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 stands still ahead of American inflation data
On Wednesday, gold was nearly intact because market participants closely watch American inflation data for the purpose of gauging how it will affect the Fed’s view on monetary policy in the months ahead.
In New York, gold futures didn’t change, sticking to $1,282.75 a troy ounce.
On Tuesday, the number one precious metal hit a session minimum of $1,270.59, which is its lowest value since November 6, before gaining 0.3% because a major US dollar benchmark index sank to its lowest value in nearly three weeks.
The Commerce Department is expected to unveil October inflation a bit later this day. Market experts actually expect consumer prices to tack on 0.1%, while core inflation is believed to ascend 0.2%.
Besides this, the Commerce Department will also issue reports on retail sales for October. As the consensus forecast states, the upcoming report will demonstrate that retail sales soared 0.1% the previous month. As for core sales, they are supposed to edge up 0.2%.
The Fed is expected to hold its final policy gathering of 2017 on December 12-13. Experts are assured that another rate lift will take place at this meeting.
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.