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 goes down in Asia after Fed lift
On Thursday, gold dived in Asia as a widely expected interest rate lift by the Fed provided room for caution, though the major American currency failed to respond steeply providing room for support.
In New York, August delivery gold futures tumbled 0.68%, trading at $1,267.18 a troy ounce. As for copper futures, they gained 0.31%, being worth $2.572 a pound.
Overnight, gold found itself under pressure, after the Fed lifted interest rates for the second time this year and also maintained its outlook of three total rate lifts for 2017.
On Wednesday, the Fed dared to lift its major interest rate by 0.25%. The current range accounts for 1.00%-1.25%.
The major US bank told it expects a tightening labor market to raise inflation to the 2% objective over the medium term.
The bullish comments on inflation along with extra rate lifts pushed the greenback into positive territory versus a basket of global currencies and bringing the number one precious metal to session minimums.
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.