EUR/USD 1.15283
-0.023%
Gold 4031.10
-0.488%
Oil 77.504
-6.778%
USD/JPY 156.378
-1.758%
GBP/USD 1.34517
-0.181%
GBP/JPY 210.359
-1.935%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
The final reading of the S&P Global Manufacturing PMI for July in the United States will be released in ten minutes.US President Trump: We have the biggest tax cuts and jobs in history, the largest foreign investment in the world, a completely secure border, a huge victory in Venezuela, the denuclearization of Iran, universally recognized respect and success, and much more? Dont believe the fake polls from the radical left.August 3rd - Due to a sharp reduction in supplies to Europe caused by the Middle East war, Belgium became completely reliant on Russia for liquefied natural gas (LNG) imports last month. Furthermore, with shipping disruptions in the Strait of Hormuz leading to persistently high gas prices, most European buyers have postponed purchasing LNG for winter storage. Although Belgiums LNG imports from Russia are lower than earlier this year, this situation puts the EUs energy policy in an awkward position. The EU has previously decided to ban LNG imports from Russia starting next year. According to ship tracking data compiled by an agency, Belgium, which was the fifth-largest LNG importer in Europe last year, saw its LNG imports fall by more than 40% year-on-year in July. Data shows that the country purchased approximately 400,000 tons of LNG from Russia that month. In addition, Belgium also obtains gas from Norway and the UK via pipeline.Sources say that Kazakhstan’s oil and gas condensate production fell 14% in July compared to June due to the disruption of exports from the Caspian Pipeline Alliance.August 3 - According to data provided by officials, Kuwaiti crude oil production surged in July, increasing by nearly 20% compared to the previous month, reaching its highest average level since the outbreak of the war with Iran. Sources indicated that Kuwaiti crude oil production rose to 1.97 million barrels per day in July, an increase of approximately 300,000 barrels per day from June. They did not specify the specific reasons for the increase. Currently, Kuwaiti crude oil production is several times higher than its April lows, but still about 20% lower than pre-war levels. In recent weeks, Persian Gulf oil-producing countries have made some progress in transporting crude oil through the Strait of Hormuz. Although regional shipping is once again threatened after the collapse of the US-Iran ceasefire agreement, negotiations to restore tanker passage continue. Furthermore, domestic oil demand in the Middle East is also rising due to increased electricity consumption driven by increased demand for air conditioning during the summer. After the US-Iran ceasefire was reached in June, the CEO of Kuwait National Oil Company stated that the company would immediately lift all force majeure notices and expected production to soon recover to 2 million barrels per day. Official data shows that Kuwaiti production briefly reached this level before falling back to approximately 1.9 million barrels per day.

Ahead of preliminary US S&P PMI data, the XAU/USD remains sideways below $2,000, according to our Gold Price Forecast

Alina Haynes

Apr 20, 2023 13:49

 截屏2022-08-04 下午5.25.46_1024x576.png

 

In the early European session, the Gold price (XAU / USD) is exhibiting erratic movements near $1,994.00. The precious metal is in a state of indecision as investors await the release of preliminary S&P PMI data for the United States on Friday.

 

After violent swings influenced by the Federal Reserve's (Fed) Beige Book, the US Dollar Index (DXY) is showing signs of volatility contraction below 102.00. The declining trend of advances to consumer and business loans by U.S. commercial banks has intensified concerns of a recession in the U.S. economy, despite the fact that economic activity in 12 Fed districts remained virtually unchanged. To prevent a decline in asset quality, banks have tightened credit disbursement requirements.

 

In the meantime, S&P futures have recorded sizeable losses during the Asian session, as investors are wary of firms' comments regarding revenue guidance. The market anticipates that constrained credit conditions will impact the working capital management of cash-reliant companies, thereby affecting their output.

 

The market expects preliminary US S&P PMI data to reveal a Manufacturing PMI reading of 49.0, a decrease from the previous reading of 49.9. The Services PMI is anticipated to decrease to 51.5 from 52.6 previously reported.


Suggestion