Dollar loses further ground on the day, EUR/USD pushes past 1.1600-SapForex24

This time it is the dollar weakening across the board. GBP/USD has also posted a high of 1.3292, USD/CHF has fallen to a low of 0.9955 while AUD/USD has pared gains for the day to now close in on session highs at 0.7477.

The dollar index is now at session lows down 0.2% on the day. Even the kiwi and loonie are paring back some losses against the dollar now.

There aren't any headlines crossing the wires to have brought about the change but selling as the dollar index touched above 95.00 again is one of the things that you can point to. Apart from that, there's the trade rhetoric still as reports say that the White House is to issue a second list of tariffs against China. That has also brought US equity futures lower on the day. S&P 500 futures are now trading 0.4% lower.

As for EUR/USD, as long as price sticks near the 1.1600 handle this could still be a level of interest as there are large expiries on the day here. So, let's see how things develop.

For More Market Information Click Here@ https://goo.gl/oNFmFk

Gold Prices Back Off 4-Month Highs as Dollar Rebounds-SapForex24

Comex Gold futures were at $1,335.50 a troy ounce by 3:25AM ET (0825GMT), down around $2.00, or 0.1%, from the last session's closing price. It hit the best level since Sept. 8 at $1,345.00 a day earlier.
silver futures were little changed at $17.19 a troy ounce. It reached a three-month high of $17.42 on Monday.

The dollar index, which gauges the U.S. currency against a basket of six major rivals, inched up from a more than three-year low. It was last at 90.38, after dropping as low as 89.98 on Tuesday, its deepest nadir since December 2014.

palladium prices tacked on 0.7% to $1,096.60 an ounce. It marked a record-high of $1,133 on Monday thanks to soaring demand for the auto industry.

Sister metal platinum meanwhile inched up 0.2% to $1,006.40 an ounce, after touching its strongest since Sept. 8 at $1,012.50 in overnight trade.

March copper dipped 0.6% to $3.201 a pound.

For More Information Whatsapp@ +91-9981999934  or Visit Here@ http://sapforex24.com/

Oil Prices Hold Near 3-Year Highs; U.S. Drilling, OPEC Cuts in Focus - SapForex24

U.S. West Texas Intermediate (WTI) crude futures tacked on 8 cents to $64.38 a barrel.It rose to its highest since Dec. 2014 at $64.77 last Thursday.

In other energy trading, gasoline futures held steady at $1.847 a gallon, while heating oil was little changed at $2.084 a gallon.

Natural gas futures declined 4.6 cents, or 1.5%, to $3.154 per million British thermal units. It soared nearly 15% last week, after data showed the largest withdrawal on record in U.S. supplies in storage.

For More Information Whatsapp@ +91-9981999934 or Visit Here@ http://sapforex24.com/

EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – December 28, 2017-SapForex24

EUR/USD

The pair rallied significantly during the yesterday’s trading session testing the 1.19 level. If the pair manages to break above the 1.1925 level, then it will be an extremely positive sign for the market and also would break the top of the weekly bullish flag. Going forward, the 1.18 level is going to be the important support of this market. The softening of USD in general due to thin liquidity is pushing the market higher.

GBP/USD

The market continued to be very noisy during the Wednesday’s trading session. Initially, the pair went higher reaching the 1.3430 level but got significant resistance and rolled over a bit. Moving forward, the pair is expected to get enough support at the 1.3375 level and will attract buyers into the market. The 1.35 level above will be a bit difficult for this market to cross.

AUD/USD

The AUD moved higher during the day on Wednesday reaching towards the 0.7775 level. Going forward, the 0.78 level is going to be massively resistive extending up to the 0.80 level. The 0.80 level essentially the fair value in the longer term and breaking above will be very bullish sign for the market.

USD/JPY

The USD went sideways during the Wednesday’s session against the JPY as due to thin volume is limiting any big movements in the market. Any bullish attitude in the stock market will send this market higher. This market continues to offer value in dips and 113 level is going to be the important support level and also the 112 level which is also a strong support area.

For More Information Whatsapp@ +91-9981999934 or Visit Here@ http://sapforex24.com/

Oil prices near 2015 highs on tight market-SapForex24

Oil prices were stable on Thursday with trading activity drying up ahead of the New Year weekend.
U.S. West Texas Intermediate (WTI) crude futures were at $59.69 a barrel at 0336 GMT, up 5 cents from their last settlement. WTI broke through $60 a barrel earlier this week, the first time since June 2015.

