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GMC GROUP FOR INDUSTRIAL COMME   1.29        Telecom Egypt   11.48        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        Modern Company For Water Proof   1.03        Egyptian Real Estate Group   6.85        Pioneers Holding   2.84        Ezz Steel   7.86        Orascom Telecom Holding (OT)   3.92        Rakta Paper Manufacturing   4.39        Egyptian Iron & Steel   6.87        Naeem Holding   0.19        Misr Chemical Industries   5.65        United Arab Shipping   0.43        Egyptians Housing Development    1.94        Universal For Paper and Packag   4.94        Northern Upper Egypt Developme   4.93        Canal Shipping Agencies   7.39        Egyptian for Tourism Resorts   0.69        Modern Shorouk Printing & Pack   7        Upper Egypt Contracting   0.8        Egyptian Financial Group-Herme   7.42        Orascom Construction Industrie   240.82        Heliopolis Housing   21.65        United Housing & Development   8.93        Raya Holding For Technology An   4.57        International Agricultural Pro   2.1        Gulf Canadian Real Estate Inve   18.08        Alexandria Pharmaceuticals   45.71        Arab Cotton Ginning   2.46        Egyptian Chemical Industries (   7.26        National Real Estate Bank for    11.84        National Development Bank   6.72        Six of October Development & I   15.03        Oriental Weavers   20.66        Arab Gathering Investment   16.29        Egyptians Abroad for Investmen   2.75        Palm Hills Development Company   1.61        Credit Agricole Egypt   9.04        Remco for Touristic Villages C   2.13        Commercial International Bank    29.87        El Ezz Porcelain (Gemma)   1.9        Egyptian Starch & Glucose   5.4        Arab Real Estate Investment (A   0.41        South Valley Cement   3.12        Citadel Capital - Common Share   2.5        Rowad Tourism (Al Rowad)   5.05        Union National Bank - Egypt "    3.25        Ceramic & Porcelain   2.88        El Nasr Transformers (El Maco)   4.78        Egyptian Media Production City   2.31        GB AUTO   27        Sharkia National Food   3.78        Egyptian Transport (EGYTRANS)   7.85        El Kahera Housing   4.97        El Shams Housing & Urbanizatio   2.45        Egyptian Kuwaiti Holding   0.7        ARAB POLVARA SPINNING & WEAVIN   2.11        Cairo Poultry   8.32        Egyptian Financial & Industria   8        T M G Holding   4.03        Asek Company for Mining - Asco   10.66        Misr Hotels   27        Egyptian Electrical Cables   0.56        Medinet Nasr Housing   22.51        Mena Touristic & Real Estate I   1.21        ELSWEDY CABLES   18        Al Arafa Investment And Consul   0.17        Prime Holding   0.91        Alexandria Spinning & Weaving    0.74        General Company For Land Recla   16.6        Gharbia Islamic Housing Develo   8.41        Alexandria Cement   8.9        Arab Valves Company   0.94        Sidi Kerir Petrochemicals   12.4        TransOceans Tours   0.09        Egyptian for Developing Buildi   6.43        Egyptian Gulf Bank   1.24        Kafr El Zayat Pesticides   18.19        Faisal Islamic Bank of Egypt -   35.1        National company for maize pro   11.86        Delta Construction & Rebuildin   4.03        Zahraa Maadi Investment & Deve   48.25        Samad Misr -EGYFERT   3.52        Egypt for Poultry   1.41        Cairo Development and Investme   11.7        Cairo Pharmaceuticals   20.1        Maridive & oil services   0.9        Suez Canal Bank   3.75        Nile Pharmaceuticals   15.81        The Arab Dairy Products Co. AR   73.85        National Housing for Professio   14.39        El Ahli Investment and Develop   4.87        Egyptian Saudi Finance Bank   10.79        Ismailia National Food Industr   5.16        National Societe Generale Bank   25.52        Acrow Misr   19.16        Alexandria Mineral Oils Compan   63.63        Paper Middle East (Simo)   5.59        Egypt Aluminum   12.31        Giza General Contracting   13.12        Middle Egypt Flour Mills   5.82        Extracted Oils   0.6        Assiut Islamic Trading   4.56        Engineering Industries (ICON)   3.95        North Cairo Mills   15.3        Arab Pharmaceuticals   11.88        Grand Capital   5.38        El Ahram Co. For Printing And    10.68        Minapharm Pharmaceuticals   25.49        El Arabia Engineering Industri   13.52        El Nasr For Manufacturing Agri   9.71        Naeem portfolio and fund Manag   1.7        Faisal Islamic Bank of Egypt -   6.76        Natural Gas & Mining Project (   68.26        Housing & Development Bank   13.95        