ForexMart's Forex News

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  1. #161
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    ForexMart's Forex News
    May 27. US labor market: what's the news?

    According to the US Department of Labor, the number of Americans who filed new applications for unemployment benefits fell more-than-expected last week to 406 thousand. Economists predicted 425 thousand applications. Last week, the number of requests was fixed at the level of 478 thousand.

    The decline came mainly on the back of fewer layoffs, as companies are in dire need of workers to meet the growing demand driven by the rapidly recovering economy. What's more, the pandemic-related business restrictions have been lifted as more than half of the US adult population is fully vaccinated against the coronavirus.

    And while the number of applications still far exceeds the 200,000 to 250,000 range considered compatible with healthy labor market conditions, they fell from a record 6.149 million in early April 2020.

    23 states, including Florida and Texas, have announced the end of federal government-funded unemployment programs next month. These programs include a $300 weekly subsidy that businesses say discourages unemployed people from finding work.
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  2. #162
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    There will be no miracle. Experts predicted a weekly and annual scenario for the development of the oil market

    According to analysts of commodity markets, the coming week for oil quotes will be quite stable due to the support of domestic industry statistics from the United States.

    According to American statistics, the US black gold market is now experiencing an active reduction in reserves of raw materials to the lowest levels over the past three months.

    Experts believe that such dynamics of the oil market indicates the rapid recovery of the world's major economies. And this, in turn, causes an increase in the volume of consumption of hydrocarbons. As a result, the combination of these factors partially equalizes progress in a new nuclear agreement with Iran.

    At the same time, the strengthening of the US dollar and the psychological barrier of $ 70 per barrel act as a definite limiting factor for further uncontrolled growth in oil prices. To take that high, the market will definitely need more significant events and news.

    Summarizing all of the above, in the short term (week from May 31 to June 4), oil prices for North Sea Brent crude oil will be in the $ 67-70 per barrel corridor.

    As for the longer-term forecasts of analysts, experts here assume an average price of $ 55-60 per barrel for oil this year. According to them, the OPEC + agreement is still the determining factor for quotations of black gold.
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  3. #163
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    Analysts: It's too early to wait for Bitcoin to recover

    J.P. Bank experts Morgan predicts that it is too early to wait for a recovery in Bitcoin, which is currently experiencing a fall from the $60K area to $ 35-36K.

    Previously, analysts had already expected that Bitcoin's failure to overcome the $60,000 threshold would lead to bearish signals and further curtailing positions in this cryptocurrency. Perhaps this was a significant factor in the correction last week.

    However, there are no signals of a long-term decline yet. According to experts, the price must fall to the level of $26 thousand before the cryptocurrency can reverse the main trend.

    Over the long weekend in the US, Bitcoin plummeted due to the Memorial Day holiday: it traded at around $36,311 on Saturday and then dropped to $33,633. By Monday night, the currency recovered slightly to $36,833. Today's trading remained volatile.

    Recall that in May, many factors influenced the bitcoin rate. Among them are negative tweets from Tesla CEO Elon Musk, as well as concerns about impending government regulation from the United States and China.
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  4. #164
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    Oil rises sharply after OPEC+ meeting

    After the completion of the OPEC+ ministerial meeting, Brent quotes rose to $71.30 per barrel. The last time such price values ​​were recorded in May 2019.

    The OPEC+ ministers held the shortest meeting in history and within 15-20 minutes adopted the recommendations of the OPEC+ ministerial monitoring committee to maintain the planned plans to increase oil production in July. Production levels after July were not discussed. According to the deal signed a year ago, after July, the alliance plans to keep the production level unchanged until April 2022.

    The OPEC+ Technical Committee, whose meeting took place the day before, came to the conclusion that a surplus in the oil market should not be expected even if the forecast for demand for the current year is reduced.

    Thus, the decision was again made to gradually restore oil production: in May, the countries participating in the agreement can increase production by 350 thousand barrels per day, in June – by the same amount, in July – by 441 thousand barrels per day. In addition, Saudi Arabia lifted its voluntary restrictions: 250 thousand b/d in May, 350 thousand b/d in June and 400 thousand b/d in July.

    In addition, market participants continue to monitor the progress of negotiations on the Iranian nuclear deal. Tehran said it hopes for a full restoration of the agreements before the expiration of the current government's term in August.
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  5. #165
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    June 03. Beige Book: US economic growth accelerates

    The US Federal Reserve Beige Book was published last night – a document containing summaries and comments from the Fed on the economic situation in the country.

    According to the report, the US economic recovery accelerated between April and May, despite supply bottlenecks, hiring new hires, and rising prices in many parts of the country.

    In addition, the widespread use of Covid vaccinations and the weakening of quarantine measures had a strong impact on consumer spending: their growth is primarily associated with an increase in public spending on travel and restaurants. At the same time, the level of sales of passenger cars remained stable, and this is due to a slowdown in production due to a shortage of semiconductors.

