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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        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        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        Egyptian Transport (EGYTRANS)   7.85        Sharkia National Food   3.78        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 - 2018-02-21 06:33:09
Oil prices fell on Wednesday, weighed down by a rebound in the U.S. dollar from three-year lows hit last week and an expected rise in U.S. oil production. U.S. West Texas Intermediate (WTI) crude futures were at $61.07 a barrel at 0446 GMT, down 72 cents, or 1.2 percent, from their last settlement. Brent crude futures fell 60 cents, or 0.9 percent, from their last close to $64.65 per barrel. Wang Tao, Reuters technical commodity analyst, said Brent could fall into a range of $63.92 to $64.41 per barrel, as suggested by its wave pattern and a projection analysis. Traders said the declines were driven by a recovery in the dollar, which potentially hits fuel demand as it makes greenback-denominated oil imports more expensive for countries using other currencies. The dollar index, which measures the greenback against a basket of six major currencies, rose for a second day on Wednesday, moving further away from the three-year lows reached last week."The U.S. dollar continues to find firmer footing," said Stephen Innes, head of trading for Asia-Pacific at futures brokerage OANDA in Singapore. Also pressuring prices is surging U.S. production, now the world's second-largest oil stream at more than 10 million barrels per day (bpd), only slightly behind Russia and ahead of top exporter Saudi Arabia. "Bulging U.S. production will weigh on prices," said Singapore-based Phillip Futures in a note on Wednesday. The next set of weekly U.S. oil production data is due to be published by the Energy Information Administration (EIA) on Thursday after a one-day delay because of the President's Day holiday on Monday. That data will also include U.S. inventory figures that are expected to show crude oil stockpiles rose 1.3 million barrels in the week to Feb. 16, according to a Reuters poll. Oil product stockpiles, including gasoline and distillate fuels, are all expected to decline. Despite the rising U.S. output, overall oil markets remain well supported due to healthy demand growth and supply restraint by the Organisation of the Petroleum Exporting Countries (OPEC) that started last year to draw down excess global inventories. "A roughly balanced market is anticipated in calendar year 2018, with the risks around that view tilted towards surplus," mining and energy giant BHP said in its economic and commodity outlook for the year, published this week. More»
Amwal Al Ghad English - 2018-02-21 06:30:31
Dollar prices inched higher on Wednesday as the near-term focus shifted to the minutes of the Federal Reserve's last policy meeting for hints on the future pace of U.S. monetary tightening. The dollar index rose 0.1 percent to 89.805, which was up about 1.8 percent from Friday's three-year low of 88.251. The greenback rose 0.3 percent to 107.70 yen. Market players said stop-loss dollar buying gave an added lift to the dollar, which rose to 107.90 yen at one point. Market participants attributed the dollar's bounce over the past few sessions to short-covering after speculative trades helped push it down to a 15-month low of 105.545 yen last week. "It's mainly a positioning clean-up in my view," said Tareck Horchani, head of sales trading in Asia Pacific for Saxo Markets in Singapore. The dollar will probably consolidate against the yen after its recent selloff, Horchani said. Some market players were recently buying dollar/yen put options to position for dollar weakness, and the market now appears "well covered" against downside risks in the U.S. currency, he said. The yen showed a muted reaction to comments from Masatsugu Asakawa, Japan's top currency diplomat, who was quoted as saying that yen's recent moves were "one-sided". The U.S. currency has weakened against the yen and other major currencies in recent months, with the positive impetus from rising U.S. interest rates offset by bearish factors, including worries that the United States could pursue a weaker dollar policy. Mounting worries about the U.S. budget deficit, which some say could balloon to more than $1 trillion in 2019 on heavy government spending and large corporate tax cuts, have also undermined the greenback. Against