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News: Welcome to eMoneySpace! Dec 08, 2021 08:18 PM




ForexMart's Forex News
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Obasi FXMart
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Reply #225: Oct 15, 2021 08:46 AM

October 13. Gold is getting more expensive amid concerns about inflation

On Wednesday, gold shows an increase in quotations against the background of a cheaper dollar and concerns about the economic consequences of the recent sharp rise in energy prices. Then oil prices rose to the highs of several years in the area above $84 per barrel.

The current price of gold is $1,788.2 per ounce. Additional support for the precious metal rate was provided by data on inflation in the United States. According to the press release of the Ministry of Labor of the country, consumer prices in September accelerated growth to 5.4% y/y (from 5.3% in August), and on a monthly basis increased by 0.4%.

Markets fear that accelerating inflation, partly due to the global energy crisis, could hold back economic growth. And this puts pressure on the dollar and makes gold more attractive and cheaper for foreign buyers.

October 14. The EC intends to spur EU countries to switch from natural gas to biogas

By the end of this year, the European Commission intends to propose rules and measures that should facilitate the transition of EU countries from fossil natural gas to a cleaner fuel – biogas. 

European Commissioner for Energy Kadri Simson noted that as many countries move towards decarbonization, fossil gas will definitely be replaced by renewable gas, be it biomethane or renewable hydrogen. And the establishment of certain rules that facilitate the transition process will become the basis of the December gas package.

It is reported that the European Commission intends to present the reform of the EU gas market in December. The issues of storage and security of gas supplies, along with other important topics, will become important elements of this reform.

It is worth noting that not all EU countries currently have gas storage facilities. The European Commissioner also noted that «a more integrated European approach can optimize costs and protect against price fluctuations.» The EC intends to consider such problems as simplifying access to storage facilities and ensuring their optimal use.

October 15. Oil grew to a maximum of 3 years

Oil quotes on Friday again updated a multi-year high, rising to $85.02 per barrel for the first time since October 2018. The current Brent quote is $84.80 per barrel.

Even yesterday's report from the US Department of Energy did not prevent the price increase, according to which the country's reserves of raw materials unexpectedly increased by 6.09 million barrels to 426.98 million. Analysts expected less increase – only 900 thousand barrels. Gasoline commodity reserves decreased by 1.96 million barrels (analysts expected an increase of 600 thousand barrels) and amounted to 223.11 million barrels. Commercial distillate stocks decreased by 24 thousand barrels (analysts forecast a decrease of 1.1 million barrels), to 129.31 million barrels.

Over the past month, prices for «black gold» have increased by almost 13%. The market is supported by signs that supply will be limited over the next few months, while rising gas and coal prices have led to a massive shift to petroleum products. Additional support for the market was provided by the information that Saudi Arabia rejected calls for additional OPEC+ supplies.

American WTI crude oil is also showing growth. The current price of a barrel of this grade of oil is $82.05 on Friday.
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Reply #226: Oct 19, 2021 02:46 PM

October 19. The first Bitcoin ETF started trading in the USA

Today, the first exchange-traded fund ETF, based on bitcoin futures of the Chicago Mercantile Exchange, began trading on the New York Stock Exchange (NYSE) under the ticker BITO.

Analysts are confident that the launch of the ProShares Bitcoin Strategy ETF fund will contribute to an increase in the number of bitcoin purchases by new individual investors, as a result of which the value of the cryptocurrency may grow to $168 thousand by the end of the year, or by 170%.

What is an ETF fund? This is an investment fund that forms portfolios of assets and issues its own shares, where each security is linked to a certain part of the fund's assets. Thus, an ETF allows you to purchase an asset without actually owning it.

In the case of bitcoin, an ETF gives investors the opportunity to access bitcoin without having to cooperate with cryptocurrency exchanges.

After the news of the approval of the bitcoin ETF by the US Securities and Exchange Commission (SEC), the value of the most popular cryptocurrency again updated its maximum, reaching the area of $65 thousand.

Two factors contributed to the growth of bitcoin: the expectation that the launch of a new ETF will attract a significant inflow of funds, as well as the fact that investors who already have access to bitcoins get a new way of owning them. Which, in turn, will also contribute to more purchases.

