Forexmart's Forex News

Discussion in 'Forex - Currencies Forums' started by Andrea ForexMart, Jan 18, 2018.

  1. KostiaForexMart

    KostiaForexMart Senior Investor

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    US oil inventories unexpectedly rose 1.5% over the week

    According to the US Energy Information Administration (IEA), commercial oil reserves in the country for the week ending May 22 grew by 7.9 million barrels, or 1.5%, to 534.4 million barrels. Analysts had forecast a decline in stocks of 1.9 million barrels.

    At the same time, gasoline inventories decreased by 0.7 million barrels, or 0.3%, to 255 million barrels. Forecasts suggested growth of 0.1 million barrels.

    Distillate stocks over the same week increased by 5.5 million barrels, or 3.5%, to 164.3 million barrels. An increase of 1.8 million barrels was predicted.

    The strategic oil reserve in the country increased compared to the previous week by 2.1 million barrels, or 0.3%, to 643.8 million barrels.
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  2. KostiaForexMart

    KostiaForexMart Senior Investor

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    May 29. Italian economy experienced the strongest GDP decline in history in Q1

    According to the final data of the statistical agency Istat, the Italian economy in the first quarter of 2020 decreased by 5.3% in quarterly terms and by 5.4% in annual terms. This was the largest drop in GDP since the start of statistics in 1996.

    Preliminary data indicated an economic contraction of 4.7% in quarterly terms and 4.8% in annual terms.

    In the fourth quarter of 2019, Italian GDP fell by 0.2% compared to the previous quarter, and not by 0.3%, as previously reported.

    Consumer spending in Italy in January-March fell by 6.6% in quarterly terms, business investment fell by 8.1%, government spending fell by 0.3%. The volume of imports and exports decreased by 6.2% and 8% respectively compared to the previous quarter.

    In recent weeks, the spread of Covid-19 disease and the number of people dying from it have been rapidly falling in Italy. The country is gradually loosening quarantine restrictions.
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  3. KostiaForexMart

    KostiaForexMart Senior Investor

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    June 01. Eurozone PMI index in May turned out to be worse than forecast

    According to the final assessment of the research organization Markit Economics, the index of business activity (PMI) in industrial production of 19 countries in the eurozone in May rose to 39.4 points from 33.4 points in April.

    Analysts assumed that the indicator remained at the preliminary assessment level of 39.5 points.

    The largest growth of the PMI index in May 2020 was recorded in Italy (45.4 points), Greece (41.1 points), France (40.6 points) and Austria (40.4 points). Germany, Europe's largest economy, had the lowest PMI growth (36.6 points).
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  4. KostiaForexMart

    KostiaForexMart Senior Investor

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    June 02. NBK requires additional monetary policy measures

    The Central Bank of China said that the economic damage from the coronavirus pandemic was stronger than expected, and that additional monetary policy measures were needed.

    Pan Hongsheng, deputy head of the People’s Bank of China (NBK), said at a press conference in Beijing that new instruments to stimulate bank lending to small businesses are a short-term political agreement, not a form of quantitative easing.

    Earlier, the regulator announced that it would begin to redeem bank loans provided by local lenders to small firms in order to try to encourage banks to issue loans to small enterprises in the amount of up to 1 trillion yuan ($140.44 billion).

    The plan provides for the use of 400 billion yuan ($56 billion) from a separate program for the purchase of 40% of unsecured loans to small and medium-sized enterprises with a maturity of at least six months. Commercial lenders will need to repay the loans back in a year. Lenders will continue to receive interest payments from the borrower, while the Central Bank will not take credit risks. The plan could increase unsecured bank loans to small businesses by 1 trillion yuan.
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  5. KostiaForexMart

    KostiaForexMart Senior Investor

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    June 03. Egypt launched an oil well at 123 thousand barrels per month

    Egypt has commissioned a new well in the Western Desert, capable of producing more than 0.5 million cubic meters of natural gas and more than 4 thousand barrels of oil per day. The production capacity of the new well will be approximately 123 thousand barrels of oil per month.

    A 4.4-kilometer well is located in the Abu Sinan area in western Egypt.

