Source: OPEC OPEC+ agreed to retain its schedule of moderate monthly oil-production increases, leading to higher crude prices. CL1! Up +2.56%, USOIL up +2.69% Ministers ratified a supply hike of 400,000 barrels a day scheduled for November on Monday. Heading into the talks, there had been speculation that the group could choose a larger supply increase in November.West … [Read more...] about Oil Prices Soar as OPEC Sustains Slow Monthly Crude Supply Increases
Forex News
Euro Area’s Household Financial Investment Cools to a 4.2% Annual Growth in Q2
Source: ECB Households in the euro area posted a 4.2% annual increase in financial investment in the second quarter of 2021, a decline from 4.8% registered in the first quarter. DAX is down 0.28%, EURUSD is up 0.36%. Gross disposable income rose by an annual rate of 4.9%, a higher increase compared to 1.0% in the first quarter. The gross savings rate by households fell … [Read more...] about Euro Area’s Household Financial Investment Cools to a 4.2% Annual Growth in Q2
Euro Area’s Current Account Surplus rises to 2.9% of GDP in the Second Quarter
Source: ECB The current account surplus in the euro area was 337 billion euros in the second quarter of 2021, a 2.9% of GDP, up from 200 billion euros or 1.7% of GDP in the prior year. DAX is down -0.26%, EURUSD is up +0.30%. The increase in the euro area’s current account surplus reflected a shift of services balance from a negative value of 23 billion euros, to a … [Read more...] about Euro Area’s Current Account Surplus rises to 2.9% of GDP in the Second Quarter
GBPUSD Price Outlook: The Pound’s on Course for Further Gains
The end of quantitative easing in the UK and an expected rise in interest rates are likely to boost the GBP.The UK economy is on a recovery path following an end to lockdowns and successful mass vaccination, but the energy crisis poses a big challenge.USD faces many challenges, with Evergrande still in the red, a debt ceiling crisis, and low jobs being key … [Read more...] about GBPUSD Price Outlook: The Pound’s on Course for Further Gains
American Construction Spending Flat in August
Source: US Census Bureau Overall construction spending fell flat in August, as private construction posted a slight decline while public construction saw slight gains. XHB is up 0.28%, and PKB is up 0.50%. Total construction spending for the month stood at $1.584 trillion in August, unchanged from the revised July estimate, and 8.9% up from $1.455 trillion a year … [Read more...] about American Construction Spending Flat in August
