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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        Rakta Paper Manufacturing   4.39        Orascom Telecom Holding (OT)   3.92        Naeem Holding   0.19        Egyptian Iron & Steel   6.87        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        Misr Chemical Industries   5.65        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        Egyptian Chemical Industries (   7.26        National Real Estate Bank for    11.84        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        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        Union National Bank - Egypt "    3.25        Ceramic & Porcelain   2.88        Rowad Tourism (Al Rowad)   5.05        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        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 - 2017-11-30 06:48:05
Gold on Thursday held close to a one-week low hit in the previous session, pressured by upbeat U.S. growth data for the third quarter and Federal Reserve chair Janet Yellen's bullish view of the economy. A lack of clear drivers has kept gold between $1,265 and $1,300 an ounce throughout November, its narrowest monthly range in 12 years. Despite the volatility overnight, it was another subdued session across the precious complex today in Asia, with gold struggling above $1,285 an ounce consistently, MKS analyst Alex Thorndike said in a note. Spot gold was little changed at $1,283.95 an ounce at 0444 GMT. On Wednesday, it fell 0.8 percent to touch its lowest since November 22 at $1,281.90. Still, bullion is heading for its first monthly gain since August, having risen 1 percent for the month. U.S. gold futures were up 0.1 percent at $1,283.10. "We see gold prices remaining subdued over the next two months but after that it will start to rise," said Richard Xu, a fund manager at China's biggest gold exchange-traded fund, HuaAn Gold. "It would be flat for a few days because the economy is great and the financial markets are in sync with inflation." The U.S. economy has gathered steam this year and will warrant continued interest rate increases amid a strengthened global recovery, Yellen told Congressional leaders on Wednesday in her final scheduled testimony on Capitol Hill. Higher U.S. interest rates would keep pressure on gold prices as investors seek returns in assets other than non-interest bearing bullion. Data showed the U.S. economy grew faster than initially thought in the third quarter, notching its quickest pace in three years. Spot gold may break a support at $1,281 per ounce and fall more towards the next support at $1,277, according to Reuters technical analyst Wang Tao. "While we remain cautious on it (gold prices) over three months, we regard setbacks as opportunities to add exposure," UBS analysts said in a note. "In the past, early stages of monetary policy normalization hurt gold; but this time such adjustments resemble baby steps and likely will only be undertaken in sync with rising inflation," they said. In other markets, the dollar index, which gauges the greenback against a basket of six major rivals, held steady as investors kept an eye on the progress of the U.S. tax reform legislation that could see a likely decisive vote later this week. Silver fell to an eight-week low at $16.47 an ounce before recovering to $16.58.Palladium gained 0.7 percent at $1,020.75 an ounce, while platinum rose 0.6 percent at $942.49. In November, palladium has gained 4.1 percent, platinum is up 3.1 percent, while silver is down 0.7 percent. More»
Amwal Al Ghad English - 2017-11-30 06:43:53
Oil markets were cautious on Thursday ahead of an OPEC meeting in Vienna, with producers set to debate an extension of the supply-cut agreement that came into effect in January with the goal of tightening supplies and propping up prices. The Organisation of the Petroleum Exporting Countries (OPEC) will be meeting at its headquarters in the Austrian capital, along with ministers from other oil producing countries, most importantly Russia. OPEC is scheduled to hold an open session, including media, at 10 a.m. in Vienna on Thursday (0900 GMT), before going into a closed session at noon, according to a tentative program on OPEC's website. Non-OPEC ministers are set to join at 3 p.m., followed by a joint press conference after the meeting. Spot Brent crude oil futures, the international benchmark for oil prices, were at $62.74 a barrel at 0428 GMT, up 21 cents from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $57.41 a barrel, up 11 cents. Trading activity was low during Asian trading hours and ahead of the meeting. "Asia has unsurprisingly ... concluded that things are best left well alone until we hear from OPEC and non-OPEC later today," said Jeffrey Halley, analyst at futures brokerage OANDA. While there has not been an official statement, OPEC and Russia seem ready to prolong their oil supply cuts until the end of 2018. The cuts were put in place last January and are set to expire next March. An extension may include a review in June should healthy demand amid ongoing supply restraint overheat the market. "The current consensus is that members will agree on an extension to the production cuts but the duration