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Telecom Egypt   11.48        GMC GROUP FOR INDUSTRIAL COMME   1.29        El Arabia for Investment & Dev   0.34        Modern Company For Water Proof   1.03        Ismailia Misr Poultry   2.45        Pioneers Holding   2.84        Ezz Steel   7.86        Egyptian Real Estate Group   6.85        Rakta Paper Manufacturing   4.39        Orascom Telecom Holding (OT)   3.92        Naeem Holding   0.19        Egyptian Iron & Steel   6.87        Universal For Paper and Packag   4.94        Northern Upper Egypt Developme   4.93        Canal Shipping Agencies   7.39        Misr Chemical Industries   5.65        United Arab Shipping   0.43        Egyptians Housing Development    1.94        Egyptian for Tourism Resorts   0.69        Modern Shorouk Printing & Pack   7        Upper Egypt Contracting   0.8        Egyptian Financial Group-Herme   7.42        Orascom Construction Industrie   240.82        Heliopolis Housing   21.65        Raya Holding For Technology An   4.57        United Housing & Development   8.93        International Agricultural Pro   2.1        Gulf Canadian Real Estate Inve   18.08        Alexandria Pharmaceuticals   45.71        Arab Cotton Ginning   2.46        National Real Estate Bank for    11.84        Egyptian Chemical Industries (   7.26        Six of October Development & I   15.03        National Development Bank   6.72        Oriental Weavers   20.66        Arab Gathering Investment   16.29        Egyptians Abroad for Investmen   2.75        Credit Agricole Egypt   9.04        Palm Hills Development Company   1.61        Remco for Touristic Villages C   2.13        Commercial International Bank    29.87        El Ezz Porcelain (Gemma)   1.9        Egyptian Starch & Glucose   5.4        Arab Real Estate Investment (A   0.41        South Valley Cement   3.12        Citadel Capital - Common Share   2.5        Ceramic & Porcelain   2.88        Rowad Tourism (Al Rowad)   5.05        Union National Bank - Egypt "    3.25        El Nasr Transformers (El Maco)   4.78        Egyptian Media Production City   2.31        GB AUTO   27        Sharkia National Food   3.78        Egyptian Transport (EGYTRANS)   7.85        El Kahera Housing   4.97        El Shams Housing & Urbanizatio   2.45        Egyptian Kuwaiti Holding   0.7        ARAB POLVARA SPINNING & WEAVIN   2.11        Cairo Poultry   8.32        Egyptian Financial & Industria   8        T M G Holding   4.03        Asek Company for Mining - Asco   10.66        Misr Hotels   27        Egyptian Electrical Cables   0.56        Medinet Nasr Housing   22.51        Mena Touristic & Real Estate I   1.21        ELSWEDY CABLES   18        Prime Holding   0.91        Al Arafa Investment And Consul   0.17        Alexandria Spinning & Weaving    0.74        Gharbia Islamic Housing Develo   8.41        General Company For Land Recla   16.6        Alexandria Cement   8.9        Arab Valves Company   0.94        Sidi Kerir Petrochemicals   12.4        TransOceans Tours   0.09        Egyptian for Developing Buildi   6.43        Egyptian Gulf Bank   1.24        Kafr El Zayat Pesticides   18.19        Faisal Islamic Bank of Egypt -   35.1        National company for maize pro   11.86        Delta Construction & Rebuildin   4.03        Zahraa Maadi Investment & Deve   48.25        Samad Misr -EGYFERT   3.52        Egypt for Poultry   1.41        Cairo Development and Investme   11.7        Cairo Pharmaceuticals   20.1        Maridive & oil services   0.9        Suez Canal Bank   3.75        Nile Pharmaceuticals   15.81        The Arab Dairy Products Co. AR   73.85        National Housing for Professio   14.39        El Ahli Investment and Develop   4.87        Egyptian Saudi Finance Bank   10.79        Ismailia National Food Industr   5.16        National Societe Generale Bank   25.52        Acrow Misr   19.16        Alexandria Mineral Oils Compan   63.63        Paper Middle East (Simo)   5.59        Egypt Aluminum   12.31        Giza General Contracting   13.12        Middle Egypt Flour Mills   5.82        Extracted Oils   0.6        Assiut Islamic Trading   4.56        Engineering Industries (ICON)   3.95        North Cairo Mills   15.3        Arab Pharmaceuticals   11.88        Grand Capital   5.38        El Ahram Co. For Printing And    10.68        Minapharm Pharmaceuticals   25.49        El Arabia Engineering Industri   13.52        El Nasr For Manufacturing Agri   9.71        Naeem portfolio and fund Manag   1.7        Faisal Islamic Bank of Egypt -   6.76        Natural Gas & Mining Project (   68.26        Housing & Development Bank   13.95        East Delta Flour Mills   31.5        Orascom Development Holding (A   3.22        Memphis Pharmaceuticals   11.12        Abou Kir Fertilizers   134.23        Delta Insurance   