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GMC GROUP FOR INDUSTRIAL COMME   1.29        Telecom Egypt   11.48        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        Modern Company For Water Proof   1.03        Egyptian Real Estate Group   6.85        Pioneers Holding   2.84        Ezz Steel   7.86        Orascom Telecom Holding (OT)   3.92        Rakta Paper Manufacturing   4.39        Egyptian Iron & Steel   6.87        Naeem Holding   0.19        Misr Chemical Industries   5.65        United Arab Shipping   0.43        Egyptians Housing Development    1.94        Universal For Paper and Packag   4.94        Northern Upper Egypt Developme   4.93        Canal Shipping Agencies   7.39        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        United Housing & Development   8.93        Raya Holding For Technology An   4.57        International Agricultural Pro   2.1        Gulf Canadian Real Estate Inve   18.08        Alexandria Pharmaceuticals   45.71        Arab Cotton Ginning   2.46        Egyptian Chemical Industries (   7.26        National Real Estate Bank for    11.84        National Development Bank   6.72        Six of October Development & I   15.03        Oriental Weavers   20.66        Arab Gathering Investment   16.29        Egyptians Abroad for Investmen   2.75        Palm Hills Development Company   1.61        Credit Agricole Egypt   9.04        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        Rowad Tourism (Al Rowad)   5.05        Union National Bank - Egypt "    3.25        Ceramic & Porcelain   2.88        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        Al Arafa Investment And Consul   0.17        Prime Holding   0.91        Alexandria Spinning & Weaving    0.74        General Company For Land Recla   16.6        Gharbia Islamic Housing Develo   8.41        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 - 2018-03-26 06:11:41
Oil prices reversed earlier gains on Monday as concerns of a looming trade dispute between the United States and China weighed on global markets. The possibility of a full-blown trade war between the United States and China battered Asian shares on Monday. The falls came after U.S. President Donald Trump last week signed a memorandum that could impose tariffs on up to $60 billion of imports from China. U.S. West Texas Intermediate (WTI) crude futures were at $65.51 a barrel at 0255 GMT, down 37 cents, or 0.6 percent, from their previous close. Brent crude futures were at $70.24 per barrel, down 21 cents, or 0.3 percent. Crude was also squeezed by a rise in the number of U.S. rigs drilling for oil to a three-year high of 804, implying further rises in production, which has already jumped by a quarter since mid-2016 to 10.4 million barrels per day (bpd). Earlier in the session, prices were lifted by statements from Saudi Arabia, the de-facto leader of the Organization of the Petroleum Exporting Countries (OPEC), that production cuts that have been in place since 2017 may be extended into 2019, as well as concerns that the United States may re-introduce sanctions against Iran. "President Donald Trump continues to suggest the U.S. will pull out from (the) Iran nuclear deal, which raises the spectre of bringing back sanctions on the country and severely limiting Tehran's ability to export crude oil," said Stephen Innes, head of trading for Asia/Pacific at futures brokerage OANDA in Singapore. Financial oil markets have long been dominated by Europe's Brent and America's WTI, despite Asia being the world's biggest and fastest growing oil consumer, has so far not had a benchmark. That possibly changed on Monday, as Asia saw the launch of Shanghai crude oil futures. Few analysts doubt that Asia is overdue a financial oil price benchmark, and that China with its vast consumer and production base is a prime location for it. "The government (in Beijing) seems determined to support it, and I hear a number of firms are being asked or pressured to trade on it, which could help," said Jeff Brown, President of energy consultancy FGE. Despite this, Brown said there were concerns over regulatory interference, as seen in other Chinese financial commodity markets, including iron ore and coal. "The fact that the government is encouraging the exchange and also is not shy about stepping in to occasionally change the rules may discourage international players," Brown said. That concern did not scare off global commodity trading giant Glencore, which according to Chinese brokerage Xinhu Futures carried out the first trade on the Shanghai crude oil futures. More»