of the extension is uncertain," said William O'Loughlin, investment analyst at Rivkin Securities. ANZ bank said "anything less than a nine-month extension to the current production agreement could see the recent sell-off accelerate." One of OPEC's biggest concerns is rising output in the United States, largely due to shale drillers, who are fast gaining market share - especially in Asia, the world's biggest consumer region - and are undermining the producer club's efforts to tighten the market. U.S. crude oil production hit a new record of 9.68 million barrels per day (bpd) last week, according to government data released on Wednesday. Rystad Energy, a consultancy, said it expects U.S. oil production to reach 9.9 million bpd in December. That would bring U.S. output close to levels of top producers Russia and Saudi Arabia. Despite this, U.S. crude inventories have fallen by more than 15 percent from their March record to 453.7 million barrels, below levels at this time in 2015 and 2016, although they remain above five-year averages. Traders said the fall in inventories was largely down to a two-week interruption of the Keystone pipeline bringing Canadian crude to the United States, and as American companies increasingly export excess crude. More»
Amwal Al Ghad English - 2017-11-29 07:02:01
Oil prices fell on Wednesday on doubts OPEC and Russia will agree on extending a crude production cut that the market has already priced in, and after a report of an unexpected rise in U.S. crude oil inventories. U.S. West Texas Intermediate (WTI) crude futures were at $57.67 a barrel at 0427 GMT, down 32 cents, or 0.6 percent below their last settlement. Traders said WTI was pulled lower by a report from the American Petroleum Institute (API) late on Tuesday that showed U.S. crude inventories rose by 1.8 million barrels in the week ended Nov. 24 to 457.3 million barrels. Official U.S. oil inventory data is due later on Wednesday. WTI was also weighed down by the gradual restart on Tuesday of the Keystone pipeline, which supplies Canadian crude to the United States. Brent crude futures, the international benchmark for oil prices,were at $63.14 a barrel, down 47 cents, or 0.7 percent. Oil prices have received a broad lift this year, with Brent up by 40 percent since mid-2017, due to an effort by the Organisation of the Petroleum Exporting Countries (OPEC) and a group of other producers, led by Russia, to withhold 1.8 million barrels per day (bpd) of output. The deal expires in March 2018, but OPEC will meet on Nov. 30 and is expected to discuss ways of extending the cut. "Market whispers suggest Saudi Arabia and Russia are not yet fully coordinated," said Stephen Innes, head of Asia-Pacific trading at futures brokerage OANDA. OPEC and Russia are expected to extend their supply cuts for the whole of 2018 but with an option to review the deal in June, OPEC sources said on Tuesday, after Moscow expressed concerns the market could overheat. Most analysts say an extension is needed to keep oil markets in balance, and also to keep the economies of oil exporting nations afloat. "It is in Russia's as well as OPEC's best interest to support oil prices given their economies' dependence on oil," said Shane Chanel, equities and derivatives adviser at ASR Wealth Advisers. Not all analysts agree. "Given the agreement doesn't expire for another four months, adding an additional nine months on that to the end of 2018 seems unnecessarily eager given the market does seem to be rebalancing," said Greg McKenna, chief market strategist at AxiTrader. A healthy global economy has also been helping oil markets back into balance after years of oversupply. U.S. bank Morgan Stanley said global economic growth was "likely to gain momentum and breadth in 2018". More»
Amwal Al Ghad English - 2017-11-29 06:55:57
The dollar gained against the yen on Wednesday, lifted by strong U.S. economic data while North Korea's latest missile launch had little immediate impact on currency markets though investors are focused on how the U.S. responds to the test. The greenback was 0.15 percent higher at 111.620 yen, adding to gains from the previous day when it rose 0.35 percent. "The dollar drew broad bids on strong consumer confidence data, Treasury yields holding firm and relief that the tax bill was passed by the Senate Budget Committee," said Shin Kadota, senior strategist at Barclays in Tokyo. Data on Tuesday showed U.S consumer confidence surged to a near 17-year high in November, driven by a robust labor market. U.S. Senate Republicans pushed forward President Donald Trump's tax cut bill on Tuesday that set up a full vote by the Senate as soon as Thursday, although some details of the measure remained unsettled. "As for the missile launch by North Korea, the market appears to have gotten used to such events. How the U.S. responds, however, still bears watching," Kadota at Barclays said. North Korea on Wednesday fired what appeared to be an intercontinental ballistic missile (ICBM) that landed close to Japan, officials said, Pyongyang's first test launch since mid-September. The euro nudged up 0.1 percent to $1.1852 after dropping more than 0.5 percent overnight, pulling back from a two-month high of $1.1961 scaled on Monday on robust German data. The dollar index against a basket of six major currencies was little changed at 93.220 following overnight gains of 0.4 percent. The pound was 0.2 percent higher at $1.3368 and in close reach of a near two-month high of $1.3388 set the previous day after The Daily Telegraph reported that Britain and the European Union had agreed on the Brexit divorce bill. The Australian dollar added 0.1 percent to $0.7604 and the New Zealand dollar stood little changed at $0.6899. More»