5        Cairo Investment & Real Estate   12.18        Cairo Oils & Soap   12.98        Egyptian Arabian (cmar) Securi   0.36        Egyptian Real Estate Group Bea   15.56        Alexandria Containers and good   85.51        Upper Egypt Flour Mills   45.78        Development & Engineering Cons   9.94        Sinai Cement   15.18        Medical Union Pharmaceuticals   28.01        Torah Cement   24.2        Alexandria New Medical Center   46.55        Export Development Bank of Egy   5.04        Egyptian Company for Mobile Se   92.02        Middle & West Delta Flour Mill   32.7        El Kahera El Watania Investmen   4.18        Mansourah Poultry   12.41        Delta Sugar   11.04        Misr Beni Suef Cement   41.21        Egyptian Satellites (NileSat)   6.14        Cairo Educational Services   17.75        Lecico Egypt   7.55        Sharm Dreams Co. for Tourism I   5.3        General Silos & Storage   10.77        Al Moasher for Programming and   0.66        UTOPIA   5.28        Arab Ceramics (Aracemco)   25.4        Barbary Investment Group ( BIG   0.98        

The Watch - forex news

Amwal Al Ghad English - 2018-04-16 06:03:44
The dollar dipped on Monday as markets weighed the impact of strikes on Syria by the United States and its allies at the weekend, although losses were limited as the military action did not result in broad risk aversion. The United States, France and Britain launched missiles targeting what the Pentagon said were chemical weapons facilities in Syria on Saturday, in retaliation for a suspected poison gas attack on April 7. Suggesting that the military action would not be prolonged, Trump declared "mission accomplished" after the strikes. There were still concerns, however, about Russia's potential reaction to new economic sanctions from Washington. The dollar index against a basket of six major currencies eased 0.05 percent to 89.741. The U.S. currency was 0.1 percent lower at 107.245 yen after a brief rise to 107.610. It was within reach of a near two-month high of 107.780 yen set on Friday. Although the yen usually draws demand in times of political tension and market turmoil due to its perceived safe-haven status, the dollar's losses against its Japanese peer were limited. "The reaction in currencies has been limited as President Trump had provided advance notice about a possible strike on Syria, giving speculators ample time to brace for the actual event," said Yukio Ishizuki, senior forex strategist at Daiwa Securities. "Many speculators are showing less of a response to yen-supportive factors lately, after the Bank of Japan made clear it was not going to normalize policy soon. This goes for domestic factors as well, like falling support ratings for (Japan Prime Minister Shinzo) Abe." Support for Prime Minister Shinzo Abe, plagued by accusations of cronyism and cover-ups, fell to 26.7 percent in a survey by private broadcaster Nippon TV released on Sunday, the lowest since he took office in December 2012. Still, others saw diminishing popularity for Abe at home weakening his position when he meets President Trump at the April 17-18 U.S.-Japan summit, possibly providing fresh impetus for some participants to bet on renewed yen appreciation. "Technically speaking, the dollar has broken above resistance against the yen. But given potential political developments, the bounce could only go as far as 108.44 yen, the 38.2 percent Fibonnaci retracement from last month's low and the November high," said Makoto Noji, chief strategist at Nikko SMBC Securities. The euro inched up 0.05 percent to $1.2335 after ending Friday little changed. The pound was 0.2 percent higher at $1.4261 after rising to a near three-month high of $1.4296 on Friday. Expectations of a rate rise from the Bank of England have been a major driver of sterling's gains in recent days. The Australian dollar added 0.05 percent to $0.7773 and the New Zealand dollar was little changed at $0.7354. The Hong Kong dollar was at 7.8500 per dollar and at the weak end of its trading band. The Hong Kong Monetary Authority (HKMA) stepped in last week to prop up the Hong Kong dollar, as it is obliged to intervene and keep intact a trading band of 7.75 to 7.85. More»
Amwal Al Ghad English - 2018-04-14 07:16:51