October 18. Gold is getting cheaper amid the dollar and UST yield growth

At the beginning of the new trading week, gold quotes are showing a decline against the background of an increase in the yield of US government bonds and the strengthening of the dollar. The current spot price of the precious metal is $1,764.45 per ounce.

On Monday, the yield on 10-year US Treasury bonds rose to 1.6116%, and the dollar index against a basket of major world currencies rose by 0.2%, which increased the value of gold for holders of other currencies. An expensive dollar, as a rule, is more attractive as a reliable asset (due to rising inflation, increasing expectations that the Fed will begin to curtail incentives or even announce the timing of a rate hike next year).

In addition, market participants today drew attention to statistics from China, which indicated a slowdown in the country's economic growth to a minimum for the year in the third quarter. And against the backdrop of slowing economic activity in China, the dollar is expected to grow, and gold will become cheaper.

Silver fell to $23,290 today, palladium – to $2,020.50, and platinum showed a decline to $1,042.19 per ounce.

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Reply #227: Oct 22, 2021 09:52 AM

October 21. Brent declines slightly after reaching 3-year high

Yesterday evening, Brent oil quotes reached another high at $86.09 per barrel. Today the price is moderately declining: the current quotation of the asset is $85. WTI crude oil is also showing a decline after yesterday's rise to $83.94 per barrel. The current price for a WTI barrel is $82.86.

The driver of yesterday's growth was the data from the US Department of Energy on oil reserves in the country. In particular, the commercial reserves of hydrocarbons in the United States last week decreased by 431 thousand barrels – to 426.54 million. Gasoline reserves decreased by 5.368 million barrels and amounted to 217.74 million barrels, distillate stocks decreased by 3.913 million barrels, to 125, 39 million barrels.

Experts on average expected an increase in oil reserves by 2 million barrels, as well as a decrease in gasoline reserves by 2.2 million and distillates – by 2.4 million.

A day earlier, similar statistics were published from the American Petroleum Institute (API). The data indicated an increase in US oil inventories by 3.3 million barrels for the week ending October 15.

October 20. The expert assessed the possible problems of Europe due to high gas prices

Analysts share their gloomy forecasts regarding the future prospects of the European oil and gas market, as well as the electric power industry of the region as a whole.

Some of them are of the opinion that the industry in Europe may start working intermittently due to high prices for «blue fuel». In recent weeks, the EU has faced a rapid rise in gas prices, which leads to higher electricity prices.

Back in August, the estimated price of the futures was about $515 per thousand cubic meters, and by the end of September, the indicator had more than doubled. At the same time, on October 6, prices even updated the historical maximum at $1937. Now the price of futures in Europe is holding slightly above $1000 per thousand cubic meters.

Experts believe that the current high prices will remain so and will even be at risk of spikes. This may lead to some problems in the area of demand caused by prices. We are talking about closing or reducing the hours of operation of gas-intensive consumers in order to achieve a market balance.

However, today everything is not so tragic. The European Commission emphasizes that there is enough gas in the storage facilities for the European Union to pass the winter, and there are no risks to the stability of energy supply yet.

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Reply #228: Oct 26, 2021 06:25 AM

October 26. Tesla may resume support for payments in BTC

Elon Musk, the head of the leading manufacturer of electric cars Tesla, hinted that he may soon restore support for payments in bitcoins.

In particular, in a report submitted to the U.S. Securities and Exchange Commission (SEC) for the third quarter, the company noted that «it may resume the practice of trading cryptocurrencies in the future.»

Tesla has already accepted cryptocurrency as a means of payment when buying electric cars at the beginning of this year (in the period from January to March). In addition, the company invested $1.5 billion from its treasury in bitcoin during the first quarter of 2021. However, after that, Tesla stopped supporting BTC in the wake of criticism of bitcoin mining, which has a negative impact on the environment.

Then Elon Musk said that Tesla would again consider resuming support for bitcoin payments if at least half of the network's hashrate would run on renewable energy sources.

October 25. Oil rises in price on the assessment of further actions of OPEC+

On Monday, world oil prices are rising, hovering above $85 a barrel. The oil market was supported by OPEC+ comments on the prospects for production restrictions.

The current Brent quotation is $85.20 per barrel (daily maximum – $85.77), the price of WTI oil is $84.08 per barrel (during the day the asset grew to $85.20).

