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MOSCOW/DUBAI/LONDON: OPEC+ ministers agreed on Sunday to boost oil supply from August to cool prices which have climbed to 2-1/2 year highs as the global economy recovers from the coronavirus pandemic. The group, which includes OPEC countries and allies like Russia, crucially agreed new production allocations from May 2022 to overcome differences between Saudi Arabia

Prices have boomed worldwide this year, smashing record after record. Roaring industrial demand is propelling those rallies, with plants straining to boost supply after lying dormant during the pandemic. On top of that, powerhouses China and Russia are trying to limit exports to help other industries at home. “If you’d asked me six months ago

Economic developments since the June meeting suggest that BOC would still maintain an upbeat tone and taper further at this week’s meeting. Policymakers will, however, maintain the forward guidance that the first rate hike would come in 2H22. The staff will also release the latest economic projections. The GDP growth outlook will be kept largely

Oil production output levels are on the agenda for this weekend meeting following last week’s agreement between Saudi Arabia and the United Arab Emirates: The previous OPEC+ meeting finished, after being extended for 3 days to try to reach a resolution, without an agreement. The differences boiled down to the United Arab Emirates seeking an increase in

Fuel consumers may get some respite from rising prices of petrol and diesel as global oil scenario is expected to soften down in the coming days with oil cartel OPEC reaching an agreement to raise production to meet the growing demand. The increase in Covid cases globally have made the oil market uncertain as it

New Zealand Dollar ended as the strongest one last week, boosted by hawkish expectation on RBNZ. Though, the Kiwi’s strength didn’t provide much support to other commodity currencies, as Aussie and Loonie were indeed the worst performing ones. Yen and Dollar followed Kiwi as the next strongest, while European majors were mixed, with Sterling at

Forex news for New York trade on July 16, 2021: Markets: Gold down $18 to $1810 US 10-year yields down 0.2 bps to 1.295% WTI crude oil down 18-cents to $71.41 S&P 500 down 33 points to 4327 GBP and AUD lag, NZD leads Retail sales were much stronger than expected and the strength was

Gold dipped on Friday as a stronger dollar and rebounding yields dulled its appeal and pushed the metal off one-month highs reached in the last session on dovish remarks from the head of the U.S. Federal Reserve. Spot gold fell 0.6 per cent to $1,817.40 per ounce by 10:18 a.m. EDT, though it was up

New Zealand Dollar surges broadly again today as decade high CPI reading prompted more speculations on RBNZ rate hikes. That somewhat helps stabilizes the selloff in Aussie and Loonie. On the other hand, Yen appears to be softening slightly as rally lost steam. Dollar, Euro and Sterling are mixed. As for the week, Kiwi is

Prices have crashed but that won’t be reflected at the retail level The lumber crash in the past eight weeks is something to behold. There appears to be an absolute capitulation phase ongoing now with prices of western spruce/pine/fir down to $485/mfbm from $650 midweek — that’s 30% and it extends the drop in benchmarks

New Delhi: Gold in the national capital on Friday dipped Rs 73 to Rs 47,319 per 10 gram amid fall in global precious metal prices, according to HDFC Securities. In the previous trade, the precious metal had closed at Rs 47,392 per 10 gram. Silver also dipped Rs 196 to Rs 68,043 per kilogram from

Dollar trades mildly higher in early US session after better than expected retail sales data, but upside moment is weak so far. Mild strength in US futures sends Swiss Franc and Yen slightly lower. Overall, New Zealand Dollar is set to end as the best performer for the week, as RBNZ hike speculations intensified. Dollar

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Gold prices on Friday were headed for the fourth straight weekly gain, as investors took comfort from Federal Reserve Chair Jerome Powell’s stance that the U.S. central bank would continue to support the economy and inflation will be transitory. Spot gold was flat at $1,829.14 per ounce by 0048 GMT, but gained 1.2% so far

Dollar turns notably weaker against Swiss Franc and Yen today but markets are relatively steady elsewhere. Sterling pays little attention to employment data which showed some positive signs. Canadian Dollar also shrugged off yesterday’s BoC tapering. General focus will now turn to US job data, and the movements in stock markets for next moves in

Negative sentiment weighs on AUD/USD A bit of a divergence is creeping into markets. AUD/USD is at a fresh session low at 0.7435m, down 45 pips on the session. But Treasury yields have bounced with 10s at 1.330% from a low of 1.310%. Technically, this is an important short-term support zone with the lows of

New Delhi: Gold in the national capital on Thursday jumped Rs 177 to Rs 47,443 per 10 gram in tandem with gain in global precious metal prices, according to HDFC Securities. In the previous trade, the precious metal had closed at Rs 47,266 per 10 grams. Silver also gained Rs 83 to Rs 68,277 per

Dollar regained some ground in European session, as assisted by mild pull back in stocks. The greenbacks stay firmer into US session as jobless claims data showed continuing improvement. Sterling is also stronger today after BoE policymaker Michael Saunders’ hawkish comments. On the other hand, commodity currencies are trading lower, as led by pull back