The dollar prices edged higher against the Japanese yen on Friday, as fading concerns about a possible Western military intervention in Syria helped boost risk appetite among investors. The dollar was 0.04percent higher against the yen. During the session it hit a seven-week high. The weakening of the safe-haven yen suggested investors were less worried after a week dominated by U.S.-China trade tensions and the possibility of a U.S.-led missile strike on Syria. "It had looked to many investors that world was headed for a trade war and an escalating risk of war in Syria," Marc Chandler, global head of currency strategy at Brown Brothers Harriman in New York, said in a note. "But now it seems less clear," he said. The prospect of Western military action in Syria hung over the Middle East but there was no clear sign a U.S.-led attack was imminent. Major stock markets around the world were set to post their biggest weekly gain in over a month. "We are looking at an overall benign global equity market backdrop," said Eric Viloria, currency strategist at Wells Fargo Securities in New York. "Those concerns have subsided for now, but they have not completely gone away," he said. The yen slipped even as S&P Global Ratings revised Japan's outlook to 'positive' from 'stable' on the view that a stronger economy set the stage for fiscal improvement. The greenback also edged higher against the Swiss franc. The Swiss and Japanese currencies are often sought in times of global tension partly because the countries have big current account surpluses. The dollar index, which measures the greenback against a basket of six major currencies, was little changed at 89.78. The Federal Reserve will probably need to raise interest rates at least three more times this year in the face of a robust U.S. economy, even while possible trade disruptions pose risks, Boston Fed President Eric Rosengren said. The preliminary April reading of consumer sentiment from the University of Michigan fell to a reading of 97.8, down from 101.4 in March. Consensus forecast was for a reading of 100.5. "Although it fell in April, the University of Michigan consumer confidence index remains at a high level by past standards and suggests that the slowdown in spending growth at the start of this year will prove to be a blip," Andrew Hunter, an economist at Capital Economics, said in a note. Sterling rose to a 10-week high against the dollar and pulled itself out of a six-month trading range against the euro, prompting investors to unwind long euro positions. The Canadian dollar edged lower against its U.S. counterpart but was on track to advance more than 1 percent for the week as stocks rose and the United States weighed the prospect of rejoining the Trans Pacific Partnership (TPP) trade pact. More»
Amwal Al Ghad English - 2018-04-12 07:08:04
Gold prices eased off multi-week highs on Thursday as minutes from the Federal Reserve's last policy meeting raised expectations for a faster pace of U.S. rate hikes.Spot gold was down 0.1 percent at $1,351.48 an ounce as of 0111 GMT and U.S. gold futures fell 0.4 percent to $1,355 an ounce. Gold on Wednesday rose to $1,365.23 per ounce, its highest since Jan. 25, buoyed by escalating tensions in Syria, U.S. sanctions on Russia and the U.S.-China trade spat. U.S. President Donald Trump warned Russia on Wednesday of imminent military action in Syria over a suspected poison gas attack, declaring that missiles "will be coming" and lambasting Moscow for standing by Syrian President Bashar al-Assad.Palladium has surged 6 percent this week on the back of concerns that supply from number one producer Russia could be hurt by sanctions imposed by the United States. All of the Federal Reserve's policymakers felt that the U.S. economy would firm further and that inflation would rise in the coming months, minutes of the central bank's last policy meeting on March 20-21 released on Wednesday showed. The U.S. Federal Reserve is worried about trade tensions with China, but newly released details on policymakers' views suggest those concerns have not translated into concerns about the overall economy. U.S. consumer prices fell for the first time in 10 months in March, weighed down by a decline in the cost of gasoline, but underlying inflation continued to firm amid rising prices for healthcare and rental accommodation. The International Monetary Fund is optimistic on the outlook for global growth but warned darker clouds are looming due to fading fiscal stimulus and rising interest rates. South African miner Gold Fields will complete preparatory work in 2019 at its Salares Norte project in northern Chile and is eyeing potential output of around 345,000 ounces of gold a year at the site by the early 2020s, a company executive said. Mongolia's anti-graft agency has arrested two former prime ministers as part of an investigation into suspected misuse of power by officials during two rounds of negotiations involving a big copper-gold mine, it said on Wednesday. More»
Amwal Al Ghad English - 2018-04-12 07:04:21