Today it became known that a number of OPEC+ members, led by Saudi Arabia, declared the need to maintain a cautious approach to the rate of increasing oil production.

Since May last year, the OPEC+ alliance has cut production by 9.7 million barrels per day due to a drop in oil demand. As the situation stabilized, the terms of the agreement were adjusted. So, since August 2021, the alliance has increased production by 400 thousand barrels per day per month, hoping to gradually withdraw from its obligations by the end of September 2022.

Analysts estimate the global demand for oil: now it has already reached 99 million barrels per day and will soon return to the dock level of 100 million barrels per day.
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Reply #229: Oct 27, 2021 04:26 PM

October 27. Gold is stable in the middle of the week

On Wednesday evening, the price of gold fluctuates slightly near $1,795 per ounce. Market participants monitor the general dynamics of trading, evaluate the financial reports of companies and expect the results of the meetings of the ECB and the US Federal Reserve.

Analysts note that a slight decline in precious metal quotations could be caused by an increase in appetite for risky assets against the background of the publication of strong financial reports of companies. Despite all the risks and the unstable economic situation in the world, many companies have demonstrated an increase in reporting indicators.

In addition, investors are waiting for the decisions of central banks on further monetary policy, which will inevitably affect the dollar and gold exchange rates. On Thursday, the European Central Bank will hold a meeting, and on November 3, the results of its meeting will be announced by the US Federal Reserve System. It is expected that regulators will begin to curtail support measures.

Of considerable interest are the data on US GDP, which will be published on Thursday. Analysts expect growth in the third quarter to slow to 2.7% year-on-year after an increase of 6.7% in the second quarter.
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Reply #230: Oct 28, 2021 04:38 PM

October 28. Annual inflation in Germany accelerated to its highest in 28 years

According to preliminary estimates by the German Federal Bureau of Statistics (Destatis), inflation in the country in October in annual terms accelerated to 4.5% from 4.1% a month earlier. This growth has been a record since October 1993. On a monthly basis, consumer prices in Germany rose 0.5%.

Monthly inflation rates were in line with analysts' forecasts, but annual inflation was expected at 4.4%.

At the same time, consumer prices in the country according to EU standards (harmonized consumer price index) in October accelerated growth to 4.6% from 4.1% on an annualized basis, and on a monthly basis – to 0.5% (from 0.3%). Analysts had forecast rates at 4.5% and 0.4%, respectively.

The department noted that there are a number of reasons for the high inflation rates observed since July 2021. Here is the basic effect of the price reduction in 2020, and a temporary reduction in VAT rates, as well as a sharp drop in prices for petroleum products.
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Reply #231: Nov 02, 2021 07:48 AM

November 01. Oil is recovering after the morning fall

On Monday, oil began the trading day with a decline in quotations to the level of $83 per barrel. Pressure on the asset was exerted by China's public statement that it intends to sell gasoline and diesel fuel stocks from its reserves in order to increase supply on the market and stabilize prices. Analysts note that Beijing has announced the release of reserves for the first time.

However, almost immediately, Brent quotes managed to recover to the level of $84.70 per barrel. WTI rose from a daily low of $82.75 to $84.19 per barrel.

At the same time, the oil market continues to be under pressure. Another driver of the decline in prices this week may be concerns that OPEC+ countries, following the results of the upcoming meeting on Thursday, may ease production restrictions and increase the supply of raw materials to world markets.

In addition to OPEC+, the US Federal Reserve will also hold a meeting this week, which may also have a significant impact on the dynamics of the value of «black gold».

October 29. Bill Gates: Abandoning nuclear power could lead to problems with energy supply

Microsoft founder Bill Gates said that abandoning nuclear power could lead to serious problems with electricity supply, for example, to an increase in electricity prices and difficulties with its supply.

In his interview, Gates noted: «Shutting down nuclear reactors will make it difficult to ensure reliable electricity supplies and favorable prices.» Speaking about the transition to renewable energy sources, he also said that no solution can be ruled out until the costs and reliability are checked.

The head of Microsoft is concerned about whether there will be a new generation of nuclear power plants that will be better in terms of costs, safety and disposal. According to Gates, he is now financing an enterprise that is building a new, fourth-generation nuclear reactor.

