EUR/USD 1.17751
0.159%
Gold 3334.89
0.269%
Oil 65.635
-1.022%
USD/JPY 144.496
-0.283%
GBP/USD 1.36487
-0.049%
GBP/JPY 197.222
-0.314%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On July 5, Bank of England Monetary Policy Committee external member Taylor said that central bank officials cannot avoid the question of the direction of interest rates, which is a direct challenge to Governor Baileys approach. Taylor was unusually frank about his expected final direction of the UK neutral interest rate, while Bailey and those around him repeatedly avoided questions about this issue, claiming that there are too many uncertainties. Taylor warned on Friday that avoiding the issue is "difficult, problematic, and in my opinion counterproductive." He once again called for lower interest rates, saying that the Bank of England should cut interest rates in response to the "deteriorating" economic environment, and warned that historical experience shows that the sooner the better.Bank of Italy: The assessment takes into account the exposure of Italian banks to these countries in relation to their overall exposure as of the end of 2024.The Bank of Italy lists the United States, Britain, Switzerland and Russia as countries of significant systemic risk relative to Italian banks.July 5, gold experienced temporary pressure in the previous trading day after non-farm payrolls data showed that the U.S. economy added significantly more jobs than expected and the unemployment rate unexpectedly fell. However, Linh Tran, an analyst at XS.com, said in a report that the report did not indicate an overheated economy, but rather showed a relatively stable growth rate. Tran said that this was not enough to force the Federal Reserve to reconsider its wait-and-see stance on monetary policy, which is why gold prices did not fall further.Brazils Minister of Mines and Energy: Petrobras needs help lowering gas prices.

Despite geopolitical concerns, WTI reverses a two-day rally near $76.50, and the US Dollar falls

Daniel Rogers

Feb 27, 2023 14:27

 121.png

 

WTI crude oil has retreated from its previous weekly high, falling to $76.50 while posting modest losses early Monday. In doing so, black gold struggles to validate geopolitical fears emanating from Russia and fails to cheer a decline in the US Dollar amid hawkish central bank concerns.

 

However, Politico reports that the United States, the United Kingdom, and the European Union (EU) states have imposed new sanctions on Russia after a dispute between Poland and Italy delayed the process for days. Reuters reported that Russia had halted the supply of oil to Poland via the Druzhba pipeline.

 

It should be noted that the recent improvement in the developed economies' economic data has allowed their respective central banks to defend their hawkish bias and suggest further rate increases, despite the looming threat of a recession. Concerns about future poor demand present similar difficulties for energy prices.

 

The US President Joe Biden's willingness to loosen control over the Strategic Petroleum Reserves (SPR) in order to combat the oil shortage could also have an impact on energy prices.

 

Despite the most recent pullback from the seven-week high, the US Dollar's strength also exerts downside pressure on the energy benchmark.

 

American Petroleum Institute (API) and Energy Information Administration (EIA) data on oil inventories may be of interest to oil merchants. Nonetheless, the risk catalysts will receive the lion's share of attention for establishing direction. Oil investors may be encouraged by the rumors of a covert alliance between China and Russia.


Suggestion