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 is nearly intact ahead of the G7 summit
On Friday, gold was nearly intact as market participants were waiting for the start of the highly anticipated G7 summit.
August delivery gold futures slumped 0.03% on the Comex exchange being worth $1302.60 per troy ounce.
In the absence of crucial economic reports, the attention of investors will be focused on the G7 leaders meeting to be held today in Canada, Quebec. Germany and France warned the United States that they wouldn’t sign a joint statement without any concessions from America. However, this week, the US chief economic adviser Larry Kadlow told that US President is reluctant to change his tough attitude to international trade.
A family quarrel – that’s how Kadlow characterized the situation. At the G7 summit Trump is expected to hold tete-a-tete negotiations with the leaders of Canada, Japan and France.
By Thursday evening, US leader hadn’t made any steps toward reconciliation. On the contrary, he dared to accuse Canada and France of creating non-monetary barriers and imposing high tariffs on US goods.
Besides this, traders will also pay much attention to the approaching negotiations between Trump and North Korea's dictator Kim Jong-no, which should take place on June 12 in Singapore. Donald Trump told on Thursday that he was about to sign an official document to stop the Korean War at a gathering with North Korean leader Kim Jong-no. Moreover, he admitted that Kim Jong-un could come to the White House.
Changes in tensions between the US and North Korea impact the value of the number one precious commodity.
Additionally, next week investors will also pay attention to the monetary policy of the Federal Reserve as well as the European Central Bank.
As for other precious metals, silver futures dived by 0.6% on the Comex exchange hitting $16.715 per troy ounce.
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.
As Europe moves into recession, next week may provide us with some amazing trading opportunities. Here they are!
Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.