WTI received support from a report by the American Petroleum Institute (API) showing a 6 million barrel drop in crude oil inventories to 432.8 million.

Brent crude futures were at $66.50 a barrel, up 6 cents. Brent broke through $67 earlier this week, the first time since May 2015 this week.
In the North Sea, the 450,000 bpd capacity Forties pipeline system was shut earlier this month due to a crack.

Both pipelines are expected to return to normal operations in January, with Forties already in the start-up process.

A major factor countering efforts by OPEC and Russia efforts to prop up prices is U.S. oil production, which has soared more than 16 percent since mid-2016 and is fast approaching 10 million bpd.

Only OPEC king-pin Saudi Arabia and Russia produce more.

The latest official U.S. production figures are due to be published by the on Thursday.

For More Information Whatsapp@ +91-9981999934  or Visit Here@ http://sapforex24.com/

Daily Market Forecast, December 27, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD-SapForex24

EUR/USD: Choppy Trading Dominating

The Euro traded sideways on Tuesday as volumes in forex proved to be very light. The European currency is near the 1.1850 level against the U.S Dollar. As more investors return to the market the Euro may look attractive at its current values. However, traders should expect choppy trading to dominate near term.

Gold: Buying Momentum Builds

Gold has continued to see buying momentum and its value as of this morning is close to 1281.00 U.S Dollars an ounce. Trading volumes remain light because many large investors are still on the sideline as they celebrate the holiday season. However, the precious metal has been able to break short-term resistance and traders may be tempted to remain buyers.

Crude Oil: Important Resistance Surpassed

Crude Oil broke above 60.00 U.S Dollars a barrel on Tuesday as speculators continue to be bullish. U.S Crude Oil has been able to surpass important resistance. Traders may be tempted to look for upside value but should be ready for some pushback in the coming days.

GBP/USD: Consolidation May Lose Grip

The Pound starts Wednesday essentially with the same value it had yesterday against the U.S Dollar. The 1.3370 juncture has been strong. As U.K traders return from their Boxing Day holiday the Pound could break out of its consolidation, but the currency will likely continue to range trade.

USD/JPY: Cautious Trading for the Yen

The Yen has seen tight trading like the other major currencies. The Japanese currency is near 113.25 against the U.S Dollar. Trading volumes remain thin on the Nikkei Index and cautious. The Yen remains within its weaker range against the U.S Dollar, but some traders may be tempted to look for a reversal to develop and for the Yen to strengthen.

For More Information Whatsapp@ +91-9981999934   or Visit Here@ http://sapforex24.com/

Daily Market Forecast, December 26, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD-SapForex24

USD/JPY: Quiet Conditions for Yen

Forex will remain very quiet today for all the major currencies. This includes the Yen as many global financial institutions remain in holiday mode. The Japanese currency is near 113.30 against the U.S Dollar. Traders should be ready for sudden bursts of activity amidst the very tranquil conditions. Volumes will pick up tomorrow.

Gold: Precious Metal Propelled Higher

Gold is near 1279.00 U.S Dollars an ounce as of this morning. The commodity was propelled higher via a large buy in the market earlier today. The precious metal is near important resistance, but with holiday trading in effect, Gold may prove to be a difficult short term to predict.

EUR/USD: Low Trading Volumes Today for Euro

The Euro will experience extremely low trading volume as most of the European continent remains on official holiday. The Euro is around 1.1880 against the U.S Dollar. Range traders might enjoy an opportunity to look for short-term spikes, but risk management would be wise today.

GBP/USD: Boxing Day Holiday in U.K

The Pound is around 1.3370 against the U.S Dollar. U.K investors are celebrating Boxing Day and trading will be nearly non-existent today. However, traders with positions on will want to monitor the range of the Pound and be ready for potential moves when investing picks up tomorrow.

Crude Oil: Solid Trend Upwards for U.S Crude Oil

U.S Crude Oil could be the commodity to watch today as some traders in America make their way back to the marketplace. The commodity is above 58.50 U.S Dollars a barrel and has provided a solid trend upwards the past week.