At the same time, Bill Gates spoke negatively about the construction of gas power plants in Europe. In his opinion, gas is not a real transition technology. At the same time, Gates stressed that the world will continue to consume a lot of natural gas until emissions of harmful substances fall to zero.
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Reply #232: Nov 02, 2021 11:27 AM

November 02. Wall Street breaks records amid Tesla's sharp growth

At the close of trading on Monday, the main Wall Street indexes reached record highs amid a sharp rise in the value of Tesla shares. The company's securities jumped in price by 8.5%, which contributed to the growth of the S&P 500 consumer services sector by about 1.5%.

It is worth noting that last week the market value of the electric car manufacturer exceeded $1 trillion, and since then the shares have continued to rise in price.

Yesterday, the Dow Jones index exceeded 36,000 points for the first time in history. Today, the index is hovering at 35,913.84. The S&P 500 has risen by 8.29 points to 4,613.67 points. Nasdaq soared to 15,905.28 points.

Market participants are also waiting for the outcome of the US Federal Reserve meeting. Many predict that tomorrow the US regulator will approve a reduction in the $120 billion monthly bond repurchase program, as well as give comments on interest rates and how stable the recent increase in inflation is.
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Reply #233: Nov 03, 2021 03:11 PM

November 03. The gas price in Europe jumped after Gazprom's decision

Gazprom announced that it had not booked additional capacity for transit through the gas transportation system of Ukraine in the first and third quarters of 2022. After this news, gas prices in Europe jumped by more than 4% to $814 per thousand cubic meters. Gazprom also did not book additional capacities through the gas pipeline through Poland.

On November 1, the daily transit of Russian gas through Ukraine fell by more than a third compared to the level of October 1. Ukraine reported that the volume of pumping decreased by 34%, to 57 million cubic meters per day. In total, Gazprom pays for transit capacities of 109 million cubic meters.

Earlier in October, the cost of gas in Europe fell by more than 10% after Russian President Vladimir Putin instructed Gazprom to start planned work on pumping gas into European storage facilities. The head of the energy company Alexey Miller said that Gazprom is ready to start additional supplies to Europe after November 8, when the storage facilities in Russia will be filled.
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Reply #234: Nov 10, 2021 11:58 AM

November 9. Bitcoin has updated the historical maximum twice a day

Over the past day, bitcoin has reached maximum values twice, rising first to $67 thousand, and then to $68440. The current price of the cryptocurrency is $68 thousand per coin.

Analysts believe that such growth is not the limit and further increase is possible. Some even expect the price to rise to $98 thousand by the end of November. Experts explain the current rise partly by fundamental factors.

As you know, a bill on infrastructure support for the economy for more than a trillion dollars was passed in the United States. This implies another infusion of money into the country's economy, some of which will be directed to the cryptocurrency market.

If we talk about the long term, there is an opinion that the demand for bitcoin will grow, and the supply will fall. On the horizon of 10 years, it will be possible to see a price increase 10 times higher than the current figures. At the same time, a correction in the near future is not excluded, with a decrease in the price to the level of $ 30 thousand.

November 8. The oil market in the green zone at the beginning of a new trading week

On Monday, the price of Brent rose to the level of $84 per barrel. The current value of the asset is $83.42.

The «black gold» was supported by the news that the Saudi state oil company Saudi Aramco in December intends to raise prices for all grades of oil for buyers from Asia, the United States, Northwestern Europe and the Mediterranean.

In particular, the price of oil supplied to Asia will be raised by $1.1-2.8 per barrel, in the United States – by $0.5 per barrel, for the countries of Northwestern Europe, the increase will be $1-3.3 per barrel, and for the Mediterranean states – $1.1-3 per barrel.

Such a decision was prompted by assumptions that demand would remain strong, as OPEC countries and other major oil exporters would continue to restrain supply.

Recall that last week OPEC+ decided to continue to adhere to the plan to increase oil production by 400 thousand barrels per day, despite calls from many countries to increase production.
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Reply #235: Nov 11, 2021 06:59 PM

November 11. Oil continued to decline after inflation-induced drop

Oil prices continued to decline on Thursday, reaching the level of $82.10 per barrel. The drop in quotations began yesterday, after the release of inflation data in the United States.

