Will Fed Chair Powell Move the USD?
The Fed Chair Jerome Powell will testify on the Semi-Annual Monetary Policy Report before the House Financial Services Committee on June 22-23 at 17:00 GMT+3.
Oil prices sink in Asia as market mulls supply outlook
On Monday, crude prices gave up early revenues in Asia after a weekend gathering that saw some pledge for the extension of a coordinated output drop by OPEC as well as non-OPEC key producers.
A joint committee of ministers from OPEC and also non-OPEC oil producers has decided to review whether a global pact to restrict supplies should be extended by six months. Crude sector experts told that the lack of an immediate extension could drag on oil prices.
US West Texas Intermediate May delivery crude futures dropped 0.19%, hitting $47.88 in New York. Besides this, in London, Brent crude May delivery futures sagged 0.04%, trading at $50.78 a barrel.
In the week ahead, market participants will eye fresh weekly information on American stockpiles of crude as well as refined products in order to assess the strength of demand in the world’s number one crude consumer.
The previous week, crude futures settled higher on Friday, though posted a weekly loss of about 2% as the market weighed ascending shale output and record-high stockpiles in America against efforts by key producers to reduce output to tame a global glut.
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What Can Happen to the CAD after the Retail Data?
Canada will publish Retail Sales and Core Retail Sales on June 21 at 15:30 GMT+3.
How Will US PPI Affect USD?
The US PPI will come out on Tuesday, June 14, at 15:30 MT time (GMT+3).
Latest news
ISM PMI Indicates Contraction
The US Institute for Supply Management will release ISM manufacturing PMI on July 1, 17:00 GMT+3.
US PCE May Soar Soon
The United States Bureau of Economic Analysis will release monthly Personal Consumption Expenditures (PCE) on June 30, 15:30 GMT+3.
Bank of England Tries to Save the Pound
The governor of the Bank of England, Andrew Bailey, will hold a speech on June 29 at 15:30 MT time (GMT+3).