For More Market Update Click @ https://goo.gl/hVcyw9  or Whatsapp@ +91-9981999934  

Gold Prices Remain Supported on U.S. Dollar Softness-SapForex24

Comex gold futures were up $2.70 or about 0.21% at $1,266.80 a troy ounce by 03:00 a.m. ET (07:00 GMT), just off the previous session's two-week high of $1,268.40.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was little changed at 93.09.

Gold is sensitive to moves in the dollar. A weaker dollar makes gold less expensive for holders of foreign currency.

For More Market Update Click@ http://ow.ly/f86i3058Gyj 

Gold Prices Hover Near 1-Week Highs on Weaker Dollar-SapForex24

Gold prices were hovering near one-week highs on Friday, as fresh concerns over U.S. tax reform plans weighed on the dollar and as markets were still digesting the Federal Reserve's latest policy statement.

Comex gold futures were up $1.80 or about 0.15% at $1,258.90 a troy ounce by 03:00 a.m. ET (07:00 GMT), just off a one-week high of $1,261.50 hit on Thursday.

the central bank did not change its projections for 2018, which include three more interest rate hikes in both 2018 and 2019, disappointing expectations for four rate hikes next year.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.16% at 93.50.

Gold is sensitive to moves in both U.S. rates and the dollar. A weaker dollar makes Gold less expensive for holders of foreign currency, while a rise in U.S. rates lifts the opportunity cost of holding non-yielding assets such as bullion.

Elsewhere on the Comex, silver futures added 0.16% to $15.96 a troy ounce.

For More Market Update Visit@ http://ow.ly/CKcw304wdrV

Oil Prices Slip Further Following Surprise U.S. Crude Build-SapForex24

Crude oil prices edged lower on Thursday, after data from the U.S. Energy Information Administration showed domestic crude stockpiles increased for the first time in five weeks.

U.S. West Texas Intermediate (WTI) crude futures dipped 20 cents, or around 0.4%, at $51.98 a barrel by 3:15AM ET (0715GMT), after losing 29 cents, or 0.6%, a day earlier.

Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., shed 11 cents, or 0.2%, to $58.34 a barrel.

Oil prices settled lower on Wednesday, pressured by an unexpected increase in U.S. crude inventories and as oil output and exports from the United States rose last week.

Crude oil inventories rose by 856,000 barrels, according to the EIA, marking the first increase in five weeks. That compared with analysts' expectations for a decline of 2.6 million barrels.

The report also showed that domestic production rebounded by 1.1 million barrels per day (bpd) to 9.5 million and net imports rose by just over 500,000 bpd, after the falloff due to Hurricane Nate the week before.

Prices remained supported by comments from Saudi Arabia's energy minister on Tuesday reiterating its determination to end a global supply glut and as geopolitical turmoil threatened global inventories.
In other energy trading Thursday, gasoline futures held steady at $1.731 a gallon, while heating oil slipped 0.4 cents to $1.814 a gallon.

Gasoline inventories fell by 5.5 million barrels last week, much more than expectations for a decline of 17,000 barrels. For distillate inventories including diesel, the EIA reported a decline of 5.2 million barrels.

Natural gas futures rose 0.6 cents to $2.925 per million British thermal units, as traders looked ahead to weekly storage data due later in the global day.

For More Information Whatsapp@ +91-9981999934 or Visit Here@ http://sapforex24.com/

Forex - Sterling Hits Day’s Highs after UK GDP Data-SapForex24

The pound rose to the day’s highs on Wednesday after data showing that UK economic growth picked up the third quarter was seen as raising the chances of an interest rate hike by the Bank of England next month.

GBP/USD was up 0.31% at 1.3176 by 04.50 AM ET (08:50 AM GMT) from around 1.3122 ahead of the report.

The Office for National Statistics reported that gross domestic product grew by 0.4% in the three months to September, up from 0.3% in the previous quarter. Economists had expected grow to remain steady at 0.3%.

The UK economy expanded 1.5% on a year-over-year basis, matching the previous quarter’s growth and above forecasts for an expansion of 1.4%.

Service sector output provided the bulk of the growth the ONS said, expanding by 0.4% during the quarter.

The manufacturing sector also returned to growth, with output rising by 1.0%, but construction activity contracted by 0.7% on the quarter.

