Oil prices hit a six-month high as shares fall on fears of a military attack on Syria. Especially emerging markets assets were hit hard and world shares slid for a second day in row. Investors were seeking safe haven investments and gold has been back to shine over the last days. Gold prices reached USD 1430, but fell back to 1418 an ounce try. Brent crude reached USD 117 a barrel on Wednesday morning, but fell back to 115 levels.
Neighbouring Turkey which has stated its willingness to support a military action against the Assad-regime without approval from the UN security Council, is one of the emerging markets hardest hit by the uncertainty. Both the Turkish lira and Indian rupee fell to new record lows against the dollar. The USD has traded steady against the Euro at 1.3336 , but has fallen below 98 yen a dollar against the Japanese yen trading at 97,63.
Even if the real effects on the markets on an eventual hit against Syria remain uncertain, oil analysts are speculating that oil prices could jump as high as USD 125 a barrel. New York crude, NYMNEX, was trading at the highest level seen in a year when it jumped to USD 111. It has since fallen back to below USD 110.
Worries over Syria largely shrugged off investor’s concern about euro zone bank lending contracting in July. This highlighted the euro zone’s nascent recovery and might keep pressure on the European Central Bank (ECB) to maintain an expansive monetary policy. The British pound slipped both against the dollar and the Euro. Bank of England reaffirmed its attention to keep interest rates low until 2016. A condition for a ra rise in interest rate is accordning to new Governor, Mark Carney, that unemployment falls to 7 %%, a similar goal set by the US FED.
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2013/08/29
2013/08/28
Oil, gold and Silver skyrocket
Western warmongerings had oil, gold and silver prices to skyrocket on Tuesday. US and allied envoys told rebels fighting Bashar-al-Assad that Western powers would attack Syria within days. The UK Prime Minister, David Cameron, stressed that the most likely day of attack is Thursday. Brent crude jumped to two dollars USD 113,46 a barrel on the news. Gold and silver continue to raise as safe havens. Gold reached USD 1420 adding new 25 dollars during Tuesday’s trade. Silver trades at USD 24,65 up 20 %% from levels seen only a couple of weeks ago.
Syria is probably going to be attacked by cruise missiles in what Western observers say are aimed at teaching President Assad and Iran a “lesson” for defying the West. The aim is presumably not to turn the tide in the civil war which over the last months have given President Assad’s forces the upper hand. NATO air strikes changed the course of the Libyan civil war. The prelude to an eventual attack on Syria is a blue copy of the US and British invasion of Iraq and the NATO-bombings of Serbia in connection with the “liberation” of Kosovo.
Along with Brent US crude, NYMEX, jumped to USD 108,50 a barrel. Western powers are taking a great gamble in attacking Syria. A military action in Syria might result in spreading chaos to the oil-producing countries in the Middle East in spite of the fact that Syria itself is not a major oil producer. Libyan production has already dropped 60 %% and down to 665 000 barrels a day. Key shipping routes for crude oil such as Akaba and the Suez canal areas well located in the area.
A military action might also put stress on US oil storages. Commercial crude stock piles were expected to have fallen last week due to heavy consumption of gas during the end of the holiday season. Increased oil prices would put added stress on a US economy considering to terminate using the money printing press by tapering the bond buying program. Data on homes sales and durable gods over the last two days, have shown that continued monetary easing might be necessary to keep growth and the economy on the right track.
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Syria is probably going to be attacked by cruise missiles in what Western observers say are aimed at teaching President Assad and Iran a “lesson” for defying the West. The aim is presumably not to turn the tide in the civil war which over the last months have given President Assad’s forces the upper hand. NATO air strikes changed the course of the Libyan civil war. The prelude to an eventual attack on Syria is a blue copy of the US and British invasion of Iraq and the NATO-bombings of Serbia in connection with the “liberation” of Kosovo.
Along with Brent US crude, NYMEX, jumped to USD 108,50 a barrel. Western powers are taking a great gamble in attacking Syria. A military action in Syria might result in spreading chaos to the oil-producing countries in the Middle East in spite of the fact that Syria itself is not a major oil producer. Libyan production has already dropped 60 %% and down to 665 000 barrels a day. Key shipping routes for crude oil such as Akaba and the Suez canal areas well located in the area.
A military action might also put stress on US oil storages. Commercial crude stock piles were expected to have fallen last week due to heavy consumption of gas during the end of the holiday season. Increased oil prices would put added stress on a US economy considering to terminate using the money printing press by tapering the bond buying program. Data on homes sales and durable gods over the last two days, have shown that continued monetary easing might be necessary to keep growth and the economy on the right track.