this backdrop, doubts for the sustainability of the dollar's bounce persist. "I would characterize the rebound this week as more of a technical rebound. The underlying bias is still for dollar weakness," said Heng Koon How, head of markets strategy for United Overseas Bank (UOB) in Singapore. The euro held steady at $1.2332, having retreated from a three-year high of $1.2556 set on Friday. Later on Wednesday, investors will turn their attention to the minutes of the U.S. Federal Reserve's last policy meeting in late January. A hawkish tone to the minutes could prompt markets to price in the risk of a faster U.S. interest rate hikes and help lift the dollar further, said Saxo Markets' Horchani. "Positioning in EM (emerging markets) is quite strong, it's quite big. We could get a bigger dollar rally against EM," Horchani said, referring to emerging market currencies. Traders are also watching this week's large U.S. government debt auctions for clues to international investors' appetite for U.S. assets. Some of the U.S. government's short-term borrowing costs rose to their highest level in more than nine years on Tuesday as it raised $179 billion in the Treasury securities market to fund spending and make debt payments. More»
Amwal Al Ghad English - 2018-02-20 07:06:39
Oil markets were split on Tuesday, with U.S. crude pushed up by reduced flows from Canada while international Brent prices eased. U.S. West Texas Intermediate (WTI) crude futures were at $62.38 a barrel at 0518 GMT, up 70 cents, or 1.1 percent, from their last settlement. Traders said the higher WTI prices were a result of reduced flows from Canada's Keystone pipeline, which has been operating below capacity since late last year due to a leak, cutting Canadian supplies into the United States. Outside North America, Brent crude eased on the back of a dip in Asian stocks and a stronger dollar, which potentially curbs demand as it makes fuel more expensive for countries using other currencies domestically.Brent crude futures were at $65.48 per barrel, down 19 cents, or 0.3 percent, from their last close. The opposing price direction of the two main crude benchmarks has sharply reduced WTI's discount to Brent, to around $3.22 per barrel on Tuesday, down from over $7 in late 2017. Overall, oil markets remain well supported due to supply restraint by the Organization of the Petroleum Exporting Countries (OPEC), which started last year in order to draw down excess global inventories. OPEC Secretary-General Mohammad Barkindo said on Monday the organisation registered 133 percent compliance with agreed output reduction targets in January. Barkindo said compliance last year stood at 107 percent. Global oil demand for 2018 is estimated to grow 1.6 million barrels per day due to an "encouraging environment", Barkindo added. "OPEC and Russia continue to support the production cuts that are due to expire at the end of this year, and they assure markets that there will be an orderly ramp up of production once the cuts expire," said William O'Loughlin, investment analyst at Australia's Rivkin Securities. While most of OPEC, especially its de-facto leader Saudi Arabia, is showing strong support for the production restraint, non-OPEC producer Russia has shown signs it may at some stage gradually start to increase output again. Saudi Arabia - not least in an attempt to give the planned listing of its state-owned oil giant Saudi Aramco - a boost, is keen for Russia and other producers to keep withholding supplies to prop up prices. But soaring U.S. production is threatening to erode OPEC's efforts. Last week, the amount of U.S. oil rigs drilling for new production rose for a fourth straight week to 798, in an indication that U.S. crude output, already at a record 10.27 million bpd, may rise further. The United States late last year became the world's second biggest oil producers, only slightly behind Russia and ahead of top exporter Saudi Arabia. More»
Amwal Al Ghad English - 2018-02-20 06:48:12