The pick-up in growth was likely to cement expectations that the BoE will raise interest rates next month, but growth of 0.4% is still well below the UK’s long term growth rate.

The euro fell to the day's lows against the pound following the report, with EUR/GBP down 0.38% to 0.8922 from around 0.8966 earlier.

For More Information Whatsapp@ +91-9981999934   or Visit Here@ http://sapforex24.com/

Gold Prices Hit 2-Week Low as Dollar Gains -SapForex24

Gold prices hit a more-than-two week low on Monday as dollar strength continued to put pressure on the precious metal.

On the Comex division of the New York Mercantile Exchange, gold for December delivery lost $2.94, or about 0.2%, to $1.277.56 .

That was just off an intraday low of $1,275.58 touched earlier in the session, its lowest level since October 6.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose 0.19% at 93.75.

Gold is sensitive to a stronger dollar as the gains in the greenback made the precious metal more expensive for holders of foreign currency.

The dollar has found support as hopes for U.S. tax reforms were boosted last week after the Senate approved a budget measure that will allow Republicans to pursue tax cuts without Democratic support.

The greenback ended last week up 0.69%, its fifth weekly increase in six weeks. Investors expect a fiscal boost to push up inflation, which in turn to add pressure on the U.S. Federal Reserve to raise interest rates, known as the "Trumpflation" trade.

Elsewhere in metals trading, silver dropped 0.50% at $16.993 a troy ounce.

Platinum fell 0.62% at $921.05 a troy ounce, while palladium lost 0.44% to $965.60 a troy ounce as both metals hit one-week lows overnight.

To the upside, copper rose 0.24% to $3.173 a pound after Chinese authorities reaffirmed that the country's economy was on track to achieve the official growth target even as its housing market slows.

For More Information Visit@ http://sapforex24.com/ForexService.aspx 

Oil prices lower after strong third quarter as Sept. OPEC output rises-SapForex24

Oil prices fell on Monday, pausing for breath after posting gains of as much as 20 percent in the third quarter, after a survey pointed to a slight increase in OPEC production in September.

U.S. crude was down 14 cents, or 0.3 percent, at $51.53 a barrel at 0637 GMT. The U.S. benchmark on Friday posted its strongest quarterly gain since the second quarter of 2016 and the longest streak of weekly gains since January.

Global benchmark Brent crude for December delivery was down 23 cents, or 0.4 percent, at $56.56 a barrel. On Friday, Brent for November delivery closed 13 cents higher at $57.54 a barrel, notching up a third-quarter gain of around 20 percent, the biggest gain in five quarters. It was the biggest third-quarter increase since 2004.

The contract reached its highest in more than two years early last week, and posted its fifth consecutive weekly gain. It was Brent's longest weekly bull run since June 2016.

The price gains have been supported by anticipated demand from U.S. refiners resuming operations after shutdowns due to Hurricane Harvey, but a quick resumption of shale production could put a dampener on prices.

"U.S. production should be soft over August and September, due to Hurricane-related shut-ins but should rebound" in the fourth quarter, Barclays (LON:BARC) Research said in a note.

Oil output from the Organization of Petroleum Exporting Countries (OPEC) also rose last month, gaining by 50,000 barrels per day (bpd), a Reuters survey found.

Iraqi exports increased and production edged higher in Libya, one of the OPEC producers exempt from a deal to curb output and support prices.

Middle Eastern oil producers are concerned the recent price rise will only stir U.S. shale producers into more drilling and push prices lower again.

U.S. energy companies added oil rigs for the first week in seven after a 14-month drilling recovery stalled in August, energy services firm Baker Hughes said on Friday.

Drillers added six oil rigs in the week to Sept. 29, bringing the total count up to 750.

Hedge funds and other money managers raised their net long positions in U.S. crude futures and options in the week to Sept. 26, the Commodity Futures Trading Commission (CFTC) reported on Friday.

Managed money net long positions rose by 43,496 contracts to 251,788 contracts, the most since the week of Aug. 22, the CFTC said.

For More Information Whatsapp@ +91-9981999934  or Visit Here@ http://sapforex24.com/

Forex - Aussie, Kiwi Move Higher Markets Focus on Fed Meeting-SapForex24

The Australian and New Zealand dollars moved higher against their U.S. counterpart on Tuesday, as market participants were looking ahead to the Federal Reserve's policy meeting, due to begin later in the day.

