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?
Gold ascends in Asia on views for 3rd Fed lift in 2017
On Wednesday, gold added in Asia, with Fed views on rate lifts for the rest of 2017 in focus with some hopes that inflation isn’t sturdy enough for a third lift this year as forecast.
In New York, August delivery gold futures acquired 0.29%, trading at $1,247.13 a troy ounce.
Overnight, gold was still subdued due to the fact the greenback kept advancing amid strengthening expectations that the Fed would raise its interest rate by the year-end.
Gold futures kept trickling lower because an ascending number of traders actually expect the major US bank to increase interest rates by the end of 2017 in the wake of positive comments from Fed officials.
Quite bullish comments from Fed officials have shocked market participants because economic data has failed to demonstrate consistent American economic surge.
The number one precious metal has kept slipping from its recent peak, after the Fed raised rates last Wednesday, thus leaving the door open for an extra rate hike this year.
US Energy Information Administration will reveal Crude oil inventories on February 9, 17:30 GMT+2.
On Wednesday, February 2, during the day, members of the Organization of Petroleum Exporting Countries (OPEC) and Joint Ministerial Monitoring Committee (JMMC) will discuss a range of issues regarding energy markets and, most importantly, agree on how much oil they will produce.
The Australian Bureau of Statistics will announce the updated Unemployment Rate and Employment Change data on Thursday, May 19, at 04:30 MT.
The UK Office for National Statistics will publish Consumer Price Index (CPI) data on Wednesday, May 18, at 09:00 MT.
The US Census Bureau will announce Core Retail Sales and Retail Sales on Tuesday, May 17 at 15:30 MT.