East Delta Flour Mills   31.5        Orascom Development Holding (A   3.22        Memphis Pharmaceuticals   11.12        Abou Kir Fertilizers   134.23        Delta Insurance   5        Cairo Investment & Real Estate   12.18        Cairo Oils & Soap   12.98        Egyptian Arabian (cmar) Securi   0.36        Egyptian Real Estate Group Bea   15.56        Alexandria Containers and good   85.51        Upper Egypt Flour Mills   45.78        Development & Engineering Cons   9.94        Sinai Cement   15.18        Medical Union Pharmaceuticals   28.01        Torah Cement   24.2        Alexandria New Medical Center   46.55        Export Development Bank of Egy   5.04        Egyptian Company for Mobile Se   92.02        Middle & West Delta Flour Mill   32.7        El Kahera El Watania Investmen   4.18        Mansourah Poultry   12.41        Delta Sugar   11.04        Misr Beni Suef Cement   41.21        Egyptian Satellites (NileSat)   6.14        Cairo Educational Services   17.75        Lecico Egypt   7.55        Sharm Dreams Co. for Tourism I   5.3        General Silos & Storage   10.77        Al Moasher for Programming and   0.66        UTOPIA   5.28        Arab Ceramics (Aracemco)   25.4        Barbary Investment Group ( BIG   0.98        

The Watch - forex news

Amwal Al Ghad English - 2016-05-18 08:17:42
Oil futures were trading near 2016 highs on Wednesday, as supply disruptions and output cuts continued to tighten the market, although traders cautioned that high global crude inventories were still weighing on prices. International Brent crude futures LCOc1 were trading at $49.36 per barrel at 0644 GMT, 8 cents above their last settlement. U.S. West Texas Intermediate (WTI) crude futures CLc1 were 11 cents higher at $48.42 a barrel. Both contracts remained near their 2016 highs of $49.75 and $48.76 per barrel respectively, hit during intra-day trading the previous day. "With oil continuing to suffer from supply disruptions ... EIA inventory data will be key to price action. Any further decline in stockpiles could see oil's run higher continue," ANZ bank said. The U.S. Energy Information Administration (EIA) is scheduled to release official storage data on Wednesday. "With (Canadian) wildfires shifting back toward oil sands operations, the risk of supply disruptions extending into June has increased substantially. Combined with further falls in exports from Nigeria, the physical market is particularly tight," ANZ added. Saudi Arabia's crude oil exports in March fell to 7.541 million barrels per day (bpd) from 7.553 million bpd in February, official data showed on Wednesday. The oil industry is also keeping an eye on Venezuela, where economic and political turmoil is threatening crude production. "Supply outages, when set alongside concerns over Venezuelan supply (due to insufficient funds to pay oil companies or spend on the maintenance of loading terminals), represents a significant amount of oil lost in the short-term, which in turn is reflected in firm time spreads at the front of the curve," BNP Paribas said. Despite the disruptions, analysts said that global markets remained slightly oversupplied. "World oil production is now about 96 million barrels a day, and is oversupplied by approximately 1 million barrels a day," said Ralph Leszczynski of ship broker Banchero Costa. BNP Paribas said that there was also a large storage overhang that would have to be reduced before the market could swing back into balance. The bank even said that global crude inventories were still edging up despite the supply disruptions, implying that there is still more oil being produced than consumed. More»
Amwal Al Ghad English - 2016-05-17 10:43:19
Hopes the global oil oversupply is coming to a halt have sent oil prices rallying almost 20% the past month, but there’s a major risk that could crush the rebalancing story — Libya. The conflict-torn country has seen oil production collapse to less than a quarter of its capacity of around 1.5 million barrels a day following attacks by Islamic State and rival governments struggling for control over natural resources. A resolution of the conflict, however, could quickly see the country’s output double, rekindling fears of a supply glut in the already-volatile oil market, said Christof Rühl, global head of research at ADIA, the Abu Dhabi Investment Authority. When asked what’s the biggest risk to the oil market is he said: “The situation in Libya.” “There’s a huge amount of oil potentially coming back. It’s not coming back right now, but there’s a huge disruption, which could be fixed,” he said at the sidelines