Oil market updates on December 4
Would you mind to trade some oil? If the answer is yes, you’ve clicked on the right section.
Gold keeps to 4-month minimum
On Wednesday, gold was nearly intact, sticking with a four-month minimum because better-than-anticipated economic data from China kept global appetite for risky assets healthy and also tamed demand for havens.
On the Comex exchange, June delivery gold futures soared by 0.1% hitting $1,277.95 a troy ounce, which is above the four-month minimum of $1,272.20 recorded on Tuesday.
In fact, China posted a 6.4% ascend for the first quarter, surpassing expectations for a deceleration to 6.3%. Additionally, other data uncovered overnight also came with greater-than-expected leaps in industrial output as well as retail sales for March.
Wednesday's dump of positive numbers contributed to other signs, in particular, exports, house prices and credit surge, which drops a hint that the world’s number two economy is actually responding to stimulus measures taken at the beginning of the year by the Chinese government.
The data have also backed bond gains, thus making the most common haven alternative to the yellow metal more attractive. The gains on both American and German 10-year debt reached their highest value for a week on the news.
Estimating the US dollar’s purchasing value in contrast with its primary rivals the USD index went down by 0.1% trading at 96.57. In fact, w weaker evergreen buck makes the dollar-denominated precious commodity more affordable for those who hold foreign currencies.
The evergreen buck was pressured earlier this week because Charles Evans, president of the Chicago Fed, told that he’d be quite comfortable with standing stance on interest rates until the autumn of 2020.
In addition to this, silver futures managed to soar by 0.2% concluding the trading session at $14.947 a troy ounce.
As for palladium futures, they jumped by 0.5% hitting $1,335.60 an ounce.
Besides this, copper rallied by 1% ending up with $2.960 a pound.
Similar
Oil market updates on November 27
Oil traders are awaiting the release of the weekly crude oil stocks change at 17:30 MT time.
Oil market updates on November 14
Today, the oil prices may move on the release of crude oil inventories at 18:00 MT time.
Latest news
Top 4 trading opportunities of December 12
The GBP traders await the outcome of the election, while the euro may follow the words of the new ECB president Christine Lagarde. Read more!
FOMC meeting: the aftermath
The Federal Reserve had the meeting on Wednesday - we take the first look at the results and try to understand what's coming next.
Opinion polls cast a shadow on the GBP
YouGov, the key organization tracking the UK public opinion has released its final report ahead of the vote that will take place on Thursday, December 12.
Deposit with your local payment systems