Amwal Al Ghad English - 2017-11-28 06:47:15
Gold prices edged lower on Tuesday but held not far off a six-week high hit in the previous session, as investors awaited a confirmation hearing for U.S. Federal Reserve chair nominee Jerome Powell and a possible Senate vote on U.S. tax reforms. Spot gold was down 0.1 percent at $1,293.00 an ounce at 0435 GMT. On Monday, the metal touched a high of $1,299.13 an ounce, its highest since October 16. U.S. gold futures dipped 0.1 percent at $1,293.10. In remarks prepared for his Tuesday hearing released by the Fed, Powell defended the central bank's use of broad crisis-fighting powers positioning himself as an extension of the central bank policies of current Chair Janet Yellen and her predecessor Ben Bernanke. "His (Powell's) decisions on rates are suggested to be almost indistinguishable from those of his predecessor, but I would not be surprised if in the next few months we see him taking a dovish path," ActivTrades chief analyst Carlo Alberto de Casa said. "I don't think he will push to raise rates too much, but will instead monitor U.S. inflation and the job market." Gold is highly sensitive to rising rates, which lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar, in which it is priced. The U.S. dollar was treading water on Tuesday with the near-term focus on any Senate vote on the U.S. tax plan later in the week. "It will keenly watched particularly the details of the cuts. There is a risk it could be slightly watered down than what was originally proposed by (President Donald) Trump," ANZ analyst Daniel Hynes said. Reports suggesting that North Korea may be preparing for another ballistic missile launch could spur some safe haven buying later in the day, analysts said. "I suppose it is probably the one thing which could instigate a rally through $1,300. Otherwise, it is going to be the U.S. dollar which drives trade for the moment," ANZ's Hynes said. Speculators cut their net long positions in COMEX gold and silver contracts in the week to Nov. 21, U.S. Commodity Futures Trading Commission (CFTC) data showed on Monday. Speculators cut their net long position in gold by 3,944 contracts to 177,066 contracts in the week. Spot gold may seek a support around $1,292 per ounce, and then resume its rally towards a resistance at $1,301, according to Reuters technical analyst Wang Tao. Meanwhile, silver was up 0.1 percent at $17.04 an ounce, platinum gained 0.1 percent at $948.10, while palladium was down 0.2 percent at $1,004.50. More»
Amwal Al Ghad English - 2017-11-28 06:43:25
Oil prices slipped in early Asian trade on Tuesday amid uncertainty over a possible extension of output cuts by major crude producers and expectations of higher supply as the Keystone pipeline restarts. U.S. West Texas Intermediate (WTI) futures were down 24 cents at $57.87 a barrel at 0117 GMT, after falling 1.4 percent in the previous session. U.S. crude touched $59.05 a barrel on Friday, the highest level since mid-2015, fuelled by the outage of the Keystone pipeline, one of Canada's main crude export routes to the United States. But TransCanada this week said it would restart the 590,000 barrel-per-day pipeline at reduced pressure later on Tuesday after getting approval from U.S. regulators. Brent futures fell to $63.73 a barrel, down 11 cents from the previous close. Uncertainty over Russia's determination to join with other major oil producers in extending crude production curbs beyond next March has weighed on oil markets. Members of the Organization of the Petroleum Exporting Countries (OPEC) and other key producers, including Russia, will meet on November 30 to discuss whether to continue with the cuts after they agreed last January to withhold 1.8 million bpd of output. Russia's economy was negatively affected in October by the ongoing curbs,which saw Moscow agree to cut output by 300,000 bpd, Economy Minister Maxim Oreshkin said on November 23. Goldman Sachs said the outcome of the meeting was "much more uncertain than usual", adding that the market faced downside risks. "We view risks to oil prices as skewed to downside this week as we believe current prices, timespreads and positioning already reflect a high probability of a nine-month extension," the bank said. Consultancy Wood Mackenzie said it looked as if producers had nearly concluded an agreement to extend cuts until the end of next year. "(But) if the production cut agreement ends in March 2018, our forecast shows there would be a projected 2.4 million bpd year-on-year increase in world oil supply for 2018," Ann-Louise Hittle, vice president, macro oils, said in a note on Monday. More»
Amwal Al Ghad English - 2017-11-28 06:39:51