Amwal Al Ghad English - 2018-03-26 06:08:41
Gold prices rose early Monday to a five-week high as the threat of a trade war between the United States and China drove investors to seek refuge in safe assets. Spot gold edged up 0.3 percent in early trade to hit $1,350.76 per ounce, its highest since Feb. 19, before easing back to be flat at $1,346.62 at 0113 GMT. Gold rose 2.6 percent last week, its biggest weekly gain since September 2017. U.S. gold futures for April delivery fell 0.2 percent to $1,346.70 per ounce. Fears of a full-blown trade war between the U.S. and China battered Asian shares again on Monday, keeping the safe haven yen near a 16-month peak. Against a basket of currencies, the dollar index was flat at 89.432. The U.S. has violated international trade rules with an inquiry into intellectual property and China is ready to defend its interests, Vice Premier Liu He told U.S. Treasury Secretary Steven Mnuchin, state media said on Saturday. Federal Reserve officials on Friday said they want to see more details about new tariff policies before deciding whether any policy response is warranted, holding to their view that more interest rate hikes are needed. European Union leaders called on U.S. President Donald Trump on Friday to make permanent an EU exemption from U.S. metal import duties, saying they reserved the right to respond "in a proportionate manner" to protect the bloc's interests. Trump's choice of John Bolton as national security adviser provoked strong reactions worldwide on Friday - and few stronger than in the bitterly-divided Middle East. A senior Iranian official said on Sunday it was "shameful" that Trump had named Bolton as national security adviser because of his ties with rebels whom Iran sees as "terrorists", the state news agency IRNA reported. Gold speculators cut their net long position by 23,822 contracts to 121,838 contracts, U.S. Commodity Futures Trading Commission data showed. Physical gold demand in Asian hot spots slouched this week as higher global prices made buyers hold off on purchases and as discounts in India widened to their highest in 6-1/2 months. Democratic Republic of Congo's mines minister rejected a proposal by mining companies on Friday to soften some provisions in a new mining code in exchange for higher royalties. More»
Amwal Al Ghad English - 2018-03-24 07:06:02
Gold prices surged to a one-month high on Friday as the threat of a global trade war sent investors scrambling for safe assets. Spot gold was up 1.38 percent at $1,346.90 an ounce by 4:15 p.m. EST, having hit its highest since Feb. 20 at $1,343.06. U.S. gold futures for April delivery settled up $22.50, or 1.7 percent, at $1,349.90 per ounce. U.S. President Donald Trump signed a memorandum on Thursday that could impose tariffs on up to $60 billion of imports from China, prompting Beijing to urge the United States to "pull back from the brink." The tariffs have a 30-day consultation period, leaving room for compromise, but investors fear a trade war between the world's two largest economies could develop with potentially dire consequences for global growth. Global markets were further rattled by Trump's appointment of John Bolton as National Security Advisor. Bolton has previously advocated using military force against North Korea and Iran. World stock markets, the U.S. dollar and U.S. bond yields all fell. "Risk aversion is currently the name of the game in financial markets," said Peter Fertig, analyst at Quantitative Commodity Research. "Markets are looking for safe havens." Gold is traditionally seen as a safe place to park assets in times of uncertainty. Dollar-denominated bullion is also helped by a weaker U.S. currency and by lower bond yields, which make non-yielding gold more attractive. Gold prices had risen strongly this week after the U.S. Federal Reserve gave guidance on the pace of interest rate rises that was less aggressive than some investors had expected. Higher interest rates push up bond yields and tend to strengthen the dollar, so a slower pace of increases to interest rates is good for gold prices. Gold was up 2.1 percent on the week, the biggest weekly gain in five weeks, and not far from a 1-1/2-year high of $1,366.07 touched in January. In other precious metals, silver was up 1.56 percent at $16.615 an ounce, up 1.3 percent this week. Platinum gained 1.3 percent to $951.74 an ounce and was set for a weekly gain of 1 percent. Platinum's discount to gold on Friday hit its highest since Reuters data began in 1985. Platinum was $387 an ounce cheaper than gold, having traded at an average premium of $151 an ounce over the past 30 years. Palladium firmed by 0.56 percent to $985.50 an ounce. More»
