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Ben Robson's coverage of the trading week's most important market events.
OPEC decided today to extend production cuts by an additional nine months until March of next year, as it tries to control the world supply following the collapse of oil prices and the decline in revenues over the past three years. The reduction is planned with 12 members from outside OPEC.
Moody's agency surprised the markets this morning after downgraded China rating to A1 from Aa3 and changing its outlook from negative to stable. Debt levels in the Chinese economy were expected to rise further in the coming years, and reforms are likely to slow growth, the agency said. The debt burden is estimated to rise toward 40% of GDP by 2018.
British Prime Minister Theresa May described Monday's explosion in Manchester city as "callous terrorist attack" that killed 22 people and injured 59 others in the city's hospitals. The ISIS has claimed responsibility but has not provided any evidence.
During the weekend, the most significant events were the first foreign visit of US President Donald Trump, which included Saudi Arabia, as the White House sought to shift focus away from domestic affairs from its dismissal to the director of the FBI and reports on his administration's ties with Russia.
The US Dollar suffered last week as a result of the political turmoil that overshadowed the US atmosphere from the dismissal of US Federal Bureau of Investigation manager to leak of confidential information from US President Donald Trump to the Russian Prime Minister. Besides a slowdown in some economic data.
This week, the market is looking at many events and economic data that will have an impact on market movements.
The dramatic events surrounding President Donald Trump and the scandal of leaking some very confidential information to the Russian prime minister dominated this week's atmosphere. All this smacked down the dollar and drove investors away in search of safe havens such as gold and the Japanese yen, and some investors headed to the digital currency (Bitcoin) to record historic highs of 1940$.
US dollar recovered during trading day thanks to positive of economic data, as weekly unemployment claims printed the lowest reading since 1988, and declined to 232K in the week ended 12 May, that’s was better than markets expectations referred to 240K, compared to last reading at 236K. Also, Philly Fed Manufacturing Index managed to print the second best reading in 2017 at 38.3 during May.
Another bad day for US dollar, in the wake of yesterday news of the U.S President Donald Trump disclosed highly classified information to Russia's foreign minister about a planned Islamic State operation.
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