of the Platts Oil Summit in London last week. A key reason global oil prices started to crumble in the summer of 2014 was an oversupply in the market. Since then, output has started to decline in several oil-producing countries, particularly in the U.S. This — along with a pick up in demand — is seen as potentially bringing the oil market back to balance, which could help give a boost to prices. The battle for oil revenue Since the fall of Moammar Gadhafi in 2011, Libya’s government has struggled to control brigades of former rebels, which have been causing significant disruptions to the country’s oil production, refining facilities and oil shipments. The authorities that control the eastern half of Libya in early May moved to block oil exports from areas under their control, escalating a domestic fight over oil revenue. Under Libyan law, enforced by the United Nations, the country’s oil must be shipped via its official National Oil Co., which is based in the western capital of Tripoli. Chairman of the NOC, Mustafa Sanallah, was scheduled to attend the Platts conference last week, but had to cancel in the 11th hour. “[The risks to the oil market] are really large-scale production coming back from disruptions or existing spare capacity. The biggest spare capacity is in Saudi Arabia and the biggest disruption is in Libya,” Rühl from ADIA said. Rühl was previously a highly respected chief economist at BP PLC. The row over oil between the east and the west, coupled with ISIS attacks on key production facilities, have significantly hurt Libyan oil output. In April, the country produced 360,000 barrels of oil a day, down 160,000 barrels from April last year, according to the latest report from the International Energy Agency. It looks to be even lower in May, the IEA said, to just above 200,000 barrels a day because of the feud between the rival governments, disruptions at the Marsa El-Hariga port and limited storage capacity. “But Libya may yet surprise to the upside as it has the potential to double output to more than 700 kb/d, provided the eastern ports of Ras Lanuf and Es Sider are reopened,” the IEA said in the report. ‘The Somalia of the oil markets’ The first step in resolving the conflict came over the weekend, when the eastern factions allowed oil to be shipped to refineries in the west again. However, the two sides have yet to agree on ending the export dispute from the Marsa El-Hariga terminal in Tobruk, which accounts for more than 150,000 barrels of oil exports a day, according to The Wall Street Journal. Helima Croft, chief commodities strategist at RBC Capital Markets, said there are little hopes of ending the Libyan rivalries, dismissing fears the country will ramp up production and upset the oil market. “Libya is a failed state,” she said. “We still have a divided government there, multiple armed factions and now we have ISIS. I’m not sure this is the recipe for sustainable production... I think of it as Somalia of the oil markets at this point”. More»
Amwal Al Ghd English - 2016-05-17 08:42:21
Oil futures rose for a second straight session on Tuesday, with U.S. crude hitting a seven-month high, as the market focused on supply disruptions that prompted long-time bear Goldman Sachs to issue a bullish assessment on near-term prices. Crude oil prices have rallied for most of the past two weeks due to a combination of Nigerian, Venezuelan and other outages, declining U.S. output and curtailments of Canadian crude after fires in Alberta's oil sands region. U.S. West Texas Intermediate (WTI) futures were up 67 cents at $48.39 a barrel at 0635 GMT, the highest since October. Brent crude futures were up 37 cents at $49.34 a barrel, near the six-month high of $49.47 reached on Monday. Outages throughout May will average 3.2 million barrels per day (bpd), Energy Aspects analyst Amrita Sen said in a research note. "The longer these outages, the quicker the pace of rebalancing," Sen said. "Although refining margins remain weak, we maintain our view that persistent crude stock draws (will) begin by end Q2 16," she said. The disruptions triggered a U-turn in the outlook for the oil market from Goldman Sachs. The U.S. bank, which had long warned of global storage hitting capacity and of another oil price crash to as low as $20 a barrel, now sees U.S. crude trading as high as $50 in the second half of 2016. A further bullish note was sounded by the U.S. Energy Information Administration (EIA) when it said shale oil output is expected to drop in June for an eighth consecutive month. Shale output is expected to fall by nearly 113,000 bpd to 4.85 million bpd, as the nearly two-year slump in prices continues to undermine profitability for drillers, the EIA report released on Monday shows. Oil prices were also drawing support from fires burning around the Canadian oil sands hub of Fort McMurray. The fires were growing and moving rapidly north late on Monday, forcing firefighters to shift their focus to protecting major oil sand facilities north of the city, officials said. A dozen work camps south of the major projects faced mandatory evacuation notices. More»