The dollar edged up against the yen on Thursday, but its gains were tepid as concerns over possible Western military action against Syria lent support to the safe-haven Japanese currency. The geopolitical tensions shifted some focus away from the U.S.-China trade standoff, with the dollar inching up 0.1 percent to 106.91 yen after losing 0.4 percent on Wednesday. The yen often draws demand in times of market turmoil and political tensions. The dollar had risen to 107.400 yen on Tuesday after comments from Chinese President Xi Jinping calmed fears over a U.S.-China trade war, which had gripped global financial markets over the past few weeks. The dollar has since lost momentum against the yen, however, as focus has shifted to the possibility of wider military conflict in the Middle East. Tensions increased after U.S. President Donald Trump warned Russia on Wednesday of imminent military action in Syria over a suspected poison gas attack, declaring that missiles "will be coming" and lambasting Moscow for standing by Syrian President Bashar al-Assad. "The yen has gained against the dollar on geopolitical concerns. The dollar has weakened against other currencies as well, but other factors are more at play, such as higher commodity prices and ECB monetary policy expectations," said Masafumi Yamamoto, chief forex strategist at Mizuho Securities in Tokyo, referring to moves seen since Wednesday. "As for the Syrian tensions, divisions are seemingly being drawn along Cold War era lines with the United States, Britain and France on one side and Russia on the other, suggesting any standoff could be prolonged," Yamamoto said. The euro eased 0.1 percent to $1.2361, stabilizing after its gains over the past several sessions. The euro has risen 0.7 percent so far this week, as comments from European Central Bank officials reinforced views that the central bank is on track to normalize monetary policy. Commodity-linked currencies were also supported against the dollar with crude oil prices near their highest since late 2014 due to the Syria tensions. The Canadian dollar reached a seven-week high of C$1.2545 per dollar on Wednesday and last traded at C$1.2589. The Australian dollar eased 0.1 percent to $0.7750 after touching $0.7773 on Wednesday, the highest since March 22. With attention on Syria, the U.S. dollar did not garner much support from the Federal Reserve's meeting minutes released on Wednesday showing all policymakers felt the U.S. economy would gain more momentum and inflation would accelerate in the coming months. The dollar index against a basket of six major currencies held steady at 89.536 <.DXY>, after having dipped on Wednesday to a two-week trough of 89.355. The Hong Kong dollar struck a new 33-year low of 7.8500 per dollar on Thursday, hitting the weakest end of the monetary authority's targeted trading band, as the interest rate gap between U.S. dollar and Hong Kong dollar widened further. Despite hitting the 7.85 level, the Hong Kong Monetary Authority, the city's de facto central bank, has not intervened in the market. An HKMA spokeswoman said that as long as banks were still willing to buy the Hong Kong dollar at the 7.85 level in the interbank market, the HKMA might not need to enter immediately to support the Hong Kong dollar. More»
Amwal Al Ghad English - 2018-04-11 06:22:31
Gold prices rose early on Wednesday as the dollar index hovered near two-week lows, with markets awaiting key U.S. inflation data and minutes from the Federal Reserve's March meeting. Spot gold was on track for a fourth straight session of gains, up 0.2 percent at $1,341.26 an ounce as of 0114 GMT. Prices earlier rose to a one-week high of $1,342.64 an ounce. U.S. gold futures were unchanged at $1,346 an ounce. The dollar index, which measures the greenback against six other major currencies, was steady at 89.567, not far from a two-week low of 89.544 hit on Tuesday. Chinese President Xi Jinping promised on Tuesday to open the country's economy further and lower import tariffs on products like cars, in a speech seen as an attempt to defuse an escalating trade dispute with the United States. U.S. President Donald Trump welcomed Xi's promise to open China's economy further, expressing confidence the world's two largest economies would come through an ongoing trade spat and "make great progress together." U.S. producer prices increased more than expected in March, boosted by rising healthcare and food costs, pointing to a steady buildup of inflation pressures. The U.S. economy likely expanded at a 2.0 percent annualized rate in the first quarter in the wake of the March payrolls data released on Friday, the Atlanta Federal Reserve's GDPNow forecast model showed on Tuesday. The Bank of England should not delay raising interest rates again, one of its top policymakers, Ian McCafferty said, pointing to the possibility of faster pay rises and the recent strong pick-up in the world economy. The European Central Bank could stagger the process of raising euro zone interest rates by first lifting its sub-zero deposit rate back toward positive territory, one of its longest-standing policymakers, Ewald Nowotny, said on Tuesday. Kin Mining decided to curtail construction works on the Leonora gold project pending a full review of capital cost and schedule for completion, the company said on Wednesday. More»