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2013/08/27
Durable goods orders drop
Durable or capital gods orders in the United States dropped 7,3 %% in July, and put new questions marks over the economy at the beginning of the third quarter. The demand for goods ranging from aircraft to computers and defence equipment fell. This is the biggest decline since last August. De decline in durable gods are coming on the top of negative housing figures published last Friday indicating a weaker housing market than expected.
It is likely that the failing durable gods numbers would give rise to new speculations on when US Federal Reserve (FED) eventually would start tapering its bond buying program. It has been indicated that tapering would start already in December. Based on the latest figures it is unlikely that tapering might start earlier than at the end of 2013. The fall in durable gods orders had an immediate impact on stock futures. Also yield on US treasuries fell.
Oil prices have continued to rise on the escalation of US involvement in Syria. Brant crude is trading close to USD 111 a barrel. US Defence secretary Chuck Hagel are reportedly going to discuss a possible military intervention in Syria with its British and French counterparts on the alleged use of chemical weapons. The possibility for a direct Western involvement could have serious impacts on the world stock markets and trigger the market to continue its present downward trend.
The US dollar traded down against Japanese yen on Monday after new uncertainties arose to when tapering eventually would start. USD/JPY trades at 98,14 yen a doillar. Euro/USD has been flat during Monday at 1.3370.
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It is likely that the failing durable gods numbers would give rise to new speculations on when US Federal Reserve (FED) eventually would start tapering its bond buying program. It has been indicated that tapering would start already in December. Based on the latest figures it is unlikely that tapering might start earlier than at the end of 2013. The fall in durable gods orders had an immediate impact on stock futures. Also yield on US treasuries fell.
Oil prices have continued to rise on the escalation of US involvement in Syria. Brant crude is trading close to USD 111 a barrel. US Defence secretary Chuck Hagel are reportedly going to discuss a possible military intervention in Syria with its British and French counterparts on the alleged use of chemical weapons. The possibility for a direct Western involvement could have serious impacts on the world stock markets and trigger the market to continue its present downward trend.
The US dollar traded down against Japanese yen on Monday after new uncertainties arose to when tapering eventually would start. USD/JPY trades at 98,14 yen a doillar. Euro/USD has been flat during Monday at 1.3370.
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2013/08/26
Gold and silver skyrocket
Gold and silver skyrocketed on Friday. Gold added USD 21,70 and ended at 1397,80 after breaking through the 1400 level during the session. Silver added 4 %% to close at 24,08 after trading as high as USD 24,24 an ounce try. These quotations represent the highest seen for precious metals in weeks. The technical charts point to further gains. It is therefore great likely the strength in prices would spill over into this week’s trading.
A weaker than expected July new sales home report which decreased 5 %% since June, created new bewilderment in the markets. The July minutes from the US Federal Reserve (FED) created new uncertainty regarding when FED eventually will start tapering its bond buying program of USD 85 Billion a month. This gave precious metals a strong boost. Gold broke out of the technical resistance in USD 1377 – 1380 helped by increased silver prices on its way up.
The disappointing housing numbers had also a negative impact on the dollar. The new housing data give rise to new speculations when tapering will start. September seems now unlikely and currency analysts are point to December as more realistic. It is generally believed that tapering of central bank’s monetary easing would lead to an increase in interest rates and a stronger dollar. The dollar basket, DXY, weighed against six major currencies decreased. The dollar lost ground against bot yen and EURO. EURO/USD climbed above 1.34 on the housing numbers.
A second reading of German gross domestic product confirms that Europe’s biggest economy rose 0,7 %% in July. This augurs good for Angel Merkel’s re-election opportunities in September and for better perspective for growth in the Euro zone. Despite of temporary decrease dollar is much favoured by investors over the yen for the rest of 2013. The Euro has also gained healthy against the yen over the recent week.
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A weaker than expected July new sales home report which decreased 5 %% since June, created new bewilderment in the markets. The July minutes from the US Federal Reserve (FED) created new uncertainty regarding when FED eventually will start tapering its bond buying program of USD 85 Billion a month. This gave precious metals a strong boost. Gold broke out of the technical resistance in USD 1377 – 1380 helped by increased silver prices on its way up.
