
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?
On Wednesday, gold managed to soar in Asia in cautious trade because market participants waited for the latest Fed rate verdict as well as forward-looking guidance on plans to trim its huge balance sheet.
August delivery gold futures added 0.23%, being worth $1,271.55 per troy ounce.
Gold futures were trapped in rather a narrow range because market participants stood away from initiating large positions in gold ahead of the start of the Fed’s June gathering, with the majority of investors hoping for an interest rate lift.
In an ascending interest rate environment, investor hunger for gold dips because the opportunity cost of holding gold tacks on relative to other interest-bearing assets, including bonds.
Market participants closely watch Fed chair Janet Yellen’s press conference for any signs on future monetary policy as well as an update on the major US bank’s intention to cut its $4.5 trillion balance sheet.
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?
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.
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