Amwal Al Ghad English - 2016-05-17 08:15:49
The dollar edged down slightly in Asian trading on Tuesday, while the Australian dollar soared after central bank minutes reduced expectations of an interest rate cut. The Aussie was already bolstered by a rebound in crude oil futures. U.S. crude hit a six-month high, as the market focused on supply disruptions that prompted long-time bear Goldman Sachs to issue a more bullish assessment. [O/R] Minutes of the Reserve Bank of Australia's (RBA) May policy meeting, at which policymakers reduced the cash rate by a quarter point to a record low 1.75 percent, were less dovish than some had anticipated. The Aussie was up 0.8 percent at $0.7349 AUD=D4 after rising as high as $0.7368, pulling decisively away from a two-and-a-half month low of $0.7236 plumbed in the previous session. "The fact that they discussed waiting for more info before cutting in May suggests there is a very low chance of an early follow up, and the chance (of a rate cut) in August should be reduced," said Shinichi Kashiwagi head of market sales for Japan at National Australia Bank in Tokyo. More»
Amwal Al Ghad English - 2016-05-16 07:35:07
Oil prices jumped over 1 percent on Monday after long-time bear Goldman Sachs said the market had ended almost two years of oversupply and flipped to a deficit following global oil disruptions. Brent crude futures were trading at $48.47 per barrel at 0703 GMT, up 64 cents, or 1.3 percent, from their last settlement. U.S. crude futures were up 62 cents, or 1.3 percent, at $46.83 a barrel. Supply disruptions around the world of as much as 3.75 million barrels per day (bpd) have wiped out a glut that pulled down oil prices by as much as over 70 percent between 2014 and early 2016. The disruptions have now triggered a U-turn in the outlook of Goldman Sachs, which long warned of overflowing storage and another looming price crash. "The oil market has gone from nearing storage saturation to being in deficit much earlier than we expected," Goldman said. "The market likely shifted into deficit in May ... driven by both sustained strong demand as well as sharply declining production," it said, flipping the market from a 2 million bpd in 2015 supply overhang to a deficit of over 400 million bpd by the fourth quarter this year. However, Goldman cautioned that the market would flip back into a surplus of 258-403 million bpd in the first half of 2017. In Nigeria, output has fallen to its lowest in decades at around 1.65 million bpd following several acts of sabotage. In the Americas, Venezuela seemed on the brink of meltdown, triggering fears of default by its national oil company PDVSA, which has to make almost $5 billion in bond payments this year. Venezuela's oil production has already fallen by at least 188,000 bpd this year. In the United States, crude production has fallen to 8.8 million bpd, 8.4 percent below 2015 peaks as the sector suffers a wave of bankruptcies. And in China, output fell 5.6 percent to 4.04 million bpd in April, year-on-year. Countering this, supply rose from the Organization of the Petroleum Exporting Countries (OPEC) as its producers are engaged in a race for market share. OPEC pumped 32.44 million bpd in April, up 188,000 bpd from March, the highest since at least 2008. Also preventing steeper price jumps was a recovery in output in Canada following closures due to a wildfire, as well as bloated global crude storages. "The inventory buffer may be preventing full price recovery and ... the market is rightly nervous about the sustainability of outages," said Morgan Stanley. Barclays said that "while the supply-side disruptions are supporting oil market balances, refinery margins are starting to weaken, especially in Asia," adding that weaker demand from those refiners could produce "downside risk to prices in Q3 16." More»
Amwal Al Ghad English - 2016-05-14 09:16:17