Amwal Al Ghad English - 2018-03-24 07:04:08
Oil prices rose on Friday after the Saudi energy minister said OPEC would need to keep coordinating supply cuts with non-member countries including Russia into 2019. Oil's rise defied a slump in global stock markets, which fell in response to worries about a trade stand-off between the United States and China. Gold, seen as a safe haven, hit a two-week high. Brent crude futures were at $70.4+ per barrel, up $1.55. U.S. West Texas Intermediate (WTI) crude futures settled at $65.88 a barrel, up 2.5 percent. Both Brent and WTI rose more than 5 percent for the week. The weekly oil rig count rose by 4 to 804 in total, up 152 rigs from a year ago, Baker Hughes reported. Since January 2017, the Organization of the Petroleum Exporting Countries as well as a group of non-OPEC countries led by Russia, have curbed output by 1.8 million barrels per day to counteract surging U.S. output. Saudi Energy Minister Khalid al-Falih said OPEC members would need to continue coordinating with Russia and other non-OPEC oil-producing countries on supply curbs in 2019 to reduce global oil inventories. OPEC officials have also said producers could look at a longer period than five years for developed-country oil stocks averages as a reference point. "As the Saudi guessing game for the new rebalancing target begins, Brent seems well positioned to have another crack at the $70 (a barrel) level," PVM said in a note. Although analysts said the stand-off between the United States and China could hit oil markets, for now most said demand looked healthy. "Geopolitical tensions are coming to the front. But global balances are relatively tight at the moment. That's enough to amplify relatively small factors," said Andrew Wilson, head of energy research at BRS Brokers. Morgan Stanley also cited an expected pick-up in seasonal demand in the coming months. "We are only three-four weeks away from peak refinery maintenance, after which crude and product demand should accelerate ... Global inventories are already at the bottom end of the five-year range," the U.S. bank said. "There are sufficient reasons to expect oil prices to strengthen further from here, and we stick with our (Brent) $75 per barrel call for Q3," Morgan Stanley said. Goldman Sachs said in a note this week demand and OPEC cuts pushed their Brent spot price expectations to $82.50 a barrel by mid-year. More»
Amwal Al Ghad English - 2018-03-22 06:22:40
Gold prices edged higher on Thursday, adding to gains in the previous session on the back of a weaker dollar after the U.S. Federal Reserve disappointed investors expecting more hawkish comments on interest rate rises. Spot gold rose 0.1 percent to $1,333.41 per ounce at 0030 GMT. Prices rose 1.6 percent in the previous session, the biggest one day percentage gain since May 17, 2017. U.S. gold futures for April delivery rose 0.9 percent to $1,333.70 per ounce. Against a basket of currencies, the dollar index was down 0.3 percent at 89.524 after falling as much as 0.7 percent overnight. The Fed raised interest rates on Wednesday and forecast at least two more hikes for 2018, highlighting its growing confidence that tax cuts and government spending will boost the economy and inflation and spur more aggressive future tightening. The Trump administration's punchbowl of tax cuts and government spending may leave the U.S. economy with a stinging hangover in two years, according to fresh Fed forecasts that show monetary policy moving into "restrictive" territory for the first time in more than a decade.Britain's central bank is likely to keep on course on Thursday for an interest rate rise in May which would take borrowing costs above their emergency levels for the first time since the financial crisis more than a decade ago. President Donald Trump will announce tariffs on Chinese imports on Thursday, a White House official said, in a move aimed at curbing theft of U.S. technology that is likely to trigger retaliation from Beijing and stoke