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 earns in Asia ahead of China PMIs
On Tuesday, gold managed to earn in Asia cautious trade because market participants waited for new China data clues for the global metals complex.
Gold futures acquired 0.14%, trading at $1,269.91 a troy ounce. Additionally, copper futures dropped 0.43%, being worth $2.558 as traders were cautious, with Hong Kong and Chinese markets unavailable as well as PMI data from the Mainland expected to demonstrate a sag on Wednesday.
Overnight, the number one precious metal stood still, clinging to a four-week peak in North American hours, Monday, with holidays in China, America and Britain.
Traders are looking ahead to this week's American employment data on Friday for further clues as for the Fed’s rate lift trajectory through the end of 2017.
Aside from the monthly jobs data, this week's holiday-shortened calendar also offers American data on manufacturing and service sector surge, car sales, consumer confidence, core PCE inflation, personal spending and also monthly trade figures.
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.