Gold prices fell for a third straight session on Tuesday as the dollar rebounded from over three year lows hit last week, while investors waited for the minutes of the latest Federal Reserve meeting for clues on the outlook for U.S. interest rates. Spot gold was down 0.4 percent at $1,341.20 an ounce at 0340 GMT. Earlier, it fell to as low as $1,340.16, the lowest since February 14. U.S. gold futures were down 1 percent at $1,342.90 per ounce, posting its biggest one-day fall in nearly two weeks. The dollar index, which measures the greenback against a basket of six currencies, was up 0.3 percent at 89.397. It fell to 88.253 last week, the lowest since December 2014. The U.S. currency showed signs of a bounce-back as some investors bought in after last week's declines, though the gains on Tuesday were capped by growing concerns that a rising fiscal deficit in the United States could disrupt the economy. The minutes of the January Fed meeting will provide key guidance for the dollar and gold, said Helen Lau, analyst at Argonaut Securities. "The key driver will be interest rate hikes ... How fast and how many times they can raise," Lau added. The U.S. Fed will release the minutes of its Jan. 30 to 31 policy meeting on Wednesday. The meeting was held during last month's drop in equity markets and investors are interested in the Fed's response to the market gyrations as well as the rate outlook. Higher U.S. interest rates would limit demand for non-interest bearing gold. Meanwhile, Asian stocks slipped on Tuesday, their recent recovery stalling after European equities broke a winning streak. Analysts said despite the rate hike outlook, investors will still be weary of rising inflation in the United States. Gold prices rose 2.4 percent last week in its best weekly gain in more than five months, as investors bought gold on fears of rising inflation in the United States. Spot gold is expected to test a support at $1,338 per ounce,with a good chance of breaking below this level and falling more to the next support at $1,326, according to Reuters technical analyst Wang Tao. Among other precious metals, silver was down 0.6 percent at $16.57 an ounce. Palladium was 0.4 percent lower at $1,028.65, after rising to the highest since February 2 at $1,050 in the previous session, while platinum was down 0.1 percent at $1,001.24, after rising to a three-week high on Monday at $1,013.60. More»
Amwal Al Ghad English - 2018-02-20 06:43:15
Dollar prices inched higher versus a basket of major currencies on Tuesday, clinging above a three-year low set last week, but its outlook was clouded by concerns that the ballooning U.S. fiscal deficit could disrupt the economy. The dollar's index versus six major peers stood at 89.347, about 1.2 percent above Friday's three-year low of 88.251. The dollar has been weakening in recent months, with the positive impetus from rising U.S. interest rates offset by a barrage of bearish factors. Initially, the view that other central banks will catch up with the Federal Reserve in tightening policy this year was cited as a reason for the dollar's underperformance. Then came comments from U.S. Treasury Secretary Steven Mnuchin, which stoked concerns the United States could pursue a weaker dollar policy as its trade deficit rose to highest level in almost a decade. Mounting worries about the U.S. budget deficit, which is projected to balloon to more than $1 trillion in 2019 amid a government spending splurge and large corporate tax cuts, have also undermined the greenback. "The dollar has been falling continuously, but with changing themes. At the moment, a projected increase in U.S. debt issuance, a reduction in Fed bond buying and bulging U.S. fiscal deficit are the main focus," said Daisuke Uno, chief strategist at Sumitomo Mitsui Bank. "That should mean U.S. long-term yields will remain high while the dollar will stay cheap," he said. Economists say U.S. President Donald Trump's tax cuts and spending plans could backfire by overheating an already strong economy and causing an unwanted pick-up in inflation. Against the yen, the dollar edged up 0.2 percent to 106.77 yen, having bounced back from a 15-month low of 105.545 set on Friday. Stephen Innes, head of trading in Asia-Pacific for Oanda in Singapore, said there seemed to be some short-covering in the dollar in the wake of its recent fall. "We've got a lot of Fed speakers...this week. I think that could be a reason why we're seeing some of the short dollar positions pared back," Innes said. He added, however, that the dollar could come under pressure if this week's U.S. government bond auctions were to show sluggish investor demand for U.S. debt.The euro eased 0.2 percent to $1.2387, backing down from Friday's three-year high of $1.2556. Euro zone finance ministers on Monday chose Spanish Economy Minister Luis de Guindos to succeed European Central Bank Vice President Vitor Constancio in May. The move is likely to boost the chances of German Bundesbank Governor Jens