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 inches down as China-US trade negotiations are nearly over
On Tuesday, the yellow metal went down in Asia against the backdrop of more positive developments in the China-US trade negotiations.
Eventually, June delivery gold futures dived by 0.2% on the Comex exchange coming up with a reading of $1,288.15 per ounce.
On Monday, American Treasury Secretary Steven Mnuchin told that China and America might be very close to the final phase of their trade talks.
In fact, the two leading economies have already agreed on an enforcement mechanism to have any trade agreement agreed by them in the future policed, as follows from reports the previous week.
Besides this, America and Japan kicked off the first round of trade talks on Monday in Washington.
Last September, Japan Prime Minister Shinzo Abe and American leader Donald Trump agreed to hold trade negotiations in an arrangement protecting Japanese car makers from further levies.
Earlier, American leader has made clear he’s absolutely unhappy with Japan’s $68 billion trade surplus with his country.
By the way, recent positive economic data also spurred risk sentiment. In addition to this, China posted better-than-anticipated credit as well as export figures the previous week, while jobs data from America revealed that the number of US citizens who filed applications for unemployment benefits went down to a 49-1/2-year minimum.
In the United Kingdom, Brexit headlines are anticipated to quiet down over the coming week with the country’s legislative body on holiday until April 23.
Great Britain had originally been due to depart from the European bloc on March 29, although the deadline has since been extended several times.
For a long time, traders considered American Non-farm Payrolls (NFP) the most important release in the market. However, the situation has changed. Now US CPI moves financial markets.
United States Bureau of Labor Statistics will release monthly average hourly earnings, non-farm employment change (NFP), and unemployment rate on November 5, 14:30 GMT+2.
Saudi Arabia agreed to cut oil production. What will happen with the oil price now?
The situation on the labor market still looks optimistic. Today we expect the Unemployment rate data. 3.5% is expected.
The first day of June should’ve brought us the US default. Unsurprisingly, the US House passes the debt ceiling bill at the latest possible moment.