The disappointing housing numbers had also a negative impact on the dollar. The new housing data give rise to new speculations when tapering will start. September seems now unlikely and currency analysts are point to December as more realistic. It is generally believed that tapering of central bank’s monetary easing would lead to an increase in interest rates and a stronger dollar. The dollar basket, DXY, weighed against six major currencies decreased. The dollar lost ground against bot yen and EURO. EURO/USD climbed above 1.34 on the housing numbers.
A second reading of German gross domestic product confirms that Europe’s biggest economy rose 0,7 %% in July. This augurs good for Angel Merkel’s re-election opportunities in September and for better perspective for growth in the Euro zone. Despite of temporary decrease dollar is much favoured by investors over the yen for the rest of 2013. The Euro has also gained healthy against the yen over the recent week.
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2013/08/23
Minutes create new uncertainty
The minutes from the end of July meeting of the US Federal Reserve (FED) which was published Wednesday night did not give markets the clarity they were looking for. The minutes repeat the same generalities markets have been fed with over the last half year. Tapering is going to come, but there is no clear time table for when FED would start to slow down their bond buying program. Whether is going to start this autumn or the first half of 2014, is still an open question. Everything hangs on the development I American economy.
Banks and financial institutions gambling on more clear guidance, were disappointed. The USD is gaining some ground against other currencies and the yield on US bonds continue to raise. The dollar DXY, a basket of six major currencies weighed against USD, was up 0,5 %%. US treasury yields reached a two-year high of 2,936 percent. Euro/USD trades down at 1.3321. The Japanese yen is weaker trading at 98,64 yen a dollar. Brent is steady around USD 110 a barrel. Gold trades at USD 1371.
The higher yields have over the last weeks led to a repatriation of funds back to US from emerging markets helping to support the dollar which in short term looks very bullish. Tapering and termination of printing dollar, shall mean tighter credit condition and higher interest rate. Many emerging markets have big exposures in US dollar and would be faced with big credit problems with a combination of increased interest rates and a stronger USD.
The effects of this trend Is already felt in Asia where the Indian rupee is under extreme downward pressure. Countries like Thailand and the Philippines are as Turkey strongly hit. The Turkish lira has lost 4 %% against the dollar only this month. Many analysts fear that Asian countries in a short time would be faced with the same financial and economic crisis as during the Asian crisis at the of the 1990’ies. This would have a devastating effect also globally.
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Banks and financial institutions gambling on more clear guidance, were disappointed. The USD is gaining some ground against other currencies and the yield on US bonds continue to raise. The dollar DXY, a basket of six major currencies weighed against USD, was up 0,5 %%. US treasury yields reached a two-year high of 2,936 percent. Euro/USD trades down at 1.3321. The Japanese yen is weaker trading at 98,64 yen a dollar. Brent is steady around USD 110 a barrel. Gold trades at USD 1371.
The higher yields have over the last weeks led to a repatriation of funds back to US from emerging markets helping to support the dollar which in short term looks very bullish. Tapering and termination of printing dollar, shall mean tighter credit condition and higher interest rate. Many emerging markets have big exposures in US dollar and would be faced with big credit problems with a combination of increased interest rates and a stronger USD.
The effects of this trend Is already felt in Asia where the Indian rupee is under extreme downward pressure. Countries like Thailand and the Philippines are as Turkey strongly hit. The Turkish lira has lost 4 %% against the dollar only this month. Many analysts fear that Asian countries in a short time would be faced with the same financial and economic crisis as during the Asian crisis at the of the 1990’ies. This would have a devastating effect also globally.
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2013/08/22
Home sales jump to 3-years high
Just on the eve of the US Federal Reserve’s (FED) presentation of their monthly minutes, US home resoles rose to their highest level in three years. Home sales for July suggested that a sharp increase in borrowing costs is only having a limited impact on the housing market recovery. Home sales jumped 6,5 %% to an annual rate of 5,39 million units. Analysts had forecasted a much smaller increase.
The currencies fluctuated heavily during Wednesday before FED-minutes presentation. Euro/USD jumped above 1.34 and fall back to 1.3386 with major banks taking big short exposures betting on a stronger dollar and steep falls in both Euro and Yen. Emerging market currencies especially in Asia have in the last days fallen rather dramatically against the USD with the Indian rupee being the big loser. Oil prices are relatively steady with Brent crude trading below USD 110. Gold rose to USD 1376, but loses ground before FED minute presentation.
