USOil Heavy after the First Losing Month of 2022 & OPEC+ Commitment to Output Plan
The commodity registered its first negative month of the year, amidst stagflation fears, while OPEC+ maintained its output hike plan
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The commodity registered its first negative month of the year, amidst stagflation fears, while OPEC+ maintained its output hike plan
Oil bid as OPEC and OPEC+ set to meet over the next two days.
Real yields exert pressure on the pressure metal. As the Fed hiking cycle continues, this pressure may keep up in the near-to-medium term if the correlation holds.
The commodity keeps its gains as the group of seven advanced economies is mulling a limit on the price of oil imports from Russia, while Libya warns of potential export halt
XAU/USD opened higher today, as the G7 economies are expected to sanction imports of Russian gold, based on the US President’s comments over the weekend
The gold price retested its bearish continuation pattern following its breakdown.
US President Biden is considering a suspension of the federal gas tax and action could be announced within the day, in a backdrop of soaring prices and monetary tightening by the Fed which creates stagflation fears
Copper is positively correlated with economic cycles. Therefore, its latest price action is a cause for concern.
XAU/USD is cautious and unable to find firm direction, as a volatile week draws to a close, during which we saw many central banks handing down their monetary policy decisions
The commodity lacks direction as investor digest IEA’s monthly report and China’s economic data, while expecting a potentially highly consequential policy decision by the US Fed
Market participants exited the precious metal in a panic yesterday. Today sees indecision, with the Fed decision clearly on the mind of market participants.
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