According to recent statistics, the consumer price index (CPI) in the United States in October increased by 6.2% year-on-year. Analysts had forecast an increase of 5.8%. Such price growth has become the fastest in the last 30 years. The US dollar reacted with a strengthening amid expectations that the White House and the Federal Reserve will take measures to curb inflation. And this is a negative factor for oil prices.

WTI oil quotes are also declining, today's minimum was fixed at $80.22 per barrel.

The statistics on crude oil reserves in the United States had an additional impact on the dynamics of the oil market. According to the Ministry of Energy, reserves last week increased by 1 million barrels to 435.1 million barrels. Gasoline reserves decreased by 1.56 million barrels, to 212.7 million barrels, distillates – by 2.61 million barrels, to 124.51 million barrels.

November 10. US consumer prices in October increased by 6.2%

According to recent statistics, consumer prices in the United States in October rose more than forecasts suggested. This led to the highest annual increase in inflation since 1990.

Thus, inflation in the United States in October amounted to 0.9% on a monthly basis, while analysts predicted growth of 0.6%. Experts also note that inflation may remain high next year against the background of global supply chain problems.

In annual terms, the consumer price index (CPI) increased by 6.2% against the forecast of growth of 5.8%.

Excluding food and energy prices, consumer prices rose by 0.6%, with a growth forecast of only 0.4%. On an annualized basis, the base index grew by 4.6%, the forecast is an increase of 4.3%.

Meanwhile, data on the number of applications for unemployment benefits came out: it fell to 267 thousand, while analysts assumed the figure at the level of 265 thousand. Such figures were the lowest since mid-March 2020.
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Reply #236: Nov 15, 2021 02:08 PM

November 15. Slowing GDP growth in China could lead to a global financial crisis

The US authorities continue to monitor the development of the real estate crisis in China caused by the default of the developer China Evergrande Group. US Treasury Secretary Janet Yellen said that the consequences of the debt crisis in China and the slowdown in the country's economic growth could trigger a global financial crisis.

Yellen also noted that real estate is a very important sector of the Chinese economy, which accounts for about 30% of demand. And the contraction of the Chinese economy will hit many countries with trade ties with China.

It is worth noting that not only China Evergrande is struggling with a high level of debt and a potential default, but the size of the debt itself is impressive – $300 billion. To date, the company has managed to pay several overdue coupons on time, preventing default, but the situation continues to be tense.

November 12. The oil market is stable after the release of the monthly OPEC report

Oil at the end of the week continues to fluctuate in the range of $81.40-82.50 per barrel. The current Brent quote is $82.20.

The situation in the United States remains in the focus of attention of market participants, where pressure on President Joe Biden is increasing. Many, including representatives of his own party, expect the new president to solve the problem of high prices, since the inflation rate in the United States was the highest in the last 30 years.

In addition, investors are analyzing OPEC's monthly report, which contained unfavorable estimates for the oil market: the organization slightly lowered forecasts for oil demand growth in 2021 and 2022. First of all, the OPEC secretariat lowered its estimate of global oil demand in 2021 in North America and India, despite the fact that the recent figures of these countries significantly exceeded the level of a year ago.

At the same time, OPEC expects an increase in demand in China, which also came as a surprise to market participants, given the restrictions on flights in force in the country against the background of the growing number of infected Covid–19.

The non-OPEC supply forecast for 2021 has not been changed, and for 2022 it has been slightly reduced.
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Reply #237: Nov 17, 2021 07:55 AM

November 17. The oil market remains highly volatile

For several days now, the oil market has been showing increased volatility, and the quotes of Brent and WTI fluctuate within wide ranges. If yesterday a barrel of Brent was worth about $83 per barrel, then today the quotes have dropped to $81.50.

Pressure on the «black gold» was exerted by the news that the administration of US President Joe Biden, considering the possibility of selling oil from the strategic reserve, is trying to achieve the same from China. At talks with Chinese President Xi Jinping, Biden also urged him to sell oil from the country's reserves, but China is not yet ready for such measures.

The current Brent quote is $81.90 per barrel, WTI oil is trading at $79.20 per barrel. Analysts note that if China agrees to release oil in order to lower prices on the market, it will be possible to talk about the beginning of a «bearish» trend.

