Crude oil prices fell below $79 a barrel, erasing gains for this year. Nevertheless, ING strategists expect Brent Crude Oil to average $104 a barrel by 2023. Tighter oil market “We believe that the Russian supply will drop significantly early next year. – in the region of 1.8MM barrels per day on a year-over-year basis […]
Swiss franc’s ‘safe haven’ appeal may start to fade – HSBC
As reported by economists HSBC, Declining “safe haven” appeal coupled with a moderate 50 basis point hike by the Swiss National Bank (SNB) should weaken the CHF in the near term. CHF’s ‘safe haven’ appeal may wane “The safe-haven appeal of the CHF could start to wane as many of the Eurocentric risks – notably […]
USD/JPY may trade well below 130 by the end of 2023 – ING
A weak growth environment and a clear drop in bond yields should boost the Japanese yen. For this reason, ING economists expect USD/JPY to fall below 130 by the end of 2023. Still too early to expect CNY to lead Asian currencies substantially higher “Although it is tempting to argue that some already weakened European […]
NZD/USD offers better buying opportunity than AUD/USD – SocGen
The New Zealand dollar offers a better buying opportunity than the Australian dollar, Société Générale economists report. AUD and NOK could be the two G10 currencies most at risk of a New Year hangover “The RBNZ is the only central bank that is more aggressive than the Fed on monetary policy, making interest rate differentials […]
DXY: Dollar Index to hold around 104.50/105.00 as it fights seasonal trends – ING
The US dollar continues to struggle against the seasonality of December, which is taking it to weaker levels. Nevertheless, the market will mainly focus on the next week instead of going in one direction, ING economists report. The dollar fights seasonality “The dollar tends to be seasonally weak in December, so this is a damage-limiting […]
Gold: A lower interest rate environment is bullish for XAU/USD – SocGen
Gold gained 6.4% in November on the back of a weaker dollar and lower yields. As reported by Société Générale economists, an environment of lower interest rates supported the yellow metal. A cheaper dollar is bullish for gold “With 261,000 non-farm jobs added to the US economy, beating the consensus estimate of 193,000, this is […]
EUR/USD will struggle to trade sustainably above 1.0600 – ING
The EUR/USD pair continues to rise towards 1.0600. But in the view of ING economists, a recovery above 1.06 would be premature. Rate expectations are unlikely to change much in the coming days “Markets are pricing in around 55 basis points of tightening ahead of next week’s ECB meeting, and with no more speakers ahead […]
OPEC+ crude oil production falls by 700,000 barrels per day in November – Platts Survey
According to the latest Platts Survey by S&P Global Commodity Insights, the pOPEC and its allies (OPEC+) oil production fell by 700,000 barrels per day in November, the steepest monthly decline since Aprilwhen Russian production plummeted due to sanctions. Outstanding Information The 13 OPEC countries produced 28.87 million b/d, down 850,000 b/d from October, while […]
We will not see a lasting rise in equity markets before the first half of 2023 – Natixis
How long can we wait for US stock prices to recover? As long as the end of the interest rate rise is not in sight, there can be no lasting recovery in the stock marketin the opinion of analysts natixis. There will be no lasting recovery in stock prices under the threat of an uncertain […]
Forex Today: The dollar falls, focus on US PPI data.
This is what you need to know to trade today friday december 9: The US dollar continues to struggle to find demand amid falling US Treasury yields on Friday, with the Dollar Index dipping towards 104.50 after closing the past two days in negative territory. Market mood remains upbeat on the last trading day of […]