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 jumps in Asia following deadly Manchester concert venue explosion
On Tuesday, gold rose in Asia, reacting to a deadly recent explosion at a concert venue in Manchester. It’s currently considered to be a terror attack.
June delivery gold futures ascended 0.04% in New York, trading at $1,261.87 a troy ounce.
Overnight, gold added, underpinned by a tumble in the greenback, after the common currency soared to six-month peaks, while worries as for American political turmoil backed demand for safe-haven precious metal.
Gold contributed to its 2% profit hit the previous week, as market participants kept piling into the yellow-metal amid worries that President Donald Trump might struggle to offer his pro-growth economic agenda aimed at boosting the US economy.
Donald Trump’s hypothetical links to Russia as well as his sudden decision to sack ex-FBI chief James Comey, have definitely dominated moves in both the greenback and gold.
The evergreen buck faced its worst trading week in more than a year the previous week. It’s because market participants ditched the greenback amid soaring worries that Trump's intention to introduce initiatives, including tax-reform, infrastructure spending, deregulation widely considered as inflationary, would be ruined amid ongoing political uncertainty.
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.