Weidmann becoming head of the ECB next year to succeed Mario Draghi in 2019, possibly giving the ECB's policy a more hawkish tilt. Expectations that the ECB will roll back its stimulus have been the major driving force behind the euro's rally since last year. Still, in the near term, investors may be cautious about buying the common currency given political uncertainty in the continent. German Social Democrats (SPD) start voting in a postal ballot on Tuesday on whether the centre-left party should go ahead with the agreement its leaders clinched last week to renew their power-sharing alliance with the Chancellor Angela Merkel's conservatives. The results of the vote, which takes place as the SPD's support has fallen behind that of the right-wing Alternative for Germany (AfD), is due on March 4. Italy will also hold a general election on March 4, which is expected to result in a hung parliament. More»
Amwal Al Ghad English - 2018-02-19 06:57:14
Oil prices extended gains to hit their highest level in nearly two weeks on Monday, buoyed as Asian shares joined a global recovery in equity markets and by worries over tensions in the Middle East. Prime Minister Benjamin Netanyahu said on Sunday that Israel could act against Iran itself, not just its allies in the Middle East, after border incidents in Syria brought the Middle East foes closer to direct confrontation. U.S. West Texas Intermediate crude for March delivery was up 74 cents, or 1.2 percent, at $62.42 a barrel by 0217 GMT, after earlier touching its highest since February 7. London Brent crude was up 46 cents, or 0.7 percent, at $65.30, after rising more than 3 percent last week. "The upside momentum since WTI hit last week's low of $58 has been continuing," said Tetsu Emori, CEO of Emori Capital Management in Tokyo. "Oil got mild support from gains in Asian equity markets, but has been getting pressure from the rise in U.S. rig count and a slight recovery in the dollar." Trading is expected to be slower than usual due market holidays in the United States as well as Greater China and India. The U.S. oil rig count, an indicator of future production, rose by seven to 798, its highest since April 2015, according to a weekly report from General Electric's Baker Hughes unit. That marked the first time since June that drillers added rigs for four consecutive weeks, and the figure was well up on the 597 rigs that were active a year earlier as energy companies have boosted spending since mid-2016 when crude prices began recovering from a two-year crash. Surging U.S. production is offsetting efforts by the Organization of the Petroleum Exporting Countries (OPEC) and some other producers including Russia to curb production by 1.8 million barrels per day (bpd) until the end of 2018. Money managers slashed their bullish wagers on ICE Brent crude oil futures by the most in nearly eight months in the week to Feb. 13, data showed, as prices plunged amid concerns of oversupply. Speculators also cut net long U.S. crude futures and options positions in the week to February 13 by the most since late August, the U.S. Commodity Futures Trading Commission (CFTC) said. More»
Amwal Al Ghad English - 2018-02-19 06:54:29
Dollar prices found some traction on Monday following last week's steep fall and managed to hold above a three-year low against a basket of currencies. The dollar index against a group of six major peers was mostly steady at 89.045 after enjoying a modest bounce on Friday following its descent to 88.253, its lowest since December 2014. The U.S. currency has been weighed down by a variety of factors this year, including concerns that Washington might pursue a weak dollar strategy and the perceived erosion of its yield advantage as other countries start to scale back easy monetary policy. Confidence in the dollar has also been shaken by mounting worries over the U.S. budget deficit which is projected to balloon to $1 trillion in 2019 amid a government spending splurge and large corporate tax cuts. While these negative factors were not expected to go away any time soon, last week's downturn was so rapid that some buyers were seen to have waded in to pick up the greenback at perceived bargains. "The slide by the dollar last week was perhaps overdone - for example, the dollar's drop to the mid 105 yen level was too rapid," said Yukio Ishizuki, senior currency strategist at Daiwa Securities in Tokyo. "As such we are seeing the dollar rebounding, which is quite natural given the scale of its recent