Gold futures scored a gain Friday, but still suffered a loss for the week—the first in three weeks—pressured by overall strength in the U.S. dollar. Some of the latest U.S. economic data may raise the probability of higher interest rates, which also tend to pressure prices for the precious metal. Gold for June delivery GCM6, +0.24% added $1.50, or 0.1%, to settle at $1,272.70 an ounce, after trading between a high of $1,277.70 and low of $1,264 Friday. The contract saw a nearly 1.7% weekly decline, which was the first loss since the week ended April 22. July silver SIN6, +0.16% tacked on 2.9 cents, or 0.2%, to end at $17.132 an ounce. It saw a 2.3% weekly drop. Prices for gold and silver have suffered on the back of a stronger U.S. dollar. Commodities priced in dollars often trade inversely with the dollar, as moves in the U.S. unit can influence the attractiveness of those commodities to holders of other currencies. The ICE U.S. Dollar Index DXY, +0.44% rose again Friday and was set for a weekly climb of roughly 0.8%. The greenback rallied after data showed that U.S. retail sales climbed by 1.3% in April, the largest monthly gain in a year. The University of Michigan’s consumer sentiment index also surged 7.6% to early May. Upbeat economic data are supportive of a Federal Reserve interest-rate hike. Higher interest rates can help boost the U.S. dollar and, in turn, weigh on dollar-denominated commodities such as gold. “The dollar rally has dented gold, but it’s not like the bullion market walked under a ladder, broke a mirror, or crossed a black cat this Friday 13th,” said Adrian Ash, head of research at BullionVault. “Gold priced in most other currencies is flat or higher on the week, supported again by [exchange-traded fund] inflows and bullish speculation in Comex futures.” On Friday, the gold ETF SPDR Gold Trust GLD, +0.45% added 0.4%, while silver-focused iShares Silver Trust SLV, +0.37% was 0.3% higher. “Word is that allocated holdings of physical metal continue to grow amongst wealth managers too, and it’s that big money which really counts for gold prices,” said Ash. Meanwhile, “Asian demand remains notable by its absence, but that’s nothing new as summer begins.” Indian and Chinese demand both suffered from the price jump in the first quarter, as the World Gold Council’s latest report shows, as well as from economic issues, said Ash. “So while weak summer demand shouldn’t prove a drag on rallies, it could pose a risk if this consolidation fails and prices fall back in search of a floor.” Tracking movements in other Comex metals, July copper HGN6, +0.17% ended about flat at $2.074 a pound, for a weekly loss of 3.7%. July platinum PLN6, +0.00% finished at $1,052.10 an ounce, down $1.90, or 0.6%. It was around 3% lower for the week. June palladium PAM6, -0.59% fell $4.25, or 0.7%, to $592.40 an ounce, down roughly 2.4% on the week. More»
Amwal Al Ghad English - 2016-05-14 09:12:15
Oil futures settled lower on Friday as investors worried that recent gains in prices, which finished the week more than 3% higher, may encourage crude producers to ramp up output. Prices, however, pared down some of their earlier losses after data on the number of active U.S. rigs drilling for oil showed a decline for an eight straight week. June West Texas Intermediate crude CLM6, -0.71% fell 49 cents, or 1.1%, to settle at $46.21 a barrel on the New York Mercantile Exchange. Prices were trading around $46.06 shortly before the rig count figures. For the week, they finished roughly 3.5% higher. WTI oil posted a decline last week, but saw gains in each of the four weeks before that. July Brent crude LCON6, -0.48% on London’s ICE Futures exchange fell 25 cents, or 0.5%, to $47.83 a barrel. It traded around 5.3% higher on the week. Oil hit fresh six-month highs on Thursday after a report from the Paris-based International Energy Agency said global crude inventories will experience a “dramatic reduction” in the second half of the year on the back of strong demand falling supplies. Oil prices have gained with global supply “finally slowing down,” said Naeem Aslam, chief market analyst at ThinkForex. The Organization of the Petroleum Exporting Countries said Friday in a report that shrinking U.S. output and massive cuts to investment in new oil projects will reduce the global oil glut over the course of this year. U.S. shale oil production has already “flattened,” said Aslam. Government data released in mid-April showed expectations for a fall of 114,000 barrels a day in May oil production to 4.836 million barrels a day. The next update is due Monday. On Friday, weekly data from Baker Hughes BHI, -1.85% revealed a decline of 10 in the number of U.S. rigs actively drilling for crude, which now stand at 318. That was the eighth week in a row of declines. A retreat in shale-oil output and the drilling rig count have helped fuel recent price gains. But “it is important to keep in mind that there is still no cease-fire when it comes to oil production between OPEC members,” Aslam said. OPEC output rose by 330,000 barrels a day in April to 32.76 million barrels a day—the highest level since 2008—amid a climb in output from Iran, according to the IEA. More»