Additional pressure on oil prices was exerted by yesterday's data from the American Petroleum Institute (API), according to which hydrocarbon reserves in the United States increased by 655 thousand barrels. A week earlier, inventories fell by 2.485 million barrels. Today, the US Department of Energy will present similar data. Analysts predict an average weekly decline in oil reserves by 2.5 million barrels, gasoline – by 100 thousand barrels, distillates – by 1.3 million barrels.

November 16. The Turkish currency has updated the anti-record again

On Tuesday, the exchange rate of the Turkish lira paired with the US dollar again updated the historical minimum amid expectations of another reduction in the discount rate by the country's Central Bank. 

The current quote of the USD/TRY pair is 10.28 lira per dollar, which has become a new anti-record.

At the end of October, the Central Bank of Turkey decided to reduce the discount rate from 18% to 16% against the background of a record fall in the Turkish lira. After that, the national currency accelerated the decline. On Thursday, the Turkish regulator intends to lower the interest rate again.

Recall that the lira began to fall sharply in mid-October, after the news that three high-ranking officials of the Central Bank, including two deputy heads of the regulator, were dismissed by decree of President Tayyip Erdogan. As you know, they voted against reducing the interest rate at a meeting in September. Erdogan is in favor of lowering the rate, arguing that the increase in inflation is due to high interest rates.
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Reply #238: Nov 18, 2021 01:41 PM

November 18. Analysts named the factors exerting pressure on the oil market

Yesterday ended with a decline in oil prices under the psychological level of $80 per barrel. What was the reason for this impressive fall?

The weakening of the oil market was recorded even despite the positive data on oil and petroleum products reserves in the United States. Yesterday, a report from the EIA was published, showing a decrease in oil reserves by 2.1 million barrels, which turned out to be better than forecasts for a decrease of 1.4 million barrels. Production decreased from 11.5 to 11.4 million b/d, net imports fell by 0.5 million b/d.

Oil sales accelerated after reports emerged that the United States is negotiating with other major global consumers, including China, India and Japan, to release oil reserves to compensate for market shortages. Back in early November, Washington criticized the slow pace of OPEC+ production growth, declaring its intention to use all tools to reduce energy prices.

At the same time, an increasing number of market participants are skeptical about oil prices. Fresh forecasts from the EIA, IEA and OPEC indicate a surplus throughout 2022, starting from the first quarter. The OPEC Secretary General even said that a surplus could be observed as early as December. And with such forecasts, the news about the possible release of stocks finally «crushed» the quotes.

During Thursday's trading day, Brent still managed to recover to $80.85 per barrel, but you can forget about updating the highs (which market participants were sure of until recently), experts say.
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Reply #239: Nov 22, 2021 11:52 AM

November 22. Cryptocurrency Market | November 22 – 26

While the main cryptocurrency, bitcoin, is declining from the $58,000 level, some altcoins have started to grow and even reached new historical highs.

Bitcoin

Analyzing the dynamics of bitcoin, analysts predict that a «bearish» trend may take over the market in the near future. And if the cryptocurrency fails to stay near $57 thousand, then the further target of the decline will be the area of $52,500 – $50,000. In the worst case scenario (a breakthrough below the psychological support at the level of $ 50 thousand), you can expect the strongest sales, as traders will hurry to get out of their positions.

A more positive scenario assumes the recovery of bitcoin and the completion of the correction near $60 thousand, from where further growth can begin.

Last weekend, the President of El Salvador (the only country where bitcoin is recognized as legal tender) announced plans to build Bitcoin City – a city that will run exclusively on renewable geothermal energy sources. Residents of Bitcoin City will be exempt from paying all taxes (on income, property, capital gains, etc.), except VAT.

To finance the project, the authorities of El Salvador will issue tokenized 10-year bonds worth $1 billion.

Dogecoin

According to research, this cryptocurrency turned out to be the most popular by search queries in 23 US states. Analysts explain this popularity by the increased attention of Elon Musk to the asset. Recall that in May, Musk invited users to vote for the option of accepting payments in Dogecoin. Moreover, the billionaire said that in 2022 SpaceX will launch a Doge-1 satellite to the moon. The current Dogecoin quote is $0.22.

Shiba Inu

Another popular token is a clone of Dogecoin Shiba Inu. Cryptocurrency has outstripped many other crypto assets in popularity. Moreover, it became known that an anonymous investor last week acquired Shiba Inu for about $8.3 million.
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