fears of a global trade war. China will actively take steps to safeguard its interests as well as those of its industries, Vice Commerce Minister Wang Shouwen said, in light of what he described as acts of trade protectionism by the United States. EU leaders will consider on Thursday how best to enter trade dialogue with Trump, whose planned tariffs on steel and aluminium have threatened to trigger a trade war. U.S. home sales rebounded strongly in February, boosted by hefty gains in the South and West regions, but a chronic shortage of houses on the market remains an obstacle heading into the spring selling season.A digital revolution is reshaping India's $34 billion gold market, with smartphones, e-wallets and flexible investment schemes drawing new buyers into a business dominated by traditional, face-to-face transactions. More»
Amwal Al Ghad English - 2018-03-22 06:19:23
Oil prices were firm on Thursday, buoyed by a surprise decline in U.S. crude inventories as well as ongoing supply cuts led by OPEC, although a relentless rise in U.S. oil output threatens to undermine efforts to tighten the market. U.S. West Texas Intermediate (WTI) crude futures were at $65.20 a barrel, at 0408 GMT, up 3 cents from their previous settlement. Brent crude futures were at $69.44 per barrel, down 3 cents from their last close. Both benchmarks are hovering just below their highest since early February, having risen around 10 percent from March lows. Some support for crude futures came from currency markets, where the dollar fell as Federal Reserve officials stuck to their view of three rate increases for 2018, even as they delivered an expected quarter point rate hike. In oil markets, U.S. crude inventories fell 2.6 million barrels in the week ended March 16 to 428.31 million barrels, the Energy Information Administration (EIA) said late on Wednesday."Oil... had a big session overnight although this wasn't just a function of the interest rate move. Inventory data for last week showed a surprise crude draw as well as significant drawdowns in both gasoline and distillates inventories," said William O'Loughlin, investment analyst at Australia's Rivkin Securities. Dutch bank ING said the drawdown in U.S. crude inventories was down to a fall in imports by around 500,000 barrels per day (bpd) to an average 7.08 million bpd last week, and a rise in exports by 86,000 bpd to an average 1.57 million bpd. Also, refinery utilization rates rose above 90 percent for the first time since early February. Further supporting oil prices has been supply restraint led by the Organisation of the Petroleum Exporting Countries (OPEC) and Russia, which started in 2017 and is scheduled to go on for the rest of 2018. OPEC said on Wednesday the cuts were close to having the desired effect of bringing down global inventories to five year averages, although it gave little detail. U.S. bank Goldman Sachs said OPEC was "likely to overshoot on the inventory rebalancing", and as a result, it saw Brent reaching $82.50 per barrel by mid-year." The overall bullish mood is being somewhat tempered by U.S. crude production, which climbed to a fresh record of 10.4 million barrels per day (bpd) last week, putting the United States ahead of top exporter Saudi Arabia and within reach of Russia's 11 million bpd. More»
Amwal Al Ghad English - 2018-03-22 06:15:37
The dollar prices struggled against its peers on Thursday after the Federal Reserve indicated it was more likely to raise interest rate three times in 2018 instead of the four that some currency bulls had hoped for. The Fed raised rates by 25 basis points to 1.75 percent on Wednesday and signaled two more hikes for 2018, highlighting its growing confidence that tax cuts and government spending will boost the economy and inflation and spur more aggressive future tightening. The U.S. central bank also projected three hikes in 2019. The greenback slipped, however, with investors who had bet on the Fed signalling four rate increases in 2018 instead of the widely anticipated three seen to have taken profits after the announcement. The dollar index against a basket of six major currencies was 0.3 percent lower at 89.528, after dropping as much as 0.7 percent overnight. "The Fed hiking rates three times, and even four times, this year won't be too big of a surprise for the currency market, which fully expects the Fed to continue normalising policy," said Shin Kadota, senior strategist