fall." The dollar was little changed at 106.330 yen after sliding on Friday to 105.545, lowest since November 2016. Longer term, the U.S. currency's outlook remained uncertain. "Inflation worries and concerns about the U.S. fiscal and trade deficits will keep the dollar on the defensive," said Masashi Murata, senior strategist at Brown Brothers Harriman in Tokyo. "In addition to major currencies like the yen and pound, a significant portion of the selling pressure on the dollar is expected to come from emerging currencies, which either enjoy high yields or are supported by current account surpluses." The euro was nearly flat at $1.2423. The common currency surged to a three-year high of $1.2556 on Friday before slipping to post a loss of 0.7 percent. The euro's strength has played a large role in weakening the dollar this year. Focus was on economic indicators due this week, such as Wednesday's euro zone purchasing managers' index and Friday's German gross domestic product numbers, and whether they could propel the common currency higher again. The pound was a shade higher at $1.4045 after losing 0.5 percent on Friday. The Australian dollar rose 0.3 percent to $0.7932 after losing 0.5 percent the previous day. More»
Amwal Al Ghad English - 2018-02-19 06:49:31
Spot gold prices edged up on Monday on a weaker U.S. dollar and as investors looked to hedge against inflation. Spot gold had risen 0.2 percent to $1,350.28 an ounce by 0324 GMT. The metal rose 2.4 percent last week in its best weekly gain since the week ended September 1. U.S. gold futures slipped 0.2 percent to $1,353.10 per ounce. The dollar recovered some ground on Friday, pushing down gold from a three-week peak of $1,361.76. The dollar index, which measures the greenback against a basket of currencies, fell 0.1 percent to 89.023 on Monday. "A couple of hours of dollar short-covering is unlikely to change the broader negativity," said Stephen Innes, APAC trading head at Oanda. "When coupled with inflationary concerns heightening and a probable follow-up correction in equities markets around the corner, gold's safe-haven demand should continue to glitter." The U.S. currency has been weighed down by a variety of factors this year, including concerns that Washington might pursue a weak dollar strategy and the perceived erosion of its yield advantage as other countries start to scale back easy monetary policy. "The stronger-than-expected inflation in the U.S., a key driver for gold prices continued to provide some support," ANZ analysts said in a research note. "Reports on the weekend of charges being laid on several Russians regarding interference in the 2016 US election are certain to raise the political temperature in Washington, which should also see some safe-haven buying emerge." A 37-page indictment filed by U.S. Special Counsel Robert Mueller charged 13 Russians and three Russian companies for meddling in the 2016 U.S. presidential election. Russia denounced the allegations. Meanwhile, hedge funds and money managers cut their net long positions in COMEX gold in the week to Feb. 13, U.S. Commodity Futures Trading Commission (CFTC) data showed on Friday. Trading is expected to be slower than usual due to market holidays in the United States and China. SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings rose 0.39 percent to 824.54 tonnes on Friday from 821.30 tonnes on Thursday. Physical gold was sold at a discount in India last week for the first time in three weeks as demand for the metal slumped due to a jump in local rates, while the Lunar New Year holiday capped buying at the end of the week elsewhere in Asia. Among other precious metals, silver rose 0.2 percent to $16.69. Platinum was up 0.7 percent at $1,004.50, while palladium rose 0.3 percent to $1,047.10. More»
Amwal Al Ghad English - 2018-02-17 07:28:20
