Oil Jumps
Oil Jumps
Financial markets are awaiting U.S. retail sales data, it could show a 0.4% monthly increase in July. Good data will give an important overview for the Fed to engage in discussions to raise interest rates next month.
The number of Americans filing new applications for jobless benefits declined slightly last week. Jobless claims touched a four-decade low last April and have remained below 300k, the longest streak since 1973, according to the Labor Department. The U.S. dollar index pared its losses, thanks to strong U.S. jobless claims data and settled at 95.85.
On Thursday, Gold fell on profit taking and amid uncertainty over the outlook for U.S. monetary policy. The yellow metal settled around $1,338 and could decline to $1,330 by the end of the week.
Oil prices rose by 5% yesterday, in anticipation that produces could talk at an upcoming meeting about ways to shore up a market that continues to be flooded with too much supply.
On the other hand, Saudi Energy Minister Khalid al-Falih said, “OPEC members and non-members would discuss the market situation, including any action that may be required to stabilize prices, during an informal meeting on September 26-28 in Algeria.”
The Pound declined vs. USD and settled below $1.30, its lowest level in a month, negatively affected by weak U.K. housing data. From a technical point of view, Cable could end this week below $1.30.
The most important economic events:
Disclaimer
The prices and news mentioned in this outlook are absolutely no guarantee of future market performance and do not represent the view of ICM Capital Limited. Financial markets can move in either direction causing profits to be made or complete losses to be incurred by the trader. Each trader must decide for themselves what their risk appetite is and ensure that correct risk management procedures are in place before placing any trades.
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