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 grows moderately in Asia
On Friday, gold reported moderate profits in Asia, with eyes on China’s economic data.
In New York, June delivery gold futures soared 0.04%, trading at $1,256.88.
Overnight, gold stood still, after the Fed’s May gathering minutes, drove worries over whether the major US financial institution would keep pursuing its initiative to introduce two extra rate lifts in 2017.
The hawkish view that a rate lift was urgently required soon was compensated by comments from some Fed officials at the gathering, who told that further signs would require showing that weakness in the first-quarter happened to be temporary, before future rate lifts.
American economic surge, gauged by GDP, inched up by annualized rate of nearly 0.7% for the first three months of this year. It turned to be the slowest period of first-quarter economic surge since 2014.
A surge in the greenback applied pressure on gold that sank to session minimums, reacting to initial jobless claim data, thus boosting a view that the US economy keeps demonstrating signs of a rebound in the second quarter.
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.