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Fundamental Analysis

The American Petroleum Institute announced in unofficial preliminary data that oil inventories in the country fell by 3.8 million barrels last week.

Gasoline stocks rose by 2.9 million barrels, while distillate stocks rose by 2.6 million barrels.

On Wednesday, the Energy Information Administration will release official data that investors are watching and has a significant impact on crude price movements.

It is worth noting that Tuesday's session witnessed a rise in futures contracts for US "NYMEX" crude for August delivery by 2%, or the equivalent of $2.19, to $111.76 a barrel.

Brent crude futures for August delivery rose 2.5%, or $2.89, to $117.98 a barrel.

 

...Read More... 2022-06-29 06:14:18

The euro fell slightly against most of the major currencies during trading on Wednesday, in light of the anticipation of the banking forum to be held by the European Central Bank.

Today, global markets are turning their attention to Portugal, where the European Central Bank will hold a forum on monetary policies and banking plans of major central banks, and the sessions of the forum will be attended by the heads of the Federal Reserve, "Jerome Powell" and the Bank of England, "Andrew Bailey" in addition to the President of the European Central, "Christine Lagarde".

Yesterday, Lagarde stated that the ECB is ready to raise interest rates at a faster pace if inflationary pressures continue to rise.

US Federal Reserve officials also mentioned that the central bank may move towards raising interest rates by 75 basis points at its next meeting.

Fed member "John Williams" stated that the US economy can avoid falling into a recession.

Later today, economic data will be released in the euro zone, most notably the consumer price inflation index in Germany and Spain, in addition to the money supply data in the euro zone.

In terms of trading, the euro fell against the US dollar at 5:14 GMT, by 0.1% to 1.0511.

 

...Read More... 2022-06-29 06:12:28

The Australian dollar settled against most of the major currencies positively during trading on Wednesday, following the release of positive economic data.

Today, global markets are turning their attention to Portugal, where the European Central Bank will hold a forum on monetary policies and banking plans of major central banks, and the sessions of the forum will be attended by the heads of the Federal Reserve, "Jerome Powell" and the Bank of England, "Andrew Bailey" in addition to the President of the European Central, "Christine Lagarde".

It should be noted that the President of the Central Bank of Australia "Philip Law" had recently stated that he rules out the possibility of his country's economy falling into recession due to the tightening monetary policy that he is currently adopting.

Law added that the Reserve Bank of Australia may decide to raise rates by 25 to 50 basis points at its next meeting.

Economic data showed that the retail sales index in Australia increased by 0.9% during last May, while expectations indicated a rise of 0.3%.

In terms of trading, the Australian dollar settled against its US counterpart by 4:29 GMT at the level of 0.6905.

 

...Read More... 2022-06-29 06:08:42

US stock indices fell during trading today, Tuesday, after the release of weak economic data, and their losses deepened in the last hours of the session.

Fears of a global economic recession cast a shadow over the markets, despite statements by European Central Bank President Christine Lagarde that the eurozone economy can achieve growth this year.

A central bank official called "John Williams" also stated that there is a need to increase interest rates further to contain inflation, and expected the possibility of avoiding an economic recession.

The Conference Board data showed that US consumer confidence fell to 98.7 points in June, the lowest level since February 2021.

At the close, the Dow Jones Industrial Average decreased by 1.6 percent (equivalent to 491 points) to 30947 points, and recorded the highest level at 31,885 points and the lowest level at 30,934 points.

The "S&P 500" index fell by 2% (equivalent to 78 points) to 3,821 points, and recorded the highest level at 3,946 points and the lowest level at 3,820 points.

The "Nasdaq" index fell by 3% (equivalent to 343 points) to 11,181 points, and recorded the highest level at 11,635 points and the lowest level at 11,177 points.

 

...Read More... 2022-06-29 06:08:11

Gold prices fell during trading today, Tuesday, amid a noticeable rise in the dollar against most of the major currencies, affected by the statements of Federal Reserve officials.

Fears of a global economic recession cast a shadow over the markets, despite statements by European Central Bank President Christine Lagarde that the eurozone economy can achieve growth this year.

A central bank official called "John Williams" also stated that there is a need to increase interest rates further to contain inflation, and expected the possibility of avoiding an economic recession.

On the other hand, the dollar index rose by 20:22 GMT by 0.5% to 104.5 points, and recorded the highest level at 104.6 points and the lowest level at 103.7 points.

In terms of trading, the spot contracts for gold fell by 20:23 GMT by 0.2%, or about $3.80, to $1821 an ounce.

 

...Read More... 2022-06-29 06:07:37