at Barclays in Tokyo."On the other hand, there is still room for the market to price in other central banks normalising policy. The dollar needs a big surprise to be jolted higher, something the Fed meeting did not provide," Kadota said. The Bank of England's meeting later on Thursday is now in focus, with market participants keeping a close eye on the central bank's policy views after robust British wage data cemented expectations that the central bank will raise rates as early as May. The pound extended its overnight rally and rose to a near seven-week high of $1.4171. "Brexit negotiations have moved forward and this is expected to provide the BoE with a lift towards raising rates," said Takahiro Otsuka, market economist at Mitsubishi UFJ Morgan Stanley Securities. "Today's policy meeting will provide an opportunity to see if the BoE is prepared to tighten as early as May," The European Union on Monday said it had agreed to grant London a status-quo transition after it exits the bloc next year, until the end of 2020. The dollar was down 0.3 percent at 105.700 yen after slipping about 0.5 percent the previous day. The euro added 0.2 percent to $1.2363 following a gain of 0.8 percent overnight. The Australian dollar, which rallied more than 1 percent overnight against a flagging greenback, was down 0.3 percent at $0.7744. More»
Amwal Al Ghad English - 2018-03-21 07:06:08
Oil prices rose on Wednesday, supported by tensions in the Middle East and healthy global demand , although rising U.S. output from the United States continued to weigh on markets. U.S. West Texas Intermediate (WTI) crude futures were at $63.82 a barrel at 0027 GMT, up 28 cents, or 0.4 percent, from their previous close. Brent crude futures were at $67.66 per barrel, up 24 cents, or 0.4 percent. Saudi Arabia's Crown Prince Mohammed bin Salman arrived in to Washington for a state visit, raising market speculation the United States could reimpose sanctions on Iran, following rewnewed criticism of the 2015 nuclear deal. "The presence of the Saudi Crown Prince MBS in Washington and his clear agenda to ramp up pressure on Iran, has for me, been the key driver... of oil, which rose strongly," said Greg McKenna, chief market strategist at futures brokerage AxiTrader. Energy consultancy FGE said it was likely that the United States would reimpose sanctions on Iran soon, resulting in a 250,000 to 500,000 barrels per day (bpd) drop in its exports by year-end.Analysts also pointed to healthy economic growth and a weak dollar as oil price drivers. In a sign of healthy demand, U.S. crude stocks fell by 2.7 million barrels in the week ended March 16 to 425.3 million, as refineries boosted output, the American Petroleum Institute said on Tuesday. "The global economy is humming, and robust demand solidly underpins commodity prices. The soft dollar and a bullish market mood have been equally supportive elements," said Norbert Ruecker, head of macro and commodity Research at Swiss bank Julius Baer. A weaker greenback makes imports of dollar-denominated crude cheaper for countries using other currencies at home, potentially spurring demand. Despite this, he said seasonally low demand at the end of the northern hemisphere winter season meant he had "a rather cautious near-term outlook on commodities." Looming over oil markets has been surging U.S. crude oil production, which has risen by more than a fifth since mid-2016, to 10.38 million barrels per day (bpd), pushing it past top exporter Saudi Arabia and within reach of Russia's 11 million bpd. Analysts say U.S. producers are not yet at their limits. Some say U.S. producers are holding back expansion in order to prevent another price crash, as seen between 2014 and 2016. "The larger players are holding back capital expenditures in an attempt to avoid past mistakes... Despite a substantial growth in the U.S. production, there is no effort to produce to the max with no regard to the market," said energy consultancy FGE in a note. More»
Amwal Al Ghad English - 2018-03-21 07:03:00