Oil prices stood near a one-week high on Friday as global equities headed for their biggest weekly gain in six years as the dollar slipped to a three-year low. U.S. West Texas Intermediate crude for March delivery ended Friday's session up 34 cents at $61.68 a barrel. For the week, the U.S. crude contract rose 4.2 percent after losing nearly 10 percent last week. London Brent crude rose 37 cents to $64.70 by 2:03 p.m. ET, on track for a roughly 3-percent weekly gain after falling more than 8 percent last week. "Oil is getting support from a rebound in global stock markets and a weak dollar, but the upside is limited due to a projection for rising U.S. production," said Tomomichi Akuta, senior economist at Mitsubishi UFJ Research and Consulting in Tokyo. The dollar slipped to a three-year low against a basket of currencies on Friday but later regained some ground. A weaker dollar often boosts oil and other dollar-denominated commodities. World shares were set to post their best week of gains in six years after two consecutive weeks in the red. Activity was subdued as many Asian markets were closed for the Lunar New Year holiday. Also supporting oil prices was a statement from the United Arab Emirates energy minister late on Thursday saying oil producers led by Saudi Arabia and Russia aimed to draft an agreement on a long-term alliance by the year end. OPEC and some non-OPEC producers including Russia have been restraining production by 1.8 million barrels per day (bpd) to prop up prices. The arrangement expires at the end of 2018. The move comes at a time when Asian demand is on the rise. India imported a record 4.93 million bpd in January to feed its expanded refining capacity and meet rising demand, data showed. Oil won support earlier in the week after Saudi Energy Minister Khalid al-Falih said OPEC hopes to keep limiting crude output to leave the market tight.However, surging U.S. production is offsetting those efforts. U.S. crude output hit a record 10.27 million bpd last week, the Energy Information Administration said on Wednesday. The United States is now a bigger producer than Saudi Arabia.U.S. drillers added 7 oil rigs in the latest national count kept by oilfield services firm Baker Hughes. The count has risen by 51 oil rigs in the last four weeks, putting the total at a nearly three-year high of 798."Drilling activity in the U.S. continues to pick up ... Adding to this, producers appear to be more efficient than they were mid last year," ING said in a note, adding that rising U.S. supplies and the liquidation of speculative longs were likely to keep oil prices under pressure. More»
Amwal Al Ghad English - 2018-02-17 07:16:18
Gold eased from a three-week high on Friday as the dollar index rebounded from an earlier three-year low, but was still on track for its biggest weekly gain in nearly two years on the back of weakness in the U.S. currency and inflation concerns. The dollar hit its lowest since 2014 in overnight trade and is heading for its biggest weekly loss in two years as negative sentiment offset any support the greenback could take from rising Treasury yields. Spot gold was down 0.04 percent at $1,352.65 an ounce at 12:25 p.m. EST, off an earlier three-week peak of $1,361.76. U.S. April gold futures were flat at $1,358.80 an ounce. "We're looking for the dollar to keep weakening. For me that's the key thing to watch for gold," Oxford Economics director of commodity services Daniel Smith said. "Gold tends to do particularly well in that kind of environment."Signs of rising inflation were also helping drive the metal higher, he said. "If inflation expectations rise faster than nominal rate expectations, then this should add fuel to the fire, particularly in an environment of U.S. dollar weakness." Spot gold has risen 3.2 percent so far this week, putting it on track for its biggest weekly rise since April 2016. Gold has fared less well in other currencies, rising 1 percent in euro terms and 1.5 percent in sterling. The dollar hit a three-year low versus a currency basket on Friday, hurt by concerns that Washington might pursue a weak dollar strategy and the perceived erosion of its yield advantage as other countries consider tighter monetary policy. Data this week showed U.S. producer prices accelerated in January, while initial claims for state unemployment benefits increased in the week ended Feb. 10. "Rising inflation, coupled with slightly weaker U.S. growth readings and a struggling dollar should continue to provide gold with an element of support," INTL FCStone said in a note. On the physical side of the market, demand in Asia was muted China, as well as in South Korea, Malaysia and Vietnam. In India, physical gold was sold at a discount for the first time in three weeks as demand slumped due to a jump in local rates. Gold in rupee terms hit a 15-month high of 30,836 rupees on Friday. Among other precious metals, silver was down 0.68 percent at $16.759, while platinum was up 0.56 percent at $1,006 after hitting its highest since January 29 at $1,012.70. Palladium was up 2.16 percent at $1,039.70. The metal has risen 5.9 percent so far this week, its best since October. More»