    In general, production in the country continues to grow, but many manufacturers report widespread material and labor shortages. The number of employees in the United States is growing relatively steadily, with the largest gains in employment shown in the catering and retail sectors. The growth in wages was also moderate, but it is noted that more and more employers have raised wages and offered bonuses.

    The Beige Book is usually published about two weeks before the next Fed meeting. The next meeting of the FRS leadership will take place on June 15-16.
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  6. #166
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    June 04. The oil market is in the final phase of the growth cycle

    Analysts believe that the oil market is currently in the final phase of its growth cycle, and prices may soon peak.

    Norbert Rücker, head of the Next Generation forward-looking research department of the Swiss bank Julius Baer, ​​believes that by mid-year oil prices will move significantly above the $70 per barrel mark. And this will be the maximum level from which a long-term correction is likely.

    At the moment, Brent oil quotes are trading slightly above the $70 level. On Tuesday, the price even reached $71.94 a barrel for the first time since March 8.

    Experts believe that the rise in prices was promoted by positive dynamics in demand and likely delays in nuclear negotiations with Iran. Additional support to the market was provided by the results of the OPEC+ meeting, according to which it was decided to continue easing restrictions on oil production in July.
    Regards, PR-Manager ForexMart

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    June 07. The European Parliament named the countries to be admitted to the European Union

    The head of the European Parliament David Sassoli in his interview called for the admission of the Western Balkan countries to the European Union. At the same time, the politician noted that such an enlargement of the EU would become «a positive project for peace and prosperity.»

    These are countries such as Albania, North Macedonia and Serbia. The expansion of the EU's territory can have enormous benefits both for the Western Balkan region itself and for Europe as a whole, as it will help «ensure a stable, prosperous and peaceful continent.»

    According to Sassoli, the countries of the Balkan Peninsula will be able to join the European Union as soon as they meet all the necessary criteria. And at the moment, all countries have yet to complete some reforms.
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    June 08. Europe faces an unplanned gas shortage

    Gas prices in Europe remain at an all-time high, although gas prices generally fall in summer. The reason for this was the lack of fuel and the impossibility of competition from coal.

    In particular, spot prices at the largest hub, TTF, consistently exceeded $300 per thousand cubic meters throughout May and did not retreat from the highs in the summer. Yesterday's gas price was marked at $349 per thousand cubic meters. A similar situation on the European gas market was observed only in 2011-2014. Then this was due to high oil prices (consistently above $100 per barrel).

    The current deficit was caused by supply constraints from Norway and Russia, the main gas suppliers. In Norway, preventive work has begun on the production infrastructure, and the Russian Gazprom refuses in principle to increase the volume of supplies.

    At the same time, the supply of coal, which usually replaces gas in the energy sector, does not increase. Firstly, the price of coal has risen (more than 160% per year), and secondly, the fees for its use have sharply increased in Europe. Considering all of the above, analysts do not expect the picture of gas shortages in Europe to change before the end of this year.
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    June 09. IRS wants to receive data on transactions in cryptocurrencies

    US Internal Revenue Service (IRS) Commissioner Charles Rettig said Congress needs to give the tax authorities legislative authority to collect information on cryptocurrency transfers in excess of $10,000.

    Currently, more than 8600 crypto-exchanges have been created in the world, and the capitalization of the cryptocurrency market exceeds $ 2 trillion. At the same time, most virtual cryptocurrencies are created in such a way as to remain out of sight of the authorities. Moreover, there are more and more cases of illegal use of digital currencies by cybercriminals and hackers.

    In addition, the huge revenues generated by the growth of crypto assets are eluding the IRS, creating a tax hole of about $1 trillion a year (the difference between legally owed and collected taxes).

    Rettig suggests informing the IRS about cryptocurrency transfers in the same way banks do about money transfers, and brokers who report to the IRS about securities transactions. However, this initiative can be implemented no earlier than 2023.
    Regards, PR-Manager ForexMart

  10. #170
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    in ro ham eslah kon:
    June 10. World oil prices accelerated growth

    On Thursday evening, world oil prices accelerated their growth, approaching $73 per barrel. The market was supported by demand signals from the monthly OPEC report.

    In particular, the price of August futures for North Sea Brent crude oil mixture rose $72.90 per barrel, July futures for WTI rose to $70.64 per barrel.

    Oil quotes support optimism for a recovery in demand, with traders assessing the June OPEC report. The organization noted that accelerating vaccination programs in many countries and increasing population mobility will positively affect demand in the second half of this year.

    In addition, OPEC retained its forecast for the growth of oil demand in the world in 2021: the alliance still expects an increase in demand by 6 million barrels per day – to the level of 96.58 million barrels per day.

    Additional support to the oil market was provided by yesterday's data from the US Department of Energy on oil reserves in the country. Inventories fell by 5.24 million barrels, which was better than the forecast for a reduction of 2 million.
    Regards, PR-Manager ForexMart

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