AUD/USD rose 0.24% to 0.7977.

The Fed is widely expected to leave interest rates unchanged this week. However the U.S. central bank could give indications on when it plans to begin unwinding its balance sheet, as well as on any future interest rate decisions.

Investors were also eyeing U.S. data on building permits and housing starts due later Tuesday, for further indications on the health of the housing market.

Earlier in the day, the minutes of the Reserve Bank of Australia's September meeting showed that policymakers remained favorable to low interest rates, saying that they allowed the economy to continue to strengthen.

The central bank also cautioned against the current strength of the Australian dollar, saying its “appreciation over recent months, driven in part by a broad depreciation of the U.S. dollar, was weighing on domestic growth” and that a further appreciation could “result in a slower pick-up in growth and inflation.”

NZD/USD advanced 0.44% to trade at 0.7290.

Meanwhile, concerns over tensions between the U.S. and North Korea remained subdued, although they were susceptible to pick up at any moment.

U.S. President Donald Trump was set to address the United Nations for the first time this week and Pyongyang was widely expected to be on the agenda.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.21%at 91.61 by 02:15 a.m. ET (06:15 GMT), just off a one-week low of 91.57 hit overnight.

For More Information Whatsapp@ +91-9981999934 or Visit Here@ http://sapforex24.com/

Commodities - Crude Oil Prices Ease But Hold on to Gains-SapForex24

Oil prices edged lower on Thursday, but held on the most of their gains from the previous session which came after data showing a record drop in gasoline inventories and indications that the oversupplied global market is starting to rebalance.

U.S. crude oil was trading at $49.27 a barrel after a 2.07% gain in the previous session.

Global benchmark Brent futures were at $55.09 a barrel after rising 1.49% in the previous session.
On Wednesday, the International Energy Agency said global oil supplies fell for the first time in four months in August, while also revising its 2017 oil demand estimate up to 1.6 million barrels a day from its July estimate of 1.5 million.

The data came a day after the latest OPEC report that showed oil production from the cartel fell last month for the first time since March.

The Organization of the Petroleum Exporting Countries said Tuesday that output declined by 79,000 barrels a day to 32.76 million in August, driven mainly by a drop in Libya, Gabon, Venezuela and Iraq.

Meanwhile, the U.S. Energy Information Administration reported that gasoline stockpiles fell by 8.4 million barrels last week, the largest weekly drop on record in EIA data going back to 1990.

Distillate stockpiles fell by 3.2 million barrels, also above expectations.

Crude oil inventories rose by 5.88 million barrels last week, the EIA said.

The build came after Hurricane Harvey shut production in some Gulf of Mexico fields and refineries in Texas as some domestic producers also trimmed output to avoid a larger glut at storage.

The reports from the IEA and OPEC offset concerns over the EIA stockpile build, supporting prices.
Elsewhere, gasoline futures fell 0.59% to $1.6347 a gallon and natural gas futures added 0.23%, to $3.064 per million British thermal units.

For More Information Whatsapp@ +91-9981999934   or Visit Here@ http://sapforex24.com/

Crude oil prices slip, gasoline futures trade higher| SapForex24

Oil prices slid lower on Wednesday as ongoing disruptions from Tropical Storm Harvey kept refineries from buying crude, weighing on demand but prompting fears over fuel shortages.

U.S. crude oil was down 27 cents or 0.6% at $46.16 a barrel by 04:30 AM ET (08:30 GMT), not far from Monday’s one-month trough of $45.77.

Global benchmark Brent futures were at $51.35 as barrel, off 31 cents or 0.56%.

Some refiners in Corpus Christi that shut down ahead of the storm were looking to restart, but heavy rains were expected to last through Wednesday, adding to catastrophic flooding.

The National Weather Service said the storm has set a rainfall record for tropical cyclones in Texas.
But even refineries that are able to restart may experience difficulties getting enough oil supplies.

Ships carrying oil are still unable to enter Texas ports, while producers in south Texas who shut down operations are only starting to ramp up and some pipelines that carry supplies to refineries are still shut.

U.S. gasoline futures were higher, rising 0.62% to $1.6302.

Prices spiked to a two-year peak of $1.8180 on Monday after Motiva Enterprises said it was shutting down the nation's largest refinery due to flooding.

