The Us Bureau of Labor Statistics will release monthly average hourly earnings, non-farm employment change (NFP), and unemployment rate on June 3, 15:30 MT time (GMT+3).
In Asia oil holds revenues as NKorea shrugged off
On Monday, oil held strong revenues in Asia, shrugging off the latest North Korean missile test and also waiting for the big gathering on May 25 widely supposed to extend an oil output cut pact through March 2018.
The US benchmark June delivery West Texas Intermediate crude futures rallied 0.99%, trading at $51.17 a barrel in New York. In London, July delivery Brent futures last demonstrated $53.88 a barrel.
The previous week, oil futures settled at a four-week peak on Friday, with prices boasting a weekly revenue of more than 5% amid upbeat expectations that major producers are about to extend output drops beyond an agreed-on June deadline during a scheduled meeting this month.
Most market experts actually expect the crude number one cartel to extend output drops for nine months until March 2018, versus previously expected six months.
The output-cut agreement has had minor impact on global inventory levels because of soaring supply from producers not taking part in the accord, including Libya, as well as a relentless surge in American shale crude output.
The Organization of Petroleum Exporting Countries will hold a meeting on June 2.
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?
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.
Every week we expect many interesting events that can shake the market.