ForexMart's Forex News

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  1. #231
    Senior Member KostiaForexMart's Avatar
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    ForexMart's Forex News
    October 8. September Nonfarm Payrolls – what to expect?

    Today, markets are waiting for an important report on employment outside of US agriculture in September. According to forecasts, the economy has created more than 500 thousand jobs, and the unemployment rate has fallen to at least 5.1%.

    Why is this report important and how can it affect the dynamics of the US dollar?

    Ahead of the publication, the dollar remains relatively stable against most of the leading currencies. At the same time, government bond yields resumed growth, as the September peyroles may strengthen the determination of the US Federal Reserve to soon wind down the asset repurchase program.

    However, the regulator is already quite determined: in his last statement, Fed Chairman Jerome Powell said that the curtailment could begin as early as November, and a strong employment report is not a prerequisite. Thus, even a relatively weak report will only lead to a temporary drawdown of the US dollar. Moreover, a decrease in the unemployment rate to 5% can compensate for any weakness in employment statistics.

    While waiting for the report analysts share their forecasts. The following arguments are in favor of strong data:

    -earlier, ADP announced the creation of 568 thousand jobs;
    -the index of business activity in the manufacturing sector from ISM increased from 49.0 to 50.2;
    -The consumer confidence index from the University of Michigan has recovered;
    -the number of initial applications for unemployment benefits decreased, as did the total number of people receiving benefits.

    The following arguments can be made in favor of a weak report:

    -the index of business activity in the service sector from ISM decreased from 53.7 to 53;
    -The Conference Board consumer confidence index fell to a 7-month low;
    -Challenger reported a 13.8% increase in the number of layoffs (from a 24-year low).
    Regards, PR-Manager ForexMart

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    October 11. Brent passed the $84 level for the first time in three years

    The oil market showed strong growth at the beginning of the new trading week. Brent quotes broke the level of $84 per barrel for the first time since October 2018. The current price of the asset is $83.97. WTI grade oil has also risen in price today – to $82.17 per barrel, which was the highest since October 2014.

    The rise in energy prices is primarily due to the process of economic recovery from the effects of the global pandemic. Experts note that high rates of vaccination contribute to the cancellation of lockdowns and the lifting of restrictions, which further stimulates consumption and leads to an increase in demand.

    At the same time, the energy crisis in Europe and Asia provided additional support to the oil market, which led to a jump in gas and coal prices and increased the attractiveness of oil as a raw material for energy production.

    And another factor of price growth can be called the policy of the OPEC+ countries. Last week, the countries of the energy alliance decided to maintain the previously adopted plan to increase production by 400 thousand barrels per day.
    Regards, PR-Manager ForexMart

  3. #233
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    October 12. Europe began to save on gas

    According to the Parisian consulting company Engie EnergyScan, gas consumption in Europe fell by 12% compared to the pre-pandemic level. The industrial sector has begun to reduce demand for natural gas, as record prices have made fuel too expensive for many consumers.

    Germany, the Netherlands and the UK have so far reduced consumption the most, but analysts predict that this trend will continue, especially when the demand for gas for heating increases in the winter months.

    There is also an opinion that high gas prices may slow down the economic recovery in Europe, as industrial consumers suffer from high fuel costs. Some enterprises were forced to temporarily cease their activities, while others were forced to significantly reduce production volumes.

    Recall that the cost of gas in Europe has reached a historical record, getting almost close to the level of $2,000 per thousand cubic meters in early October. Then, after the words of Russian President Vladimir Putin about the possibility of increasing fuel supplies, gas began to become cheaper. The current price of natural gas is $1018.62.
    Regards, PR-Manager ForexMart

  4. #234
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    in ro ham eslah kon:
    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.
    Regards, PR-Manager ForexMart

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