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Key events and releases for the week starting February 22 Coming Up! Title text for next article LON SDNY+11 NY -5 TYO +9 GMT Fed Powell testifies. RBNZ rate decision Monday German Ifo business climate index. 4 AM ET/0 900 GMT NZD retail sales QoQ, 4:45 PM ET/2145 GMT Tuesday UK employment statistics. 2 PM ET/0700 GMT Fed Powell

By John Kemp LONDON: US petroleum consumption and inventories have returned to normal after the pandemic and volume war last year, with the significant exception of jet fuel, where demand remains suppressed by travel restrictions. Market rebalancing has been completed earlier than seemed likely a few months ago, as a result of a strong recovery

We expect the RBNZ to deliver a less dovish message in the upcoming meeting. Economic data released since the November meeting have been encouraging, with the price level and the job market on track to reach the target. These should lead to upgrades in the economic projections. Financial conditions have tightened as the yield curve

Forex news for North American trading on February 19, 2021 The USD was the weakest currency at the close of yesterday and it continued the move to the downside today. Although it was not the weakest of the majors (the CHF was the weakest), it fell vs all the majors with the exception of the CHF.  The biggest

NEW YORK: Oil prices fell for a second day on Friday, retreating further from recent highs as Texas energy companies began preparations to restart oil and gas fields shuttered by freezing weather. Brent crude futures were down 33 cents, or 0.5%, at $63.60 a barrel by 11:06 a.m. (1606 GMT) U.S. West Texas Intermediate (WTI)

Sterling continues to trade as the strongest one for the week, as focus turns to UK retail sales and PMIs. Upside surprises there could give the Pound another lift. Australian Dollar is keeping itself close as second strongest for now. On the other hand, Yen and Swiss France are staying as the weakest, followed by

Highlights of the G7 statement Will shape a recovery that promotes the health and prosperity of our people and planet Covid-19 shows the world needs stronger defenses against future risks to global health security We reaffirm our support to the most vulnerable countries We will put our global ambitions on climate change and the reversal

By Yvonne Yue Li, Joe Richter and Eddie SpenceGold began the year with lofty expectations on the back of a record high and its biggest annual gain in a decade. Instead, the precious metal is off to its worst start in 30 years. Spot prices touched a seven-month low on Friday, deepening a slump and

Australian Dollar overtakes Sterling as the strongest one for the week, as supported by return of risk-mode markets. In particular, industrial metal is having strong rally with copper trading up 2% at the time of writing. Sterling shrugs off poor retail sales but was supported by PMI and upbeat comments from BoE official. Euro is

Forex news for Asia trading for Friday 19 February 2021 The Canadian dollar was a mover on the session, weakening alongside the continued slide in oil prices during the day here. A restart of power supplies to some parts of Texas will enable some oil production to recommence, and the Biden administration looking to restart

MELBOURNE: Oil prices slid as much as 2% in early trade on Friday, adding to overnight declines, on worries that refineries shut by a big freeze in the U.S. South will take some time to revive operations and dent crude demand. U.S. West Texas Intermediate (WTI) crude futures fell $1.21, or 2%, to $59.31 a

Australian Dollar strengthens mildly in Asian session today, as supported by another set of solid job data. But overall, trading in the forex markets is subdued. Dollar is taking a breather as FOMC minutes provided no special inspirations. The greenback is, nonetheless, staying as the strongest one for the week, together with Sterling. Yen, Swiss

Weekly US petroleum inventory data Prior crude -6645K Gasoline +672K vs +1477K expected Distillates -3422K vs -1549K expected Production 10.8 mbpd vs 11.0 mbpd prior API private oil inventories from late yesterday: Crude -5800K Gasoline +3900K Distillates -3500K Cushing -3000K This is for the week ending Feb 12 so it doesn’t capture the impact of

oil market. More than 4 million barrels a day of output — almost 40% of the nation’s crude production — is now offline, according to traders and executives. One of the world’s biggest oil refining centers has seen output drastically cut back. The waterways that help U.S. oil flow to the rest of the world

Dollar is back under some selling pressure, starting in European session, and intensifies after poor job data. Weakness in the greenback is dragging down Canadian Dollar as the second worst performing, while Yen follows as third. Sterling is once again leading the way higher, followed by Aussie and Kiwi. Euro and Swiss France are mixed,

Forex news for Asia trading for Thursday 18 February 2021 Oil prices gained again today, Brent hit above $65 and to its highest since January 2020. There had been forecasts for the price rise (GS had forecast it for July) but it has come sooner than expected on the back of the ‘reflation trade’ as

Gold prices inched up on Thursday, recovering from a more than two-month low hit in the previous session as U.S. Treasury yields retreated, although a stronger dollar kept bullion’s gains in check. FUNDAMENTALS Spot gold was up 0.1% at $1,777.06 per ounce by 0012 GMT, having dropped to its lowest since Nov. 30 at $1,768.60

The FOMC minutes for the January meeting revealed that policymakers were cautiously optimistic over the economic outlook. Meanwhile, it also dampened hopes of tapering. US dollar’s rebound has been driven by more upbeat economic data and rising yields. However, the Fed’s pledge to maintain an ultra accommodative policy should keep upside limited. The members acknowledged