Greece’s financial obligations are again under heavy scrutiny. German Finance Minister Wolfgang Schaeuble stated on Tuesday that Greece would need a third bailout. His election campaign statement came the day before today’s arrival of European Central Bank (ECB) officials to Athens to scrutinize Greece’s progress in meeting its international bailout obligations. Since 2010 Greece has been bailed out with 240 million Euros by the ECB, International Monetary Fund and European Union.
Yields on Greek bond rose immediately to new yearly highs after the Greek government lately has tried to give the impression that a turnaround in the economy is starting to take place. Greece has for the last 6 – 7 years been through a dramatic recession. The austerity measures ordained by the “Troika” of ECB, IMF and EU, have created a record high number of unemployment. The anti-austerity opposition was quick to seize on Schaeuble’s comments pointing to yet another round of painful austerity.
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The currencies fluctuated heavily during Wednesday before FED-minutes presentation. Euro/USD jumped above 1.34 and fall back to 1.3386 with major banks taking big short exposures betting on a stronger dollar and steep falls in both Euro and Yen. Emerging market currencies especially in Asia have in the last days fallen rather dramatically against the USD with the Indian rupee being the big loser. Oil prices are relatively steady with Brent crude trading below USD 110. Gold rose to USD 1376, but loses ground before FED minute presentation.
Greece’s financial obligations are again under heavy scrutiny. German Finance Minister Wolfgang Schaeuble stated on Tuesday that Greece would need a third bailout. His election campaign statement came the day before today’s arrival of European Central Bank (ECB) officials to Athens to scrutinize Greece’s progress in meeting its international bailout obligations. Since 2010 Greece has been bailed out with 240 million Euros by the ECB, International Monetary Fund and European Union.
Yields on Greek bond rose immediately to new yearly highs after the Greek government lately has tried to give the impression that a turnaround in the economy is starting to take place. Greece has for the last 6 – 7 years been through a dramatic recession. The austerity measures ordained by the “Troika” of ECB, IMF and EU, have created a record high number of unemployment. The anti-austerity opposition was quick to seize on Schaeuble’s comments pointing to yet another round of painful austerity.
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2013/08/21
FED Sends Markets To One Month Low
World shares sank to their lowest level in more than a month after disappointing sessions in New York yesterday, along with disappointment when trading started in Asia on Tuesday morning. The sell off continued in Europe, and emerging markets saw funds pouring out. Global markets are worried and at unease with expected cuts in US Stimulus and related gains in bond yields, leading to investors being on edge. Oil and precious metal prices have fallen with the Dollar under pressure. EUR/USD stands at 1.3410. USD/JPY is at 97.50.
European stocks were down with the French CAC as the biggest loser at minus 1.35 %%. The FTSE London-index dropped 0.57 %% while the German DAX was down 1.06 %%. The Russian indices suffered similar losses. The losses in Europe are following a fourth day of straight falls on both Wall street and in Asia. India is also hit hard by a dramatic fall in the Rupee in relation to USD. The Japanese Nikkei fell 2.7 %%.
US Federal Reserve (FED) shall publish their minutes from the end of July meeting later on today. It is expected that the minutes could offer hints on when FED will start winding down its USD 85 billion-a-month bond buying program. Uncertainty regarding what is going to happen next has recently driven up bond market borrowing costs. This has sparked a sell off in riskier assets as stocks.
Brent crude, which has been steady above USD 110 a barrel, fell below this level on Tuesday due to nervousness about the effect of a halt in monetary easing. Oil prices are, however, supported by export problems in Libya and the continued unrest in Egypt. Western powers are threatening to withdraw their economic assistance, but Saudi Arabia stated yesterday that they would step in to avoid any collapse of the Egyptian economy.
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European stocks were down with the French CAC as the biggest loser at minus 1.35 %%. The FTSE London-index dropped 0.57 %% while the German DAX was down 1.06 %%. The Russian indices suffered similar losses. The losses in Europe are following a fourth day of straight falls on both Wall street and in Asia. India is also hit hard by a dramatic fall in the Rupee in relation to USD. The Japanese Nikkei fell 2.7 %%.
US Federal Reserve (FED) shall publish their minutes from the end of July meeting later on today. It is expected that the minutes could offer hints on when FED will start winding down its USD 85 billion-a-month bond buying program. Uncertainty regarding what is going to happen next has recently driven up bond market borrowing costs. This has sparked a sell off in riskier assets as stocks.
Brent crude, which has been steady above USD 110 a barrel, fell below this level on Tuesday due to nervousness about the effect of a halt in monetary easing. Oil prices are, however, supported by export problems in Libya and the continued unrest in Egypt. Western powers are threatening to withdraw their economic assistance, but Saudi Arabia stated yesterday that they would step in to avoid any collapse of the Egyptian economy.