Oil and fuel prices have diverged since the storm began amid fears over fuel shortages.

Investors were beginning to turn their attention to the weekly oil inventory report from the U.S. government, with analysts expecting to see another decline in stockpiles.

The American Petroleum Institute, an industry group, said late Tuesday that U.S. crude inventories fell by 5.780 million barrels last week, indicating that the U.S. oil market is gradually tightening.

For More Information Whatsapp@ +91-9981999934 or Visit Here@ http://sapforex24.com/

Oil starts the week on back foot amid U.S. production jitters-SapForex24

Oil prices drifted lower on Monday, as concern over rising production in the U.S. dampened sentiment.

Data from the U.S. Energy Information Administration showed last week that total domestic crude production edged up by 79,000 barrels a day to 9.5 million barrels, its highest level since July 2015.
That comes despite data showing that U.S. energy firms cut rigs drilling for new oil for a second week in three. Drillers cut five oil rigs in the week to Aug. 18, bringing the total count down to 763, oilfield services firm Baker Hughes said Friday.

The weekly rig count is an important barometer for the drilling industry and serves as a proxy for oil production and oil services demand.

The U.S. West Texas Intermediate crude September con||tract was at $48.52 a barrel by 3:25AM ET (0725GMT), down 14 cents, or around 0.3%.

Elsewhere, Brent oil for October delivery on the ICE Futures Exchange in London shed 16 cents, or about 0.3%, to $52.58 a barrel.

Oil prices settled sharply higher on Friday, jumping about 3% in a surprise rally after reports surfaced that a unit at Exxon (NYSE:XOM) Mobil’s Baytown, Texas refinery shut down. The 584,000 barrel-a-day plant is the second-largest refinery in the U.S.Despite Friday's rally, New York-traded oil prices ended the week down 31 cents, or nearly 0.6%, its third such loss in a row. In contrast, London-traded Brent futures notched a weekly gain of 62 cents, or roughly 1.2%.

The global benchmark has been buoyed by recent signs that global supplies are tightening.
OPEC and 10 producers outside the cartel, including Russia, agreed since the start of the year to slash 1.8 million barrels per day in supply until March 2018 in order to reduce a global supply glut and rebalance the market.

In the week ahead, market participants will eye fresh weekly information on U.S. stockpiles of crude and refined products on Tuesday and Wednesday to gauge the strength of demand in the world’s largest oil consumer.

Elsewhere on Nymex, gasoline futures for September declined 1.7 cents, or nearly 1.1%, to $1.605 a gallon, while September heating oil slumped 0.9 cents, or 0.6%, to $1.610 a gallon.

Natural gas futures for September delivery tacked on 0.9 cents, or roughly 0.3%, to $2.902 per million British thermal units.

For More Information Whatsapp@ +91-9981999934 or Visit Here@ http://sapforex24.com/

Oil rises as inventory overhang erodes and Saudi cuts exports-SapForex24

Oil prices rose on Thursday, lifted by a sustained decline in inventories and as Saudi Arabia prepared to cut crude supplies to its prized Asian customers.

Crude is down nearly 7 percent so far this year, suppressed in large part by concern that OPEC and its partners may not be able to force global oil inventories to drop by cutting production.

However, Saudi Arabia said on Tuesday it would cut supplies to most buyers in Asia - the world's biggest oil-consuming region - by up to 10 percent in September.

Brent crude futures were up 29 cents at $52.99 a barrel by 0855 GMT, while U.S. West Texas Intermediate crude was up 17 cents at $49.73.

In a sign that investors are turning more optimistic about the pace at which oil supply and demand are rebalancing, prices for crude for prompt delivery are trading above those for delivery further in the future.

"This is the march toward the flattening of the curve," said SEB chief commodity strategist Bjarne Schieldrop.

"The major event now going forward is the Middle East and Asian refineries rushing back into operation and consuming more crude, just as Saudi Arabia says it will cut September deliveries to Asia," he said.

The physical market is also showing signs of stronger near-term demand, after having suffered from a persistent overhang of unused crude.

Prices for prompt deliveries of North Sea crude oil are at their smallest discount to future prices in nearly two years and a surplus of oil stored on ships is gradually dissipating, having hit two-year highs.

