FXStreet News Feed

live forex news feed

All news concerning the currency exchange market Forex
  1. A day after losing ground following U.S. President Donald Trump's call to OPEC to lower crude prices, oil futures moved higher on Friday, with traders looking ahead to the OPEC meeting at Algeria this weekend.

    Recent data showing a notable drop in U.S. crude inventories and possible supply shortage post implementation of U.S. sanctions on Iranian oil from early November supported oil's uptick.

    Crude oil futures for November delivery ended up $0.46, or 0.70%, at $70.78 a barrel, the highest settlement price in two weeks, for the most active contract. For the week, crude oil futures gained about 2.6%, recording second successive weekly gain.

    On Thursday, crude oil futures for November ended lower by $0.45, or 0.6%, at $70.32 a barrel.

    On Thursday, Trump called on the Organization of the Petroleum Exporting Countries to lower oil prices. He tweeted : "The U.S. protects the countries of the Middle East, and it was unfair that they continue to push for higher and higher oil prices."

    OPEC and its allies are scheduled to meet on Sunday to discuss how to discuss production increases as U.S. sanctions restrict Iranian exports.

    Earlier in the week, data released by the U.S. Energy Information Administration on Wednesday showed U.S. crude oil stockpiles to have declined by 2.1 million barrels in the week to September 14 to 394.1 million barrels, the lowest level since February 2015.

    Supplies at Cushing, Oklahoma, decreased by 1.250 million barrels last week, the EIA report said.

    The EIA report further showed that gasoline stockpiles were down by 1.7 million barrels for the week, while distillate stockpiles climbed by 800,000 barrels.


    The material has been provided by InstaForex Company - www.instaforex.com
  2. The dollar is up against all of its major rivals Friday afternoon, but its gains are much more substantial in comparison to the pound sterling.

    EU leaders turned down Theresa May's Chequers blueprint at a summit in Salzburg, giving a major blow to her chances of reaching a deal post-Brexit.

    Following their meeting on Thursday, European Council president Donald Tusk told that the leaders had unanimously agreed to refuse May's plans to stay in a single market for goods.

    "Everybody shared the view that while there are positive elements in the Chequers proposal, the suggested element for economic cooperation will not work, not least because it risks undermining the single market," Tusk said.

    May warned EU leaders that she would not make any more compromises and is prepared for a no deal position.

    The buck has jumped to around $1.3075 against the pound sterling Friday afternoon, from an early low of $1.3276.

    The UK budget deficit increased in August on higher expenditure amid subdued income growth, data from the Office for National Statistics showed Friday. Public sector net borrowing, excluding public sector banks, rose by GBP 2.4 billion from last year to GBP 6.8 billion in August. Borrowing was expected to fall to GBP 3.4 billion.

    The dollar slid to an early low of $1.1802 against the Euro Friday, but has since rebounded to around $1.1745.

    Eurozone private sector grew at the second-weakest pace since late-2016 as manufacturing growth was subdued by stagnating export orders, flash survey data from IHS Markit showed Friday. The composite output index fell to 54.2 in September, while the score was forecast to remain unchanged at 54.5.

    Germany's private sector growth moderated from a six-month high in September, survey data from IHS Markit showed Friday.

    The composite output index fell to 55.3 in September from a six-month high of 55.6 in August. Nonetheless, the latest reading was still the second-best seen since February. The expected reading was 55.4.

    France's private sector growth fell to its lowest level in 21 months during September, amid weaker gains in both manufacturing and service sectors, survey data from IHS Markit showed Friday. The flash France Composite Output Index dropped to 53.6 from 54.9 in August, the purchasing managers' survey showed. The reading was lower than the 54.6 economists had expected.

    France's economy grew at a steady pace, as previously estimated, in the second quarter, detailed figures from Insee showed Friday. Gross domestic product advanced 0.2 percent sequentially, the same rate as seen in the first quarter, and in line with the second estimate published on August 29.

    The greenback rose to a 2-week high of Y112.873 against the Japanese Yen Friday morning, but has since eased back to around Y112.545.

    Overall nationwide consumer prices in Japan were up 1.3 percent on year in August, the Ministry of Internal Affairs and Communications said on Friday. That exceeded expectations for 1.1 percent and was up from 0.9 percent in July.

