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).
Oil holds weaker in Asia
On Thursday, oil held moderately weaker in Asia because market participants became cautious on political risk right after US Justice Department Deputy Attorney General Rod Rosenstein unexpectedly appointed ex-FBI director Robert Mueller as special counsel for taking over the investigation of Russia's believable interference in the US election. Moreover, traders also paid attention to next week's crucial gathering on extending a crude output cut plan.
In New York, June delivery crude futures dipped 0.20%, trading at $48.97 a barrel. At the same time, in London, Brent crude futures slumped 0.21%, being worth $52.10 a barrel.
Overnight, oil grew because market participants appreciated the publication of a bullish report from the Energy Information Administration that shows American crude inventories sank for a sixth-straight week.
Gasoline inventories edged down by only 0.413 million versus expectations for a draw of 0.731 million barrels, while distillate stockpiles declined by 1.94 million barrels, unlike an expected a 1 million dip.
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.