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?
Middle East tensions underpin gold
On Monday, gold rallied in Asia, with tensions in the Middle East backing risk demand because Baghdad moved troops into the crude-rich Kirkuk region.
The previous week Trump was eager to question whether the US should continue with a landmark deal with Iran or not. It drove economic conflict worries too.
December delivery gold futures edged up 0.03% being worth $1,304.93 a troy ounce in New York.
This week, market participants are going to closely watch American housing data for the purpose of assessing the economic impact of the hurricanes that affected the southern US coast the previous month.
Chinese surge will be monitored for insight into the health of the world’s number two economy.
On Tuesday, British inflation data is going to be in focus amid rumors over a probable rate lift by the BoE already next month.
The previous week, gold rallied on Friday because weaker-than-expected American inflation spurred doubts over the Fed’s plans to lift interest rates once more in 2017.
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 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.
The UK Office for National Statistics will publish Consumer Price Index (CPI) data on Wednesday, May 18, at 09:00 MT.