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Meeting highlights: 1. The eight participating countries will increase production by 411,000 barrels per day in June, accelerating the pace of production increases for the second consecutive month. 2. The gradual increase in production may be suspended or reversed, depending on the development of the market situation. 3. The eight countries reiterated their commitment to maintain a stable market on the basis of the current healthy market and increase production. 4. Saudi Arabias crude oil quota for June is set at 9.367 million barrels per day, Russia at 9.05 million barrels per day, Iraq at 3.946 million barrels per day, the UAE at 3.082 million barrels per day, Kuwait at 2.443 million barrels per day, Kazakhstan at 1.368 million barrels per day, Oman plans to 760,000 barrels per day, and Algeria at 928,000 barrels per day. 5. The next meeting to formulate July policy is scheduled for June 1. Market analysis: 1. Interfax predicts that taking into account the compensatory production cuts, the actual production increase in June may be 359,000 barrels per day. 2. Rystad Energy analyst: OPEC+ dropped a bombshell on the market. Saudi Arabias move is both to punish unruly members and to cater to Trumps oil price vision. 3. OPEC+ originally planned to gradually and steadily lift production cuts over 18 months starting in April, but the current decision will make up for nearly half of the production cuts (2.2 million barrels/day) in just three months. Other highlights: 1. Russian Deputy Prime Minister Novak called on OPEC+ countries to make equal contributions to the balance of supply and demand in the oil market and urged OPEC+ countries to comply with oil production restrictions and compensation plans.Berkshire Hathaway A (BRK.AN) financial report shows that as of March 31, 69% of the total fair value of its equity investments were concentrated in American Express, Apple, Bank of America, Chevron and Coca-Cola.Yemeni Prime Minister Ahmed Awad bin Mubarak resigns.Russian Deputy Prime Minister Novak called on OPEC+ countries to make equal contributions to the supply and demand balance in the oil market and urged OPEC+ countries to abide by oil production restrictions and compensation plans.Abu Dhabi National Oil Company (ADNOC) of the United Arab Emirates set the official selling price of Murban crude for June at $67.73 a barrel.

At 1.2100, Bulls in the GBP/USD Market Are Challenging Bear Commitments

Alina Haynes

Mar 13, 2023 11:48

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GBP / USD is 0.33 percent higher after the pair rose from a low of 1.2063 to a high of 1.2103, its largest gain since January 6 as the US Dollar largely weakens following Friday's US employment report.

 

The markets have reduced their bets that the Federal Reserve will raise interest rates as aggressively despite the rise in the unemployment rate and signs of wage inflation moderating. The United States added 311,000 positions in February and the unemployment rate increased to 3.6%. Reuters polled economists, who predicted that the United States would have added 205,000 jobs last month and that the unemployment rate would remain unchanged at 3.4%. After gaining 0.3% in January, average hourly earnings increased 0.2% in February, which was less than the 0.3% increase anticipated.

 

In addition, the United Kingdom's economy grew faster than expected in January, easing concerns about a recession. Following a 0.5% decline in December, the Office for National Statistics (ONS) reported that the British economy grew 0.3% month-over-month in January. A survey of economists conducted by Reuters indicated growth of 0.1%.

 

The bankruptcy of SVB Financial Group is the largest bank failure since the financial crisis. However, the Biden administration guaranteed on Sunday that all Silicon Valley Bank customers will have access to their funds on Monday. Treasury Secretary Janet Yellen, Federal Reserve Chair Jerome Powell, and FDIC Chairman Martin J. Gruenberg announced in a joint statement on Sunday that the FDIC will compensate SVB and Signature's customers in full.

 

The imminent schedule is jam-packed with US consumer Price Index and UK labor market data. As official data continues to catch up to high-frequency indicators, analysts at TD Securities anticipate that the labor market will deteriorate in January, with the unemployment rate increasing and wage growth diminishing. Following last month's upside surprise, the Bank of England will be particularly pleased to see wage growth slow. The release of the US CPI later in the day may result in a muted market reaction, barring a significant surprise.

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