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2013/08/20
Steady Dollar Before FED Minutes On Wednesday
The Dollar held steady on Monday as investors refrained from bets on the currency before the publication of the US Federal Reserves (FED) minutes on Wednesday. It is expected that the minutes might give a more clear indication on the pace and timing of FED’s plan to trim its bond buying program. Analyst consensus is that tapering could start in September. The Dollar index, DXY, was flat. EUR/USD trades at 1.3348 and USD/JPY is at 97.97.
Higher yields on Dollar denominated bonds have made the Dollar more attractive over the last few days, but this has been blunted by a promising improvement in the Euro zone and UK economies which have underpinned the Euro and Sterling. Data last week showed that both the German and French economies were growing faster than expected in the second quarter. EU manufacturing and services data are going to be published on Wednesday and give a more clear indication as to whether the Euro zone is pulling out of recession.
The data will have an impact on the strength of the Euro, which is expected to falter against the Dollar in the upcoming trading sessions. That could mean that Dollar would start to attract demand against the Euro. The Dollar might also be in for a new test against the Japanese Yen. If the August 15th peak of 98.66 Yen is broken, there might be retest on the August high of 99.955 Yen. Oil and precious metal prices are keeping steady at the high levels seen on Friday. Brent trades at USD 110.55 a barrel and gold stands at USD 1376.
Stock markets in Europe continue to be under pressure with France, Germany, and England indexes trading down. There was a weak start in the equity market in Asia with Asian Pacific index in red territory the first day of the week. The unrest in Egypt continues with new clashes between Mursi-supporters and the police, claiming an unconfirmed 1000 lives taken until now. US politicians claim there has been a halt in the US billion Dollar military help to Egypt.
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Higher yields on Dollar denominated bonds have made the Dollar more attractive over the last few days, but this has been blunted by a promising improvement in the Euro zone and UK economies which have underpinned the Euro and Sterling. Data last week showed that both the German and French economies were growing faster than expected in the second quarter. EU manufacturing and services data are going to be published on Wednesday and give a more clear indication as to whether the Euro zone is pulling out of recession.
The data will have an impact on the strength of the Euro, which is expected to falter against the Dollar in the upcoming trading sessions. That could mean that Dollar would start to attract demand against the Euro. The Dollar might also be in for a new test against the Japanese Yen. If the August 15th peak of 98.66 Yen is broken, there might be retest on the August high of 99.955 Yen. Oil and precious metal prices are keeping steady at the high levels seen on Friday. Brent trades at USD 110.55 a barrel and gold stands at USD 1376.
Stock markets in Europe continue to be under pressure with France, Germany, and England indexes trading down. There was a weak start in the equity market in Asia with Asian Pacific index in red territory the first day of the week. The unrest in Egypt continues with new clashes between Mursi-supporters and the police, claiming an unconfirmed 1000 lives taken until now. US politicians claim there has been a halt in the US billion Dollar military help to Egypt.
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2013/08/19
Equities struggle – Gold reaches 1373
While equities worldwide struggled against US federal Reserve (FED) tapering concerns, oil and silver rallied at the end of last week. Gold rose to a two-month high on Friday. Silver saw its strongest weekly performance in five years with a 13 percent rise; strongly indicating that the wave of selling in precious metals over the last half year, has come to at least to a temporarily halt. Gold rose 50 dollar during the week to hit a peak of USD 1373 a troy ounce.
Precious metal prices were helped by a weaker dollar. Euro/USD has traded steady above 1.33 during the week with good news coming from the Euro zone. Both France and Germany presented positive growth figures which, in spite, of weak fundamentals are interpreted as the Euro zone might be coming out of recession. Data on Thursday showed that investors in Japan and China led large sell-off in US treasuries following FED statements on tapering in June.
China has over the last half year strongly increased its gold holdings seemingly in an effort to diversify its investments in US treasuries. China is seen to have built. up gold reserves to become more independent of both USD and Euro. Both currencies are regarded as vulnerable. With eyes to the futures – 10 – 20 years perspective – China seem interested in building up the Chinese currency as a competitive international reserve currency.