Dollar prices held steady versus the yen on Tuesday and held above a two-month low, with the near-term focus on a possible Senate vote on a U.S. tax plan later in the week. Moves among major currencies were subdued, with market participants also waiting for a confirmation hearing on Tuesday for Federal Reserve chair nominee Jerome Powell, hoping for further clues on the outlook for the Fed's monetary policy. In remarks prepared for the hearing released by the Fed on Monday, Powell defended the U.S. central bank's use of broad crisis-fighting powers. Regarding the Fed's current monetary policy, Powell said in the prepared remarks: "We expect interest rates to rise somewhat further and the size of our balance sheet to gradually shrink". The dollar held steady at 111.14 yen. On Monday, the dollar had set a two-month low of 110.85 yen, as investors were spooked by Japanese media reports saying that North Korea may be preparing for another missile launch. Worries about potential delays in the implementation of U.S. tax cuts and the possibility of reform measures being weakened have weighed on the greenback in recent weeks. At the same time, the yen has been supported as risk sentiment has faltered, partly due to weakness in Chinese equities in recent trading sessions. "The China wobble is not helping global sentiment," said Stephen Innes, head of trading in Asia-Pacific for Oanda in Singapore. "China clamping down on...a lot of the shadow banking is a good thing for the long-term, but obviously, there's going to be a bit of a meltdown in the short term," Innes said. China's blue-chip CSI300 index touched a three-week low at one point on Tuesday, and was last down 0.7 percent. The index had tumbled nearly 3 percent last Thursday, its worst one-day loss in nearly 18 months. Concerns that North Korea may be preparing another ballistic missile launch were also keeping traders cautious. Since the low-yielding yen is often used as a funding currency for investment in riskier assets, it tends to be bought back when risk sentiment sours. As a result, the yen has continued to behave as a safe-haven currency during times of heightened concerns over North Korea-related tensions, despite Japan's geographical proximity to North Korea. The latest bout of yen strength could prove to be temporary, said Roy Teo, investment strategist for LGT Bank in Singapore. There hasn't been any strong increase in bias toward yen strength in the FX options market, judging from the relatively stable moves in one-month dollar/yen risk reversals over the past couple of weeks, Teo said. The dollar's index against a basket of currencies held steady at 92.882, having set a two-month low of 92.496 on Monday. The dollar has been hampered recently by uncertainty over the prospects for U.S. tax reform, including tax cuts. A U.S. Senate Republican tax bill strongly backed by President Donald Trump faced potential opposition on Monday from two Republican lawmakers who could prevent the sweeping legislation from reaching the Senate floor. Senators Ron Johnson and Bob Corker, both members of the Senate Budget Committee, said they could vote against the tax package at a Tuesday hearing that Republican leaders hoped would send the legislation to a full Senate vote as early as Thursday. The euro held steady at $1.1903, after scaling a two-month peak at $1.1961 on Monday. More»
Amwal Al Ghad English - 2017-11-27 06:27:36
Gold prices crept up on Monday as the dollar held close to a two-month low hit in the previous session, with investors noting the U.S. Federal Reserve's cautious view of inflation. Spot gold had risen 0.2 percent to $1,290 an ounce by 0420 GMT. U.S. gold futures for December delivery were up 0.2 percent at $1,289.90. "The inverse relationship between the dollar and gold prices is in effect (today)," said Mark To, head of research at Hong Kong's Wing Fung Financial Group. "But I don't think that kind of relationship is robust enough to wager larger bets ... While prices are moving up, movement will still be range-bound." The dollar index, which measures the greenback against a basket of six major currencies, was flat at 92.783 and hovered near a two-month low of 92.675 hit on Friday. A weaker greenback makes dollar-denominated gold cheaper for holders of other currencies. "Attention is apparently more focused on equity markets rather than precious metals as we begin the week," said Jeffrey Halley, a senior market analyst with OANDA. "Thus far we have yet to see any safe-haven premium creep into gold's price to reflect nervousness in equities and China bonds." Asian stocks gave back earlier modest gains and fell back from a decade-high on Monday, weighed down by weakness in the Chinese and South Korean markets. Investors will be looking to the Congressional hearing on Fed Chair nominee Jerome Powell on Tuesday. Last week, minutes of the Fed's previous meeting revealed that some policymakers had voiced concerns over inflation outlook and emphasized they would be looking at upcoming economic data before deciding the timing of future rate rises. Gold is highly sensitive to rising rates, which lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar, in which it is priced. Also on Tuesday, U.S. President Donald Trump will meet Senate Republicans to discuss their party's efforts to pass tax reform legislation. Meanwhile, the global gold mining industry will experience steady production growth, supported by rising prices and improving operational costs over the coming years, BMI Research said in a note. Spot gold is biased to drop to $1,283 per ounce, as it failed to break resistance at $1,296, according to Reuters technical analyst Wang Tao. Among other precious metals, silver rose 0.4 percent to $17.05 an ounce, while platinum shed 0.2 percent to $938.05 an ounce. Palladium was down 0.2 percent at $995.70 an ounce. More»
