
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).
US Energy Information Administration will reveal Crude oil inventories on February 9, 17:30 GMT+2. This release is considerable for Crude (XTI/USD), Brent (XBR/USD), and CAD movement. The loonie (Canadian dollar) is on the list because Canada has a sizable energy sector, and oil is still the most used energy source in the world. The release tells about changes in the number of barrels of crude oil held in inventory by commercial firms during the past week.
One of the last releases on January 26 turned out to be bigger than expected. Usually, it is a bearish sign for oil because of the oversupply. After the release, the uptrend in XTI/USD stopped, and crude oil lost around 2% of the price, sliding from $87.50 to $85.90 per barrel.
If the tendency remains, high inventories numbers will press on US oil prices. And in the case of a massive plunge, $85.00 per barrel is the most robust support level.
Higher-than-expected numbers will press on the XBR and XTI. Moreover, USD/CAD may fall due to the major role of Canada in energy production.
Check the economic calendar
Instruments to trade: XBR/USD, XTI/USD, CAD/USD
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).
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!
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