Oil stabilising aftern Yellen’s say-so

Posted On 30 Aug 2016

After high volatility last Friday in connection with Fed chief Yellen’s speech, on Monday the price of oil has begun to stabilise. Oil yesterday was trading in a $49.0-$49.5 range per barrel of Brent and during the Asian session the price rose from $49.2 to $49.4. Tonight the API’s oil report will see the light of day.

World stock markets have already won back the losses incurred due to the possible US interest rate rise and the majority of them have returned to growth. Thus were the movements for the majority of Asian stock markets this morning. The Nikkei 225 has fallen by 0.1%. The ASX Australia is up 0.4%. The Shanghai Composite has decreased 0.1%, and the Hang Seng is up by 0.8%. Futures for the S&P500 are trading close to the closing level of the previous trading day at 2,179.

In July 2016, the total profit for leading industrial businesses, whose annual incomes from core business exceed 20 million yuan, was 523 billion yuan; an increase of 11% YoY. The speed in which this figure has risen is 5.9% higher than that of June. These statistics were published by the Chinese state statistical management agency and, according to the agency, the increase in the rate of growth is down to such things as a rise in sales and a fall in the cost of production, a rise in the price of metallurgic production and other key goods, and a rise in profit growth for the car industry.

The USD was trading up 0.55% against the yuan on Monday, and this morning it is slightly down at 6.6775 (-0.0055 or -0.08%).

After the spike of volatility we had last Friday linked to US interest rate expectations, the currency markets are returning to normal. The EUR/USD was trading in a 1.1160-1.1200 range. Data for US personal incomes and expenditure in July didn’t surprise anyone with a growth in both parameters. Tuesday morning sees the pair slightly down from 1.1190 to 1.1170. US housing index stats are to be published today from for June, in addition to consumer confidence data for August.

Source:: Oil stabilising aftern Yellen’s say-so

About the Author

Alpari was founded in 1998 and is one of the world’s leading Forex brokers, offering clients a full package of the most modern financial instruments and technological solutions for online trading and investment. According to data from Finance Magnates, Alpari has been one of the largest Forex brokers in the world for a number of years. The trading turnover of the Alpari companies in 2014 was 2.5 trillion USD. Today Alpari is the world’s largest MetaTrader 4 Forex broker. The first half of 2015 saw company branches offering their services to over one million clients from over 150 countries in the world. Alpari clients have access to over 50 currency pairs and an extensive range of other instruments. The company offers the use of three trading platforms for computer and mobile applications for use with iOS and Android. Alpari is a member of international organizations such as The Financial Commission (Hong Kong) and CRFIN (Russia). Bonuses: the Alpari Bonus Program was launched in 2014 and allows clients to independently change their conditions for working on the financial market: reduce commission, save money on swaps, improve conversion rates and much more. Read More about Alpari HERE or you can visit their website direct by CLICKING HERE..