Amwal Al Ghad English - 2018-04-11 06:19:55
Oil prices edged higher on Wednesday, adding to steep gains in the previous session, as markets eyed an escalation of Middle East tensions after Europe's air traffic control agency warned of possible air strikes on Syria in the next 72 hours. Brent crude futures rose to $71.09 per barrel at 0104 GMT, up 7 cents from their last close. Brent surged more than 3 percent on Tuesday to hit its highest level since late 2014, at $71.34 a barrel. U.S. WTI crude futures were at $65.63 a barrel, up 12 from their last settlement. The United States and its allies are considering a strike against Syrian President Bashar al-Assad's forces following a suspected poison gas attack last weekend. Pan-European air traffic control agency Eurocontrol said air-to-ground and/or cruise missiles could be used within the next 72 hours, warning that there was a possibility of intermittent disruption of radio navigation equipment. Although Syria itself is not a significant oil producer itself, the wider Middle East is the world's most important crude exporter and tension in the region tends to put oil markets on edge. Oil markets were also supported by easing concerns over a prolonged trade spat between the United States and China after China's President Xi Jinping on Tuesday gave a speech with a conciliatory tone. "The relaxation of tensions between the U.S. and China (is) allowing oil traders to exercise their worries over geopolitics," said Greg McKenna, chief market strategist at futures brokerage AxiTrader. Not all oil market indicators pointed to ongoing price rises, however.U.S. crude inventories rose by 1.8 million barrels in the week to April 6 to 429.1 million, according to a report by the American Petroleum Institute on Tuesday, compared with analysts' expectations for a decrease of 189,000 barrels. And the U.S. Energy Information Administration said on Tuesday that it expects domestic crude oil production in 2019 to rise by more than previously expected, driven largely by growing U.S. shale output. In its monthly short-term energy outlook, the agency forecast that U.S. crude oil output will rise by 750,000 barrels per day to 11.44 million bpd next year. Last month, it expected a 570,000 bpd year-over-year increase to 11.27 million bpd. That will likely make the United states the world's biggest oil producer by 2019, surpassing Russia which currently pumps out almost 11 million bpd. More»
Amwal Al Ghad English - 2018-04-11 06:17:28
The dollar traded near a two-week low against a basket of currencies on Wednesday after Chinese President Xi Jinping's promise to cut import tariffs eased concerns about a U.S.-China trade conflict. The dollar's index versus a basket of six major peers last stood at 89.588, trading within sight of a low of 89.544 set on Tuesday, its lowest level since March 28. Chinese President Xi Jinping promised on Tuesday to open the country's economy further and lower import tariffs on products like cars, in a speech seen as an attempt to defuse an escalating trade dispute with the United States. Global equities rallied and oil prices surged more than 3 percent on Tuesday as Xi's comments allayed fears about the risk of a trade war between the world's two largest economies that could harm global growth. The improvement in risk sentiment gave a boost to commodities-linked currencies and emerging market currencies and weighed on the U.S. dollar as well as the Japanese yen. Against the yen, the dollar eased 0.1 percent to 107.12 yen, giving back some of the 0.4 percent gain the dollar had made versus the yen on Tuesday as the Japanese currency slipped broadly. The yen is a safe haven currency that tends to attract demand in times of economic uncertainty and vice versa. The dollar will probably stay below 108 yen in the near-term especially given simmering geopolitical tensions, said Stephen Innes, head of trading in Asia-Pacific for Oanda. "Even trade war rhetoric, I don't think we've seen the end of this," Innes said. Traders will probably prefer to take long positions in the yen, bracing for the possible next wave of risk version, he added. The dollar, however, could extend its gains if it manages to rise above 108 yen, Innes said, adding that some stop-loss dollar buying could emerge at such levels. Russia and the United States tangled on Tuesday at the United Nations over the use of chemical weapons in Syria as Washington and its allies considered whether to strike at President Bashar al-Assad's forces over a suspected poison gas attack last weekend. Later on