The dollar held firm against major currencies on Wednesday as traders look to whether the U.S. Federal Reserve will indicate faster monetary tightening this year, with the first rate increase of 2018 almost unanimously expected later in the day. The dollar index stood at 90.39, after having risen to 90.446 on Tuesday, its highest in almost three weeks. Still, broadly speaking, the index has been in a holding pattern between 90.934 and 89.399 so far this month.One key focus for the policy-setting Federal Open Market Committee (FOMC) is whether policy makers will forecast four rate hikes this year, instead of the median three hikes seen in December's quarterly forecast. Followed by the announcement at 2 p.m. (1800GMT), the new Fed Chair Jerome Powell will hold his first news conference as Fed chief at 2:30 p.m. (1830GMT) "Markets have taken a very hawkish turn with respect to the FOMC in recent days. One big tell is that 2-year yields and expected rates in fed funds futures markets went up yesterday despite the absence of economic data and a seriously downbeat equity market," wrote Steven Englander, head of research at Rafiki Capital Management. The two-year yield jumped to 9 1/2-year high of 2.349 percent on Tuesday. As the U.S. currency firmed, the euro traded at $1.2247, having fallen 0.78 percent on Tuesday and hitting a near three-week low of $1.2240. The Swiss franc also hit a two-month low of 0.9570 franc to the dollar. Against the yen, the dollar stood at 106.53 yen, after Tuesday's gains of 0.41 percent, though trading was slow due to a public holiday in Tokyo. The British pound was off Monday's one-month peak after UK inflation slowed more than forecast in February, the first of several sets of data in a week when the Bank of England is expected to signal interest rates will rise as early as May. The pound traded at $1.4000, having slipped 0.18 percent on Tuesday and off further from Monday's high of $1.4088. The Hong Kong dollar hit a 33-year low of 7.8452 per dollar early on Wednesday morning, inching closer to the lower end of the monetary authority's targeted trading band, as the interest rate gap between the U.S. and Hong Kong benchmarks widened further. The Australian dollar hit a three-month low of $0.7679 on Tuesday and last stood at $0.7686, having fallen 2.4 percent in the past week. "Having spent most of this month quietly strengthening (thanks in part to the promise that Australia would be spared U.S. steel and aluminium tariffs) the last three days has seen the AUD come under pressure as investors have considered Australia's exposure to Asian markets in general and China in particular," said Simon Derrick, chief currency strategist at BNY Mellon in London. Given the Aussie looks set to lose its relative yield appeal versus the dollar, the currency looks vulnerable to further deterioration in the sentiment towards China, he added. More»
Amwal Al Ghad English - 2018-03-20 06:41:41
Oil prices edged up on Tuesday, lifted by tensions in the Middle East, although rising output in the United States and shaky stock markets put a lid on further gains. U.S. West Texas Intermediate (WTI) crude futures were at $62.31 a barrel at 0128 GMT, up 25 cents, or 0.4 percent, from their previous close. Brent crude futures were at $66.26 per barrel, up 21 cents, or 0.3 percent. Traders pointed to concerns in the Middle East, where the United States may reimpose sanctions on Iran, as well as tensions between Saudi Arabia and Iran. Worries about Venezuela's tumbling crude production also supported oil markets. The International Energy Agency said last week that Venezuela, where an economic crisis has cut oil production by almost half since early 2005 to well below 2 million bpd, was "clearly vulnerable to an accelerated decline", and that such a disruption could tip global markets into deficit. Falls on global share markets helped cap gains. Markets are under pressure from concerns over a possible trade war between the United States and other major economies, as well as from fears of stiffer regulation as Facebook came under fire following reports it allowed improper access to user data. Also looming over oil markets has been surging U.S. crude oil production, which has risen by more than a fifth since mid-2016, to 10.38 million barrels per day (bpd), pushing it past top exporter Saudi Arabia. Only Russia produces more, at around 11 million bpd, although U.S. output is expected to overtake Russia's later this year as well. Soaring U.S. output, as well as rising output in Canada and Brazil, is undermining efforts by the Middle East dominated Organization of the Petroleum Exporting Countries (OPEC) to curb supplies and bolster prices. Many analysts expect global oil markets to flip from slight undersupply in 2017 and early this year into oversupply later in 2018. More»