12 May, 2016
The Australian and New Zealand dollars rallied against the greenback on Wednesday, but gains were anticipated to stay capped by lower prices of crude oil.
The AUD/USD surged by 0.11 percent to 0.7371, still close to the two prior session’s 2-month low of 0.7300.
The commodity currencies stayed under pressure as the prices of crude oil inched lower on Wednesday, after reports that the Canadian oil sand production is set to increase following forced closures because of the wildfires.
Furthermore, the American Petroleum Institute stated on Tuesday that US crude inventories increased by 3.45 million barrels to a record 543.1 million barrels in the week ending on May 6.
NZD/USD shot higher by 0.64 percent to change hands at 0.6806.
Meanwhile, the Reserve Bank of New Zealand stated that "while New Zealand’s economic growth remains solid, the outlook for the global economy has deteriorated."
The central bank of New Zealand further added that it was "closely monitoring developments to assess whether further financial policy measures would be appropriate."
The U.S. dollar index, which measures the strength of the greenback against a basket of 6 major currencies, was lower by 0.21 percent at 94.02.
Market players kept their guards up as they await the US labor data report, a strong reading of which could urge the Federal Reserve to increase interest rates this month – a decision that would be bearish for non-interest bearing gold...
The US economic growth has been sluggish in the first quarter, although not as strongly as initially expected, amid an increase in spending on home architecture and a constant increase in inventory investment by business...
Oil prices increased more than 1 percent on Monday after Goldman Sachs stated that the market has ended for nearly two years of oversupply subsequent to a global oil disruptions and a market deficit...
World stock markets rallied on Tuesday, fueled by a strong corporate earnings in Europe, including improvements on Greek debt talks and Japan’s new pledge in preparation to a weaker currency...
Gold prices ticked higher as the greenback slid to 16-month lows during the session earlier. On the Comex division of the New York Mercantile Exchange, gold delivery for June rallied at $1,303.85 per troy ounce, advancing $6.55 or 0.51 percent...
Analysts forecast that Germany DAX would hit 0.06 percent higher when the market opens, while France’s CAC 40 was anticipated to remain steady. Meanwhile, UK markets are closed due to a public holiday.
Shares in the U.S. plummeted following the decline of the stocks in the Asian market as the Bank of Japan left the interest rate unchanged...
Wall Street futures dropped on Friday after the Dow issued its first decline of more than 1% in two months, while investors are closely watching on data...
International Energy Agency claimed that the oil prices would be stable again in 2017 as the non-OPEC oil producers were expected to limit their production this year...