Wednesday, the dollar could take its cues from U.S. consumer inflation data forMarch,as well as the minutes of the Federal Reserve's March meeting. The euro held steady at $1.2360, hovering near Tuesday's high of$1.2378, its strongest level since March 28. The common currency had gained a boost on Tuesday after European Central Bank policymaker Ewald Nowotny told Reuters in an interview that its 2.55-trillion euro ($3.15 trillion) bond buying programme would be wound down by the end of this year, which would then pave the way for the bank's first rate rise since a fumbled move in 2011. The euro gave up some gains against the dollar on Tuesday after an ECB spokesman said Nowotny's comments about the future path of ECB rates do not represent views of the bank's rate setting Governing Council. The Canadian dollar stood at C$1.2595 per U.S. dollar. On Tuesday it had set a seven-week high of C$1.2588, helped by higher oil prices and the easing concerns about the U.S.-China trade row. More»
Amwal Al Ghad English - 2018-04-10 06:42:42
Gold prices ticked up in early Asian trade on Tuesday as the dollar and Asian stocks slipped, while concerns about the prospect of an escalation in the China-U.S. trade spat and reports of a poison gas attack in Syria offered support as well. Spot gold rose for a third straight session and was 0.1 percent higher at $1,337.11 an ounce as of 0045 GMT. U.S. gold futures were steady at $1,340.60 an ounce. Asian shares sagged on Tuesday after U.S. equities ended far from their highs in the previous session and the dollar eased against its peers amid lingering trade conflict concerns.China stepped up its attacks on the Trump administration on Monday over billions of dollars worth of threatened tariffs, but U.S. President Donald Trump again voiced optimism the two sides would hammer out a trade deal. Investors will look for further signs of China's stance on trade relations when Chinese President Xi Jinping speaks at the Boao Forum economic conference on Tuesday. Trump on Monday promised quick, forceful action in response to a deadly suspected chemical weapons attack in Syria, appearing to suggest a potential military response. The United States plans to call for a U.N. Security Council vote on Tuesday on a proposal for a new inquiry into responsibility for use of chemical weapons in Syria after reports of a poison gas attack on a rebel-held town, diplomats said. Syria and its main ally Russia blamed Israel for carrying out an attack on a Syrian air base near Homs on Monday which followed reports of a poison gas attack by President Bashar al-Assad's forces on a rebel-held town. Russia's rouble suffered its biggest daily fall in over three years on Monday and stocks in major Russian companies also slid, as investors reacted to a new round of U.S. sanctions targeting some of Russia's biggest tycoons. Investor morale in the euro zone deteriorated for the third month in April, a survey showed on Monday, on concerns about a slowdown in global growth as trade tensions rise between the United States and China. India's gold imports in March halved from a year ago to 52.5 tonnes as a rally in local prices to 16-month high slashed demand in the world's second-biggest consumer of bullion, provisional data from precious metals consultancy GFMS and bank dealers showed. Turkey raised its gold holdings by 4.5 tonnes to 595.477 tonnes in March, International Monetary Fund data showed on Monday. Endeavour Silver said on Monday it produced 1,350,840 ounces of silver and 13,208 ounces of gold (2.3 million oz silver equivalents) in the first quarter of 2018.Newmont Mining said on Tuesday operations at Ahafo and Akyem have restarted, but the Ahafo Mill Expansion project and all surface civil construction work will remain suspended until the company and the authorities are satisfied of safe work resumption. More»
Amwal Al Ghad English - 2018-04-10 06:40:47
Oil prices dipped on Tuesday, easing after strong gains in the previous session when hopes that trade disputes between the United States and China could be resolved buoyed global markets. Despite a softening of trade concerns, oil markets still face an abundance of supplies that puts pressure on producers to keep their prices competitive in order not to lose market share. U.S. WTI crude futures were at $63.26 a barrel at 0031 GMT, down 16 cents, or 0.3 percent, from their previous settlement. Brent crude futures were at $68.52 per barrel, down 13 cents, or 0.2 percent. The dips came after a more than 2 percent rally on Monday during European and American trade hours. "Oil prices rose sharply (on Monday) as a weaker U.S.