Last week saw the first net inflow into gold backed exchange traded funds so called EFTs sine 2012. EFTs sold 402 tonnes of gold in the second quarter of 2013, double the gold production of South Africa. Over the last weeks gold short positions have been reduced. This is combined with a surge in Chinese gold buying which rose 87 %% from 2012 to 386 tonnes. Retail buying in India and central banks buying are also boosting gold prices. Many traders remain, however, gloomy and ask how long the rally in precious metals will continue.
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Precious metal prices were helped by a weaker dollar. Euro/USD has traded steady above 1.33 during the week with good news coming from the Euro zone. Both France and Germany presented positive growth figures which, in spite, of weak fundamentals are interpreted as the Euro zone might be coming out of recession. Data on Thursday showed that investors in Japan and China led large sell-off in US treasuries following FED statements on tapering in June.
China has over the last half year strongly increased its gold holdings seemingly in an effort to diversify its investments in US treasuries. China is seen to have built. up gold reserves to become more independent of both USD and Euro. Both currencies are regarded as vulnerable. With eyes to the futures – 10 – 20 years perspective – China seem interested in building up the Chinese currency as a competitive international reserve currency.
Last week saw the first net inflow into gold backed exchange traded funds so called EFTs sine 2012. EFTs sold 402 tonnes of gold in the second quarter of 2013, double the gold production of South Africa. Over the last weeks gold short positions have been reduced. This is combined with a surge in Chinese gold buying which rose 87 %% from 2012 to 386 tonnes. Retail buying in India and central banks buying are also boosting gold prices. Many traders remain, however, gloomy and ask how long the rally in precious metals will continue.
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2013/08/16
Oil Jumps On Egypt Unrest
Oil prices jumped on the tense situation in the Middle East where at least 535 people were killed in a security crackdown in Egypt. Brent and NYMEX, New York crude, climbed to a four-month high on Thursday with Brent reaching USD 111 a barrel. The escalating violence in Egypt might affect the Suez Canal and spread all over a middle East already torn by a two year civil war in Syria, disturbing death tolls and unrest in Oil producing Iraq and Libya.
Egypt has declared a state of emergency. Supporters of the deposed President Mursi have, nevertheless, announced new major demonstrations. Oil storages in the US are shrinking faster than expected. Egypt is a minor crude producer, but home of the strategically important Suez Canal and the Sumed pipeline. The deadly violence threatens to choke Oil supply routes and have serious consequences for steady Oil supplies from the Middle East.
The Libyan Deputy Oil Minister stated on Thursday that Libya’s Oil production has been reduced by 600 000 barrels a day. Iraq expects to slash supplies with 600 000 barrels a day in September. US crude inventories fell 2.8 million barrels with stocks at the lowest level seen since 2012. As long as the situation in the Middle Eastern area is kept under some control, Brent doesn’t seem to have a potential to climb higher than to USD 113 – 114. Europe’s top Oil company, Royal Dutch Shell, has temporarily closed its offices in Egypt.
The USD has come under new pressure on continued uncertainty over when the Federal Reserve (FED) might start to taper its bond buying program. Retailer Macy’s department store, delivered disappointing results on Wednesday, leading to new question marks regarding the healthiness and growth of the US economy. EUR/USD is at 1.3299 and USD/JPY trades at 98.15. Precious metals, Gold and Silver, have regained some of their safe-haven status and have steadied on levels not seen in months.
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Egypt has declared a state of emergency. Supporters of the deposed President Mursi have, nevertheless, announced new major demonstrations. Oil storages in the US are shrinking faster than expected. Egypt is a minor crude producer, but home of the strategically important Suez Canal and the Sumed pipeline. The deadly violence threatens to choke Oil supply routes and have serious consequences for steady Oil supplies from the Middle East.
The Libyan Deputy Oil Minister stated on Thursday that Libya’s Oil production has been reduced by 600 000 barrels a day. Iraq expects to slash supplies with 600 000 barrels a day in September. US crude inventories fell 2.8 million barrels with stocks at the lowest level seen since 2012. As long as the situation in the Middle Eastern area is kept under some control, Brent doesn’t seem to have a potential to climb higher than to USD 113 – 114. Europe’s top Oil company, Royal Dutch Shell, has temporarily closed its offices in Egypt.
The USD has come under new pressure on continued uncertainty over when the Federal Reserve (FED) might start to taper its bond buying program. Retailer Macy’s department store, delivered disappointing results on Wednesday, leading to new question marks regarding the healthiness and growth of the US economy. EUR/USD is at 1.3299 and USD/JPY trades at 98.15. Precious metals, Gold and Silver, have regained some of their safe-haven status and have steadied on levels not seen in months.
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