ForexMart's Forex News

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  1. #401
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    ForexMart's Forex News
    September 27. Iraq: oil may rise to $150 per barrel​​​​​​​

    The price of oil on the world market may reach $150 per barrel in the coming months. This was stated by Iraqi Foreign Minister Fuad Hussein in an interview on the sidelines of the UN General Assembly.

    And there are significant risks here: if oil prices rise in winter, it will hit the economies of countries that do not produce oil. In addition to the seasonal factor of rising prices for hydrocarbons, the Iranian politician noted the impact of anti-Russian sanctions on the cost of oil.

    On Tuesday, the commodity asset is steadily growing after yesterday's fall to the level of $82.46: the current Brent quote is $85.54 per barrel. The driver of growth is concerns due to a reduction in supply on the market.

    Also, traders continue to monitor the gathering strength of Hurricane Jan in the Gulf of Mexico. Chevron Corp has already announced the suspension of the operation of two production platforms, the total production volume of which is about 120 thousand barrels per day. British BP also intends to close two platforms in the region, the production volumes at each of which exceed 100 thousand barrels per day.

    In addition, the decision of the OPEC+ countries to reduce the volume of oil production, as previously repeatedly stated by representatives of the alliance, can support oil prices. In particular, in order to maintain prices at $90 per barrel, OPEC will need to reduce production by 1 million b/d. In the meantime, the organization can reduce production by at least 500 thousand b/s.
    Regards, PR-Manager ForexMart

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    October 3. The pound rose sharply after the British authorities rejected the budget plan​​​​​​​

    The pound jumped sharply on Monday after the British government announced the cancellation of a plan to reduce taxes for the rich, which was a shock to the market and scared investors.

    British Finance Minister Kwasi Kwarteng said today that the government is ready to abandon the plan to abolish the 45% maximum income tax rate. Against this background, the pound reached $ 1.1263 in a pair with the US dollar.

    Last Monday, the British currency fell to a record low of 1.0356. Investors were scared by the fact that tax cuts would spur inflation and lead to an even faster increase in the interest rate. And this will undermine the already struggling UK economy.

    Several members of the ruling Conservative Party also opposed the tax reduction program. Citizens themselves also spoke out against it, judging by the results of public opinion polls.

    Earlier, the International Monetary Fund also sharply criticized the new fiscal package, which includes the rejection of the planned increase in the social security tax rate and a reduction in the tax on the purchase of real estate below 250 thousand pounds. Representatives of the IMF said that this would contradict the tightening of the monetary policy of the Bank of England.
    Regards, PR-Manager ForexMart

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    October 4. The Reserve Bank of Australia raised the base rate by only 25 bps​​​​​​​

    The Reserve Bank of Australia (RBA) unexpectedly reduced the pace of tightening its monetary policy, noting a deterioration in the global economic outlook. This time, the regulator raised the interest rate by only 25 basis points, to 2.6%. Most analysts expected an increase of 50 bps.

    Recall that the RBA raised the rate by 50 bps in June, July, August and September in an attempt to slow down inflation, which may peak by the end of 2022 at about 8%.

    One of the sources of uncertainty is the prospects for the global economy, which have worsened recently, said the head of the Australian Central Bank, Philip Lowe.

    In addition, the RBA fears that the tightening of financial conditions will have negative consequences for consumer budgets and spending.

    Earlier, the Australian central bank has already stated that it intends to slow down the pace of rate hikes at some point, as it expects a rapid weakening of inflation in 2023 along with falling commodity prices.

    The Australian dollar reacted with a decline to the news about the rate: the AUD/USD pair fell to $0.6470 during trading on Tuesday, compared with $0.6514 at the close of the previous session.
    Regards, PR-Manager ForexMart

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    co Thanks. up tốp cho bạn n*y
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    in ro ham eslah kon:
    October 6. Oil rose above the level of $94 per barrel​​​​​​​

    Oil quotes on Thursday remain in the area of local highs reached after the announcement of the results of yesterday's meeting of OPEC+ ministers.

    The organization decided to reduce quotas for oil production in November by 2 million b/s. Analysts note that this decision signals that Saudi Arabia and the alliance as a whole are striving to stabilize and support oil markets.

    At the same time, it is noted that the actual decline in production will be less, since at the moment OPEC+ lags behind the maximum permitted production levels by about 3.6 million b/s. About 1.2 million b/d of the total underproduction is accounted for by OPEC countries, and 2.4 million by OPEC+ countries.

    Yesterday, after the end of the ministerial meeting, Brent jumped to the level of $93.90 per barrel. Today, the asset continued to grow and reached $94.44 per barrel. The last time such price values were observed was in mid-September.

    Additional support for the oil market was provided by data on fuel reserves in the United States. According to the Ministry of Energy of the country, commercial oil reserves decreased by 1.36 million barrels last week, while analysts predicted an increase of 1.8 million barrels.

    Gasoline stocks decreased by 4.73 million barrels, distillate stocks by 3.44 million barrels. Analysts expected a decrease in gasoline stocks by 1.1 million barrels and a drop in distillate stocks by 1.5 million barrels.

    October 5. The New Zealand central bank raised its key rate to a seven-year high

    The Reserve Bank of New Zealand (RBNZ) has raised interest rates by 50 basis points to a seven-year high of 3.5%. The regulator also announced its readiness to further raise the rate in an attempt to contain stubbornly high inflation.

    The central bank's decision coincided with analysts' forecasts. The current increase was the eighth since the beginning of the monetary policy tightening cycle, which started a year ago. RBNZ accelerated the step from 25 to 50 points in April and has now brought the rate level to the cyclical highs of 2014-2015.

    It also became known that the monetary policy committee discussed an increase even by 75 bps, but eventually stopped at half a point.

    It remains appropriate to continue tightening monetary policy at the same pace to maintain price stability and ensure maximum employment, said the representative of the regulator.
    Regards, PR-Manager ForexMart

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