-dollar and easingconcerns about the trade war saw investor appetite return," ANZ bank said. "Reports that back-channel talks over the trade dispute between the U.S. and China are ongoing helped soothe investor angst," it added. Concerns of a prolonged trade dispute between the world's two biggest economies and uncertainty over the supply and demand balance of global oil markets have resulted in volatile yet range-bound recent trading. "Oil prices remain rangebound with WTI oil right in the middle of the $60-$65 per barrel range that has largely held since January of this year," said William O'Loughlin, investment analyst at Australia's Rivkin Securities. "U.S. oil inventories had been rising for the past couple of months but the data released last week showed an unexpected draw. This week's data may be crucial for determining the direction of WTI," he added. The American Petroleum Institute is due to publish oil storage data later on Tuesday while official data from the U.S. Energy Information Administration is due on Wednesday. Oil markets have generally been supported by healthy demand as well as supply restraint led by the Organization of the Petroleum Exporting Countries. However, soaring U.S. crude production, which has jumped by a quarter since mid-2016 to 10.46 million barrels per day (bpd), is threatening to undermine OPEC's efforts to tighten the market and prop up prices. The United States late last year overtook top exporter Saudi Arabia as the world's second biggest crude producer. Only Russia pumps more crude out of the ground, at almost 11 million bpd. In a sign that oil supplies remain ample, China's Sinopec, Asia's largest refiner, plans to cut Saudi crude imports in May by 40 percent, instead buying from alternative sources, after Saudi Aramco set higher-than-expected prices, a company official said on Monday. More»
Amwal Al Ghad English - 2018-04-10 06:38:19
The dollar prices bounced against the yen on Tuesday, with broader risk appetite improving after a speech by Chinese President Xi Jinping promising to cut import tariffs eased concerns about a trade conflict between the world's two largest economies. Speaking at a Boao Forum for Asia in Hainan province, Xi pledged to open the country's economy further and lower import tariffs on products including cars. Trade conflict worries ebbed after Xi was seen to have refrained from upping the ante between Washington and Beijing in his first public reaction to the tariff standoff on Tuesday. Xi also said China's reform and opening up will definitely succeed and that a Cold War mentality, zero-sum thinking, and isolationism would hit walls. The dollar was up 0.3 percent at 107.130 yen after going as high as 107.245. The greenback had fallen in the two previous sessions as rhetoric from Chinese and U.S. policymakers had kept markets wary. The Australian dollar, sensitive to shifts in risk sentiment, was up 0.5 percent at $0.7737. "Trade war woes have been either getting bigger or smaller every day for a while now. Today they just happened to get smaller and dollar/yen is rising in a text book manner," said Daisuke Karakama, chief market economist at Mizuho Bank. "But we have to keep in mind that Trump's protectionist, anti-globalization stance won't change overnight. His aim is to win the 2020 elections and the markets are likely to be revisited by volatility soon." For now, equity markets in Asia have rallied following Xi's speech, reducing demand for the yen, which is often sought in times of market turmoil and political tensions. The euro rose to 132.035 yen, its highest since March 14. Losses in the Japanese currency were limited from tensions stemming from other perceived risks, notably Syria. Geopolitical risks are weighing on the dollar against the yen amid concernsthat U.S.-Russia relations could worsen over the Syria issue, said Yukio Ishizuki, senior currency strategist at Daiwa Securities. U.S. President Trump on Monday promised quick, forceful action in response to a suspected chemical weapons attack in Syria, appearing to suggest a potential military response. Trump has castigated Russia for backing Syrian President Bashar al-Assad. The euro was steady at $1.2317 after rising about 0.35 percent the previous day, when it touched a six-day high of $1.2331. The common currency was lifted after European Central Bank President Mario Draghi said on Monday that the slide in stock markets this year has not materially impacted euro zone financial conditions, suggesting policymakers remain calm about the recent market volatility. The dollar index against a basket of six major currencies inched up 0.05 percent to 89.885 after shedding 0.3 percent on Monday. The Canadian dollar extended gains after rallying against the dollar overnight on higher oil prices and a business survey from the Bank of Canada that supported expectations for further interest rate hikes. The loonie reached C$1.2676 per dollar, its strongest since February 27. More»