Amwal Al Ghad English - 2016-05-14 08:59:16
The dollar strengthened sharply on Friday against the euro after a surprisingly strong reading on U.S. retail-sales growth calmed worries about slowing economic growth while bolstering the U.S. Federal Reserve’s case for raising interest rates twice this year. Sales at U.S. retailers climbed 1.3% in April, the largest monthly gain in a year. Economists polled by MarketWatch expected a 1% increase. Consumer spending is a key driver of U.S. economic growth, and the rebound in April bodes well for second-quarter gross domestic product. The Atlanta Fed’s GDPNow indicator is forecasting GDP growth of 2.8% for the second quarter, up expectations of 1.7% growth on May 4. The ICE U.S. Dollar index DXY, +0.44% a measure of the buck’s strength against a basket of six rivals, was up 0.5% to 94.6160 late Friday in New York after briefly hitting a more than two-week high earlier in the session. The index logged a weekly gain of 0.8%—its second weekly rise in a row. The dollar gauge has logged a weekly gain in four of the past five weeks. Meanwhile, the buck posted its second straight weekly gains against the euro and pound. Though the retail sales report suggested consumer spending has been stronger this year than previously thought, analysts cautioned that investors would likely need to see more strong economic data before it materially impacts their expectations for the pace of Fed rate hikes. “We won’t go a million miles on the back of one print like this but it encourages people to say ‘look, the Fed will be hiking rates and the ECB and BOJ won’t be,” said Kit Juckes, chief currency strategist at Société Générale. In other data released Friday, producer prices rose a tepid 0.2% in April after two straight months of declines, suggesting that price inflation at the wholesale level remains largely absent. Other data released Friday was moderately more positive. The University of Michigan’s gauge of consumer sentiment showed a stronger-than-expect rise, as did a reading on business inventories. One dollar USDJPY, -0.35% bought ¥108.64 late Friday in New York, down from ¥108.99 late Thursday in New York. The euro EURUSD, -0.6065% bought $1.1307 late Friday in New York after touching a two-week low against the dollar earlier in the session. By comparison, the shared currency traded at $1.1377 late Thursday. The pound GBPUSD, -0.5951% also weakened, trading at $1.4368 late Friday in New York, compared with $1.4447 late Thursday. Over the past week, several Fed officials have said two rate hikes this year remains a possibility as long as U.S. economic data continues to show improvement. Juckes said this was an attempt to correct investors’ views on what the Fed might do. In a set of projections released in March, a majority of Federal Reserve policy makers said they expected to raise interest rates twice this year. A previous set released in December called for four hikes. But investors have been skeptical. The Fed-funds futures market, a widely watched gauge of investors thinking on the timing of Fed rate hikes, was pricing in only a 57% probability of just one hike this year, according to a reading on the CME Group’s FedWatch tool Friday afternoon in New York. “The market has walked itself an awfully long way from the dots and the Fed governors don’t want to let it go forever,” Juckes added. San Francisco Fed President John Williams will speak to the Sacramento Economic Forum in Sacramento, Calif., at 6:25 p.m. Eastern Time. More»
Amwal Al Ghad English - 2016-05-12 09:42:48