Inventories in the United States are at their lowest since October, having fallen for 10 of the last 12 weeks.

Global stocks remain above their longer-term averages and with the summer driving season nearly at an end, investors are well aware that the attempts by the Organization of the Petroleum Exporting Countries, Russia and other producers to boost prices may bring unwanted side-effects.

"The minute OPEC try to raise prices by cutting production, U.S. producers will react accordingly to fill the void. This results in a tug of war that we have witnessed all year and the final outcome is a range-bound market," said Matt Stanley, a commodities broker at Freight Investor Services in Dubai.

For More Information Whatsapp@ +91-9981999934 or Visit Here@ http://sapforex24.com/

Forex - Dollar struggles near 10-month lows, sterling slips- SapForex24

The dollar was wallowing near 10-month lows on Monday after data showing that China’s economy gained momentum in the second quarter amid lingering doubts over the Federal Reserve’s plans to raise interest rates again this year.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, ticked up 0.11% to 94.99 by 06.13 a.m. ET (10.13 a.m. GMT).

The index touched a 10-month low of 94.86 overnight after falling 0.69% on Friday.

China reported overnight that second-quarter gross domestic product expanded by an annualized 6.9%, driven by strong retail sales, industrial output and exports.

The data brightened the outlook for global growth because China is the world’s second largest economy.

USD/JPY was last at 112.43 after falling to a two-week low of 112.31 overnight.

The dollar weakened broadly on Friday after weak U.S. inflation and retail sales data added to doubts over the Fed’s plans for a third rate hike this year.

The Fed hiked rates at its June meeting and stuck to its forecast for one more rate hike this year but the sluggish inflation outlook has raised questions over whether officials will be able to stick to their planned tightening path.

The euro was a touch lower against the dollar, with EUR/USD slipping 0.1% to 1.1456, still within striking distance of the 14-month high of 1.1488 set last Wednesday.

Sterling moved lower, with GBP/USD down 0.26% to 1.3066 amid concerns over heightened political uncertainties and the potential impact of Brexit as full talks got underway in Brussels.

The pound rallied 1.2% against the dollar on Friday, its largest one-day percentage gain in three months to a high of 1.3093.

The Australian and New Zealand dollars were slightly lower, with AUD/USD pulling back to 0.7822 from the 15-month high of 0.7832 set overnight as the upbeat Chinese data bolstered inflows into higher yielding assets.

NZD/USD slid 0.2% to 0.7331 after rising as high as 0.7361 earlier.

For More Information Whatsapp@ +91-9981999934 or Visit Here@ http://sapforex24.com/

Forex - GBP/USD re-approaches 1-month lows amid U.K. political jitters-SapForex24

The pound dropped against the U.S. dollar on Wednesday, re-approaching a one-month low after the release of downbeat U.K. data and amid mounting political uncertainty in the Britain ahead of the June 8 election.

GBP/USD hit 1.2780 during European morning trade, the pair’s lowest since May 26; the pair subsequently consolidated at 1.2783, declining 0.59%.

Cable was likely to find support at 1.2772, the low of May 26 and resistance at 1.2890, Tuesday’s high.

Data showed that U.K. net lending to individuals fell to £4.3 billion in April from £4.7 billion the previous month, compared to expectations for decline to £4.5 billion.

Sterling had already weakened after a new poll showed that British Prime Minister Theresa May's Conservative Party could lose 20 of the 330 seats it holds in Parliament while the opposition Labour Party could gain nearly 30 seats.

The news came after a string of opinion polls showed a narrowing lead for May's Conservatives.
Meanwhile, the greenback regained some ground thanks to growing expectations for a rate hike by the Federal Reserve at its June policy meeting.

The had dollar weakened after data on Tuesday showed that the CB consumer confidence index fell to 117.9 in April, compared to expectations for a rise to 119.8.

However, the U.S. Commerce Department said consumer spending rose 0.4% last month, in line with economists’ forecasts. It was the biggest increase in four months.

The greenback had also been under pressure recently amid fears investigations into President Donald Trump's ties with Russia could hamper his administration's progress on promised stimulus measures.
Sterling was also lower against the euro, with EUR/GBP climbing 0.53% to 0.8746.

For More Information Whatsapp@ +91-9981999934 or Visit Here@ http://sapforex24.com/