigs by June 23, thus bringing the total count up to about 758, the most impressive outcome since April 2014.
The Organization of Petroleum Exporting Countries will hold a meeting on June 2.
This week started with the talk of the United States banning Russian oil exports, so XBR/USD saw $130 a barrel. Then the ban became reality. What does it really mean for the market?
The first day of June should’ve brought us the US default. Unsurprisingly, the US House passes the debt ceiling bill at the latest possible moment.
About 24% of global central banks intend to increase gold reserves in 2023. Rising inflation, geopolitical turmoil, and worries about interest rates are reasons to increase gold reserves.
Greetings to a brand new week full of events, economic releases and US debt frictions. We are here to tell you everything you need to know!