    Earlier in December, Egyptian authorities already announced the commissioning of another well, located in the same area and capable of producing up to 7 thousand barrels of oil per day and about 280 thousand cubic meters of gas. The Egyptian Oil Ministry notes that oil production in the Western Desert fields is about 60% of the country's total production.
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  6. KostiaForexMart

    KostiaForexMart Senior Investor

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    June 04. The ECB has added another 600 billion euros to combat the crisis

    Today, a meeting of the European Central Bank (ECB) and a speech by regulator Christine Lagarde took place. The Central Bank kept the base rate at the current level of 0.0% and the deposit rate at -0.5%. Lagarde said the regulator will expand its anti-crisis program for the purchase of Eurobonds by €600 billion to combat the coronavirus pandemic.

    The Central Bank also announced that it would leave interest rates unchanged, but at the same time increase the procurement period for debt securities of the Euroblock countries within the framework of this program for a year – until June 2021.

    As a result, the amount issued by the bank under the Emergency Pandemic Bonds Purchase Financing Program (PEPP) will increase to 1.35 trillion euros, which means the bank will be able to buy up most of the debt of the eurozone countries this year.

    In addition to the PEPP program, another ECB program for the purchase of assets worth about 20 billion euros is now operating.
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  7. KostiaForexMart

    KostiaForexMart Senior Investor

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    June 05. OPEC+ meeting scheduled for June 6

    Today it became known that the ministerial meetings of OPEC and OPEC + will be held on the same day, June 6. The decision to hold these events suggests that countries that are not fully implementing the deal (Iraq, Nigeria and Kazakhstan) in the past months have promised to compensate for this later by increasing production cuts. Approximately 1.5 million bpd in the following months.

    In May, OPEC countries were to reduce production by 6.085 million bpd from 26.7 million bpd. According to preliminary data, OPEC countries completed the deal in May by about 75%, in particular because of Iraq and Nigeria. Nigeria reported that it completed the deal by 52%.

    This news provided strong support for Brent quotes: on Friday, oil rose to $41.60 per barrel.
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  8. KostiaForexMart

    KostiaForexMart Senior Investor

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    June 08. Italy's economy will decline in 2020 by 8.3%

    According to the forecast of the Italian statistical office ISTAT, the country's GDP will fall by 8.3% this year and recover at 4.6% next year. The agency noted that the spread of the COVID-19 epidemic and the subsequent containment measures taken by the government caused an unprecedented shock for the Italian economy.

    ISTAT also said that this year, household spending on households will be reduced by 8.7%, and investment – by 12.5%. Unemployment will drop to 9.6% due to an increase in the number of unemployed people.

    It was noted that about 500 thousand people returned to the country's labor market.
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  9. KostiaForexMart

    KostiaForexMart Senior Investor

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    June 09. German exports collapsed by a record 31.1% in April

    According to the Federal Statistical Office of German (Destatis), exports in the country, which is the largest economy in Europe, fell in April by 31.1% in annual terms and amounted to 75.7 billion euros. Imports for the reporting period decreased by 21.6%, to 72.2 billion euros.

    Such a decline in exports was a record since the start of statistics on foreign trade in Germany in 1950. And such a strong drop in imports was recorded in July 2009, during the financial crisis (-23.6%).

    In monthly terms, the decline in exports amounted to 24%, analysts expected a decrease of only 15.6%. Import compared to March decreased by 16.5%, which also turned out to be worse than analysts' forecasts of 16%.

    The surplus of Germany's foreign trade balance in April amounted to 3.2 billion euros. Analysts predicted 10 billion euros.
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  10. KostiaForexMart

    KostiaForexMart Senior Investor

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    June 10. US annual inflation slows to 0.1% in May

    According to the US Department of Labor, consumer prices in May rose 0.1% on an annualized basis, and a monthly deflation of 0.1% was recorded. Analysts had forecast inflation at an annualized rate of 0.2%, and monthly inflation – at 0.1%.

    In April, consumer prices in the country fell by 0.8% in monthly terms and rose by 0.3% in annual terms.

    Core inflation in the United States (excluding food and energy prices) in May year on year amounted to 1.2%, which was lower than analysts' forecasts of 1.3%. In monthly terms, a deflation of 0.1% was recorded, which coincided with analysts' forecasts.

    Food prices in the USA in May in monthly terms increased by 0.7%, while energy prices decreased by 1.8%. On an annualized basis, foodstuffs rose in price in the reporting month by 4%, while energy prices fell by 33.2%.
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