January 2014

Crude Prices Drops Amid Chinese Oil Demand Concerns

Crude oil prices were seen trading lower on the last day of the trading week while oil traders express their worries over oil demand from China as reports revealed a contraction in China’s manufacturing sector.

The North American West Texas Intermediate delivery slid 0.55% lower, trading at $97.70 per barrel on the New York Mercantile Exchange as of the time of writing, at the same time Brent crude oil for March settlement fell 0.34% lower to $107.59 per barrel on the London-based ICE Futures Europe exchange. The European benchmark was at a premium of $10.01 to WTI. Read more

Greenback to Strengthen to Best Amid US Recovery Signs

Economist are forecasting the greenback to strengthen to its best since 2010 against its peers, as investors are expecting  reports to show the world’s largest economy increased its spending for an eighth month.

Meanwhile, the Japanese yen added monthly gains against a basket of its major peers while stocks for the country declined and reports revealed inflation increased. The 18-block euro was seen hovering for its biggest monthly decline since March before the Central Bank policy meeting scheduled for February 6. Read more

Crude Oil Prices Climbs on Stockpiles Report

Crude oil prices advanced following the report released by the EIA, which showed that inventories climbed higher than expected last week. West Texas Intermediate (WTI) rose , trimming the biggest monthly fall for January since 2010 as market participants focus on the release of the US GDP later in the day.

Meanwhile following the Federal Reserve’s two day policy meeting, fed officials decided to reduce its bond buying program by an additional $10 billion. Read more

Australian Dollar Drops From Previous Gains

The Australian dollar rebounded from its recent gains on Thursday. The Australian currency was dragged lower by the Federal Reserve’s (Fed) decision to reduce its monthly bond purchases and China’s weak Purchasing Managers’ Index (PMI).

Following the Federal Reserve’s two day policy meeting, Fed policymakers concluded the meeting by deciding to reduce the central bank’s stimulus further by $10 billion to $65 billion, showing signs that the world’s largest economy is expanding despite the recent disappointing non-farm payrolls data for the previous month. Read more

Aussie Climbs For a Third Day; Fed Decision in Spotlight

The Aussie  extended gains against the US dollar for a third day on Wednesday, as investors continue to speculate that the US Federal Reserve (Fed) will continue to cut its monthly bond purchases further which will strengthen the greenback.

The currency pair climbed 0.37% to $0.8807 at the time of writing, after reaching $0.8825 earlier in the session. The Australian dollar touched 86.60 on Jan 24, the lowest since July 2010. Australia’s ten-year government bond yield added nine basis points to 4.12%, after dropping to a low 4.02%; the lowest since Oct 31. Read more