    The manufacturing sector in Japan continued to expand in September, and at an accelerated pace, the latest survey from Nikkei revealed on Friday with a manufacturing PMI score of 52.9. That's up from 52.5 in August, and it moved further above the boom-or-bust line of 50 that separates expansion from contraction.

    Japan's all industry activity remained stable in July, figures from the Ministry of Economy, Trade and Industry showed Friday. The all industry activity index remained flat on month, following a 0.9 percent fall in June. Economists had forecast a marginal 0.1 percent rise.


    The material has been provided by InstaForex Company - www.instaforex.com
  3. Gold prices drifted lower on Friday, as the dollar moved up against a basket of major currencies and equities edged higher amid easing worries about U.S.-China trade war impact on the global economy.

    Traders are gradually switching over to stocks amid hopes the U.S. economy is well poised to register impressive growth in the coming quarters. On Wall Street, the Dow and the S&P 500 both reached new record intraday highs on Friday.

    The dollar index, which tumbled to a more than 3-month low of 93.39 earlier in the day, rose to 93.84 subsequently, gaining 0.37 points, or 0.40%.

    Gold futures for December ended down $10.00, or 0.80%, at $1,201.30 an ounce, the lowest close in the week. On Thursday, gold futures ended up $3.00, or about 0.30%, at $1,211.30 an ounce, the highest settlement price so far this month. For the week, the yellow metal recorded a small gain of less than 0.1%.

    Silver futures for December settled at $14.359 an ounce, gaining $0.054. Copper futures for December ended higher by $0.1175, at $2.8575 per pound.

    It is widely expected that the Federal Reserve will raise interest rates by 25 basis points when it announces its monetary policy next week. The Fed's views on the economy and outlook for futures rate hikes will set the near term trend for the markets.


    The material has been provided by InstaForex Company - www.instaforex.com
  4. Crude Oil For November Delivery Climbing $0.71 To $71.03 A Barrel


    The material has been provided by InstaForex Company - www.instaforex.com
  5. The Canadian dollar strengthened against its major counterparts in the European session on Friday, as nation's retail sales grew in July following a fall last month, driven by higher sales at food and beverage stores and gasoline stations.

    Data from Statistics Canada showed that retail sales rose 0.3 percent on a seasonally adjusted monthly basis.

    The rate matched expectations. It dropped 0.2 percent on month in June.

    Core retail sales increased 0.9 percent, beating expectations of 0.6 percent.

    This follows a 0.1 percent slide last month.

    Separate data showed that consumer inflation edged up 0.1 percent on a seasonally adjusted monthly basis in August.

    This follows a 0.5 percent gain in July and contradicted a 0.1 percent fall expected by economists.

    Core CPI rose 0.1 percent in August, from a revised 0.5 percent increase seen in July.

    The currency held steady against its major counterparts in the Asian session, with the exception of the yen.

    The loonie advanced to 1.5155 against the euro, from a 3-day low of 1.5226 hit at 4:45 am ET. The loonie is poised to find resistance around the 1.49 mark.

    Survey data from IHS Markit showed that Eurozone private sector grew at the second-weakest rate since late-2016 on subdued manufacturing activity growth in September.

    The composite output index fell to 54.2 in September from 54.5 in August. The score was forecast to remain unchanged at 54.5.

    The loonie, having dropped to a 2-day low of 0.9423 against the aussie at 4:45 am ET, reversed direction and climbed to 0.9384. On the upside, 0.92 is possibly seen as the next resistance level for the loonie.

    The loonie spiked up to 1.2886 against the greenback, coming off from a low of 1.2927 hit at 8:15 am ET. The loonie is seen finding resistance around the 1.27 level.

    The loonie rose back to 87.43 against the yen, heading to pierce a 7-1/2-month peak of 87.45 seen at 3:00 am ET. Next key resistance for the loonie is seen around the 89.00 region.

    Figures from the Ministry of Economy, Trade and Industry showed that Japan's all industry activity remained stable in July.

    The all industry activity index remained flat on month, following a 0.9 percent fall in June. Economists had forecast a marginal 0.1 percent rise.

    Looking ahead, Markit's U.S. manufacturing PMI for September is set for release shortly.


    The material has been provided by InstaForex Company - www.instaforex.com