The yen fell on Thursday as investors sold the currency amid speculation that the Bank of Japan could decide to expand its monetary stimulus as soon as next month. Talk of more action gathered pace after prominent Japanese academic Takatoshi Ito said the BOJ is likely to expand monetary stimulus either in June or July. Ito is said to have close ties to Governor Haruhiko Kuroda. For his part, Kuroda said the BOJ won't hesitate to take further easing steps if necessary, adding that there were still large downside risks to Japan's economy. The BOJ introduced negative rates earlier this year, but that has had little impact on the yen or economic data, so far, analysts say. The dollar rose 0.5 percent to 108.97 yen JPY=, recovering from a 18-month low of 105.55 yen on May 3, after the BOJ held off from expanding its monetary stimulus at its policy meeting in late April. Traders have been cutting favorable bets on the yen following a series of warnings from Japanese Finance Minister Taro Aso that Tokyo would intervene to curb any excessive one-sided gains. "With policy easing speculation gaining ground and the Finance Minister talking down the yen, it is clear they do not want a stronger currency," said Niels Christensen, FX strategist at Nordea. Many analysts believe Japan will be wary of intervening before it hosts a Group of Seven meeting this month, even though Tokyo is unhappy with the yen's rise of more than 10 percent so far this year. "For dollar/yen, it would appear that it is now caught in nervous range trade around 105 to 110," said Heng Koon How, senior currency strategist for Credit Suisse Private Banking Asia Pacific. "It is likely that Tokyo is still trying to build consensus and agreement on intervention both internationally and domestically." The focus in Europe will be on "Super Thursday" as investors prepare for the Bank of England's monetary policy decision, its minutes, the quarterly Inflation Report and a press conference from Governor Mark Carney. With the Brexit debate raging, chances are the monetary policy committee could sound dovish and the Bank may downgrade growth forecasts. The pound on the defensive as polls showed the vote on Britain's membership in the European Union on June 23 is still too close to call. It was down 0.2 percent at $1.4415 GBP=D4, not far from its two-week low of $1.4375 touched on Monday. The Norwegian crown EURNOK= was slightly higher before a Norges Bank rate decision at 0800 GMT. The bank is expected to keep rates unchanged, but with first-quarter growth data also due at the same time there is a chance that the numbers could show the Norwegian economy has stagnated. ECONNO "If the Norges signals more rate cuts for September, we could see the crown drop. The market is pricing in a 50/50 chance for a move in September," said Nordea's Christensen. More»
Amwal Al Ghad English - 2016-05-12 09:06:55
Oil prices were steady on Thursday, weighed by the gradual return of Canadian oil sands output but supported by a surprise drop in U.S. crude inventories and a tightening global market. International Brent crude futures were trading at $47.63 per barrel at 0712 GMT on Thursday, up 3 cents from their last settlement. U.S. West Texas Intermediate (WTI) crude futures CLc1 were 1 cents lower at $46.22. Traders said an expected increase in Canadian oil sands crude output following disruptions to over 1 million barrels of daily production capacity due to wildfire was weighing on markets. However, an unexpected fall in U.S. crude inventories along with a tightening global market were supporting prices, traders said. The U.S. Energy Information Administration (EIA) said on Wednesday that U.S. crude inventories fell 3.4 million barrels to 540 million barrels last week, compared with analyst expectations for an increase of 714,000 barrels and the American Petroleum Institute's (API) reported build of 3.5 million barrels in preliminary data issued on Tuesday. "With (refinery) runs recovering and production dropping, U.S. (crude) stocks should begin drawing steadily from now," consultancy Energy Aspects said on Thursday. "We estimate that North American inventories can fall by as much as 12 million barrels across May and June," it added. OPEC TALKS, NO ACTION Globally, supply cuts and disruptions in the Americas, Asia and Africa have significantly tightened the market in recent weeks, virtually eliminating a global supply overhang which rose as high as 2 million barrels per day over the past year. Middle East oil exporter Kuwait said that recent price rises were fundamentally justified. "Based on the decrease in production that has been shown in the last three weeks, I assume fundamentally the price represents the fall of production," Kuwait's acting oil minister Anas al-Saleh told Reuters on Thursday. He also said that the Organization of the Petroleum Exporting Countries (OPEC), of which Kuwait is a member, would not seek price supporting market intervention during its next scheduled meeting on June 2, and instead focus on dialogue among the producer cartel. At an April producer meeting, OPEC rivals Saudi Arabia and Iran could not agree on deal terms, triggering criticism that the producers' cartel had lost its ability to act. More»