Amwal Al Ghad English - 2017-11-27 06:24:01
Euro prices hit a two-month high versus the dollar and held firm against other major currencies on Monday thanks to strong German business confidence and reduced anxiety about political instability in Europe's biggest economy. The euro fetched $1.1929, little changed from late U.S. levels last week after having hit a high of $1.1946, its highest level in two months. The common currency has gained 3.2 percent since it slumped to a 3-1/2-month low of $1.1553 earlier this month. Against the yen, the euro rose to 133.24 yen, its highest since Nov 16 while it also firmed on the British pound to 0.8978 pound, edging near this month's peak of 0.9014. The German business confidence index compiled by Ifo economic institute hit a record high in November, in another sign of strong growth in the euro zone's largest economy. The upbeat data was followed by positive developments on the political front after German Chancellor Angela Merkel - whose fourth term was plunged into doubt a week ago when three-way coalition talks with the pro-business Free Democrats (FDP) and Greens collapsed - was handed a political lifeline by the Social Democrats (SDP). That helped ease worries about political instability in the country as Leaders Merkel's conservative party agreed on Sunday to pursue a "grand coalition" with the SPD. In contrast, the dollar lacked momentum of its own as persistently low inflation is seen as undermining the case for the Federal Reserve's rate hikes. Market players are looking to the Congressional hearing on Fed Chair nominee Jerome Powell on Tuesday. President Donald Trump's tax reforms plan is also in focus. Trump is due to meet Senate Republicans on Tuesday to discuss the party's efforts to pass tax reform legislation. "First the Republicans have to agree on a plan between the Senate and the House of Representatives. Then that plan would need to be approved by the both chambers. That would need a considerable time and efforts," said Shin Kadota, senior strategist at Barclays. The dollar index stood flat at 92.816, near two-month low of 92.675 touched on Friday. Against the yen, the dollar traded at 111.60 yen, off Thursday's two-month low of 111.07. Sterling fetched $1.3325, holding near Friday's two-month peak of $1.3360. More»
Amwal Al Ghad English - 2017-11-27 06:21:04
U.S. oil prices dipped on Monday, easing from two-year highs on the prospect of increased U.S. output, although global markets were slightly better supported by expectations an OPEC-led supply cut will be extended. U.S. West Texas Intermediate (WTI) crude futures were at $58.68 a barrel at 0436 GMT, down 27 cents, or 0.5 percent, from their last settlement. Brent crude futures fell just 4 cents to $63.82 a barrel. U.S. crude production has risen by 15 percent since mid-2016 to 9.66 million barrels per day (bpd), not far from top producers Russia and Saudi Arabia, and increasing drilling activity for new production means output is expected to grow further, traders said. U.S. energy companies last week added oil rigs, with the monthly rig count rising for the first time since July, to 747 active rigs, as producers are attracted by climbing crude prices. WTI touched a 2015 high on Friday at $59.05 a barrel, partly driven higher by the closure of the 590,000 bpd Keystone pipeline connecting Canada's oil sand fields with the United States following a spill, which reduced stocks. In global markets, Brent crude oil futures were stronger than WTI due to an effort by the Organisation of the Petroleum Exporting Countries (OPEC) and a group of other producers, including Russia, to withhold 1.8 million bpd of output since January. The deal to cut output expires in March 2018, but OPEC will meet on Nov. 30to discuss its policy. "With the OPEC meeting occurring this week, oil traders are expecting an extension to the production cuts," said William O'Loughlin, analyst at Rivkin Securities. Russian Energy Minister Alexander Novak said on Friday that Russia would discuss the details of an extension on Nov. 30, but made no mention of how long this should last beyond its March expiry. The uncertainty of how committed Russia is to ongoing cuts, as well as rising production in the United States, mean crude prices are being prevented from rising much further, traders said. "There is plenty of room for disappointment... Should the outcome of the next OPEC meeting fall short of expectations, the large net-long speculative position on oil futures can unwind, sending prices lower and volatility higher," BNP Paribas warned. Analysts also noted technical chart indicators that implied crude oil futures were in for a downward correction. More»