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 heads north in Asia with China CPI ahead
On Monday, gold headed north in Asia with China prices as well as remarks from the Fed Chair later this week to set the overall tone on the greenback.
August delivery gold futures soared 0.11%, trading at $1,211.03%.
On Monday, China is expected to report consumer inflation and producer prices for June with the expected 0.1% dip on-month and also a 1.5% gain observed annually. On year producer prices are supposed to add 5.5%.
In the week ahead, market participants are going to pay attention to Fed Chair Janet Yellen's testimony on monetary policy and American data on retail sales and inflation.
The previous week, gold sank to nearly four-month minimums on Friday after a stronger-than-forecast American jobs report spurred the US currency versus a basket of the other main currencies.
The American economy generated up to 222,000 jobs the previous month as the Labor Department announced, which is more than the 179,000 new jobs expected by financial experts.
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 United States will publish the Preliminary GDP on Thursday, May 26, at 15:30 GMT+3.
The Reserve Bank of New Zealand will publish a monetary policy report and make an update on the interest rate on May 25, at 05:00 GMT+3.
The Australian Bureau of Statistics will announce the updated Unemployment Rate and Employment Change data on Thursday, May 19, at 04:30 MT.