Fundamental Analysis

 

The us dollar benefited from investors surge taking it as a safe haven in the wake of the ECB trimming its forecast for eurozone economic growth, speaking about another slowdown in the global economy as a result of protectionism policies.

 

The dollar index jumped by 0.5% to 97.3 points, the highest since December 7th, with its highest at 97.5 and the lowest at 96.8 points.

 

At 18:02 GMT, Gold prices (April delivery) also fell by 0.1% to $1285.5 an ounce, with the precious metal highest at $1289.6 and the lowest at $1280.8.

 

Markets are anticipating the release of the monthly United States Non Farm Payrolls to determine the status of the US labor market in February.

...Read More... 2019-03-08 08:04:35
Oil

 

By 1315 GMT, Brent crude rose to $66.80 a barrel from the opening of $65.82, with a high of $66.98 and a low of $65.79.

 

And US crude rose to $56.95 per barrel from the opening level of $56.18 with a high of $56.97 and a low of $56.08.

 

Brent crude futures rose 0.6% on Monday, the second gain in three days, supported OPEC cuts. In contrast to that  US crude fell 0.2%, the second daily loss in a row, after the report of the EIA

 

Prices are currently supported by efforts led by the (OPEC) Organization and independent producers, with Russia on top of them , to cut about 1.2 million barrels per day in order to balance the market.

 

The Goldman Sachs Group, also said that OPEC's strategy is to rebalance the market as soon as possible before coming out of cuts at the end of June.

 

The US investment bank expected to increase the production of the World Organization in the second half of this year to cope with the continuous increase in the production of rock oil in the United States.

 

Rising prices also support US sanctions on oil industries in Iran and Venezuela, members of OPEC.

 

In Venezuela PDVSA announced this week a maritime emergency because of difficulties in providing vessels and individuals to export oil abroad under US sanctions.

 

The US Energy Agency announced yesterday the rise of the country's commercial inventories by about 7.1 million barrels in the week ending March 1, to exceed the expectations of experts rise by 1.2 million barrels.

 

As for the US production levels, it stabilized last week with little change in the total of 12.1 million barrels per day, the highest level of production ever in the United States.

 
...Read More... 2019-03-08 08:02:01

 

 

Silver prices fell more than 0.1% at 11:10 GMT to trade at $15.04 an ounce from the opening of $15.06, the highest of $15.10 and the lowest since December 27th of $15.01.

 

Yesterday silver prices lost 0.4%, the fifth loss in the last six days, also under the pressure of the rise of the US dollar.

 

On Thursday, The dollar index rose 0.1% , continuing its seventh consecutive day of gains, approaching a three-week high of 96.93 points, reflecting the continued strong performance of the US currency against a basket of global currencies.

 

The strong performance of the US dollar comes amid rising demand for the US currency as the best investment currently in the foreign exchange market, and under the negative pressure facing other major currencies, especially the euro and the pound sterling.

 

The euro is currently facing concerns about the sharp fall in economic indicators in Europe, which may push the European Central Bank (ECB) at its meeting on monetary policy today to lower expectations of economic growth and announce a long-term loan program for European banks.

...Read More... 2019-03-08 07:59:07
yen

 

The yen rose against most of its major counterparts on Tuesday after government assurances of a weak link between local currency strength and exports.

 

A Japanese government official pointed to Tokyo's opposition to any currency clause in a trade deal with the United States, noting that the link between the yen and the country's exports had been cut off.

 

While, President Donald Trump has focused on exchange rate movements and the possibility of some countries manipulating them, pointing out that his administration has put a currency term in a trade deal with Canada and Mexico, and Washington will try to do the same when conducting business talks with Japan.

 

In terms of trading, At 19:17 GMT , US dollar fell against the Japanese yen by 0.1% to 111.7, the highest price of the day at 111.9, and lowest price at 111.6.

...Read More... 2019-03-08 07:56:56

 

The Euro fell and hit its lowest in four months against the US dollar today, following the ECB's decision to keep previous interest rates unchanged while announcing the lunch of a bank financing program in the European Unio

On his part, President of the European Central Bank, "Mario Draghi," expressed that interest rates will remain unchanged at least until the end of this year, pointing to factors that negatively affect the growth of the economy in the eurozone, the most prominent of these is trade protectionism.

 

In addition, the central bank lowered its growth forecast for the eurozone to 1.1% in 2019, compared to previous estimates of 1.7% growth.

 

The bank also lowered its growth forecast for the bloc in 2020 to 1.6% from 1.7%.

 

Thus, The euro fell against the dollar by 0.8% to 1.1213 at 17:07 GMT, and reached its lowest level since early November, while the day's high was at 1.1322 and the lowest at 1.1208.

...Read More... 2019-03-08 07:53:32