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UK Election Leads to Hung Parliament

Posted June 9th, 2017 by esmeraldacruicks and filed in General News
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The event in focus is undoubtedly the UK election that ends in hung parliament, as Conservatives were short of a majority. British pound dived to as low as 1.2683 against US dollar, erasing the gains made following PM Theresa May had announced the snap election in April. EURGBP also rallied as much as -2% although the euro has weakened against the greenback after the ECB meeting Interestingly, European stocks futures recovered after losing earlier in the day.

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UK Election Leads to Hung Parliament


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Crude Oil Slumped as US Inventory Rose for the First Time in 9 Weeks. Busy Day Ahead

Posted June 8th, 2017 by Arnulfo92M and filed in General News
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We have a busy day on Thursday, with UK general election, ECB meeting and former FBI Director James Comey’s testimony under the spotlight. Ahead of these events, what dominated the focus was the slump in crude oil prices, after the US reported increase in inventory. The front-month WTI crude oil contract dived to a 1-month low of 45.65 before ending the day at 45.72, down -5.13%, while the Brent crude contract plunged -4.11%, and settled at 48.06.

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Crude Oil Slumped as US Inventory Rose for the First Time in 9 Weeks. Busy Day Ahead



Investors Hold Breath ahead of Important Events

Posted June 7th, 2017 by cathleenheisler and filed in General News
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Financial markets were slightly risk-off ahead of important events on Thursday: UK election, ECB meeting, and former FBI Director James Comey’s testimony. Meanwhile, geopolitical tensions in the Middle East also hurt risk appetite. Treasuries and gold were favored over equities. US 2-year yields slipped -2 points to 1.29% while 10-year yields dropped -4 points to 2.14%. News that China was ready to buy more US treasuries also sent prices higher (yields lower).

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Investors Hold Breath ahead of Important Events



Energy Prices Weakened Further as Gulf Countries Cut Ties with Qatar

Posted June 6th, 2017 by TrinaAiello81 and filed in General News
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Contrary to traditional wisdom, energy prices weakened in light of heightened geopolitical tensions in the Middle. Extending the selloff for a third consecutive day, the front-month WTI crude oil contract has dropped -0.44% ahead of US opening. Meanwhile, the Brent contract has slipped -0.2%.

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Energy Prices Weakened Further as Gulf Countries Cut Ties with Qatar



Busy Week Ahead, UK election, ECB, Chinese CPI…

Posted June 5th, 2017 by reecegbc78217 and filed in General News
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Crude oil prices on Monday recovered after the selloff last week. We expect prices to remain volatile for the week ahead as we are awaiting UK’s general election, ECB meeting, as well as former FBI Director James Comey’s testimony on Capitol Hill. The market appears to have shrugged off the potential positive impacts of OPEC/non-OPEC extension of output cut…

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Busy Week Ahead, UK election, ECB, Chinese CPI…



Weekly Fundamentals – Oil Prices Slumped as World Production Remains Ample

Posted June 3rd, 2017 by PrestonBender and filed in General News
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Crude oil plunged last week, extending the second week of week following the OPEC/ non-OPEC meeting. The market was concerned that the effect of the extension of output cut deal would be offset by US’ increase in investment and the ramp-up of production by OPEC members that are exempted from the cut. The front-month WTI crude oil contract fell -4.3% while the Brent contract was down -4.22% for the week.

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Weekly Fundamentals – Oil Prices Slumped as World Production Remains Ample



Traders Dumped Oil as Russia Signaled It’s Ready to Live With Prices at US$40/bbl

Posted June 2nd, 2017 by CandaceEnright and filed in General News
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Both crude oil benchmarks were pressured below US$50/bbl ahead of the US session on Friday. Energy prices climbed higher on early trading Thursday as US crude oil inventory recorded another week of decline. Gains were, however, paired later in the day as US production remained elevated and Russian oil minister indicated that the country can accept oil price as US$40/bbl. The front-month WTI crude oil contract initially rose to 49.17 before ending the day at 48.36, up +0.08%.

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Traders Dumped Oil as Russia Signaled It’s Ready to Live With Prices at US$40/bbl



Oil Plunged on Production Growth in Nigeria and Libya

Posted June 1st, 2017 by MickieLumholtz0 and filed in General News
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Crude oil price slumped on concerns over supply glut. A Reuters survey indicated that OPEC production rose in May, as Nigeria and Libya raised output. These two countries are exempted from the output cut deal. It was estimated that Libya production rose to a fresh 3-year high of 0.83M bpd last month. The front-month WTI crude oil contract plunged to a 3-week low of 47.73 before settling at 48.32, down -2.7%, while the Brent contract slumped to 50.31 at close, down -2.95%.

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Oil Plunged on Production Growth in Nigeria and Libya



Treasury Yields, USD Fell on Rate Hike Prospect

Posted May 31st, 2017 by Colette1696 and filed in General News
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Investors remained cautious ahead of the US employment report due Friday. Meanwhile, the mild improvement in price levels has raised doubt over the pace of Fed funds rate hike. US dollar softened against major currencies with the DXY index settling at 97.28 after initially soaring to a 1-week high of 97.78. Treasuries firm, sending yields lower. 2-year yields dropped -2 points to 1.29% while US 10-year yields were down -4 points to 2.21%.

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Treasury Yields, USD Fell on Rate Hike Prospect



Euro Fell as ECB Hinted to Maintain Easing. Political Italy in Italy Soars

Posted May 30th, 2017 by EldonOfu52 and filed in General News
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The highlights of an otherwise quiet day are ECB President Mario Draghi’s speech and speculations over an early election in Italy. For the first issue, Draghi’s speech before the European parliament was focused on two issues: US’ neo-protectionist stance and Eurozone’s economic outlook. President acknowledged the “solid” economic recovery, but reiterated the commitment to provide ultra accommodative monetary measures.

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Euro Fell as ECB Hinted to Maintain Easing. Political Italy in Italy Soars