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 in Asia
On Monday, oil held revenues in Asia notwithstanding a break by several Middle East as well as Gulf countries with Qatar because Egypt, Saudi Arabia, the UAE along with Bahrain snapped commercial and diplomatic ties.
July delivery US West Texas Intermediate crude futures added 0.88%, trading at $48.08 in New York, while in London, August delivery futures soared 0.92%, being worth $50.41 a barrel.
Qatar shares the world’s number one gas field, South pars with Iran. The business and political ties have irritated Saudi Arabia. Other GCC countries dislike Iran’s support for Shia-linked militants, while a fresh statement attributed to Qatar's ruler on Saudi and American policies toward Iran have worsened the overall situation.
The previous week on Friday, crude futures settled at the lowest value in more than three weeks, with prices suffering their greatest weekly loss in a month amid ascending worries over soaring shale output in America.
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?
Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.
Every week we expect many interesting events that can shake the market.