Global oil demand will not return to pre-pandemic levels until 2023, according to the International Energy Agency report. IEA expects growth to be subdued thereafter amid new working habits and a shift away from fossil fuels. IEA projects fuel consumption to average just over 101 million barrels a day in 2023, fully recouping the 9 million a day lost last year during … [Read more...] about IEA Does Not Expect Global Oil Demand to Hit Pre-Pandemic Level Until 2023
Forex News
Euro Under Pressure Amid Third Wave COVID-19 Concerns. AUD Shrugs off RBA Disappointment
The euro remains under pressure amid growing concerns over the third wave of coronavirus infection, which could trigger Germany's lockdowns.On the other hand, the British pound continues to hold firm amid increased optimism about economic recovery ahead of the BOE meeting on Thursday.Gold appears to have regained its status as a header against rising inflation, having found … [Read more...] about Euro Under Pressure Amid Third Wave COVID-19 Concerns. AUD Shrugs off RBA Disappointment
Homebuilder Confidence Takes a Hit from Higher Interest Rates and Material Costs
The Housing Market Index fell 2 points to 82 in March, according to the National Association of Home Builders press release. The index was weighed down by rising interest rates and costs for materials, especially lumber. The builders' index in March 2021 is higher than 72 recorded in March 2020 but below a record high of 90 in November. Supply shortages and high demand … [Read more...] about Homebuilder Confidence Takes a Hit from Higher Interest Rates and Material Costs
U.S Retail Sales Fall in February Following an Inclement Winter Weather
U.S. retail sales in February declined by 3%, more than expected 0.5% drop, according to the Census Bureau press release. The retail slump follows an upwardly revised 7.6% jump in January and is linked to severe winter weather that swept large parts of the country. Eleven of the 13 retail categories registered declines in February, including a 4.2% decrease at motor … [Read more...] about U.S Retail Sales Fall in February Following an Inclement Winter Weather
EUR/USD Forms Massive Head and Shoulders Pattern ahead of ECB
The EUR/USD rose for the first time in six days as investors waited for the important US inflation data and European Central Bank (ECB) decision set for Thursday. Euro bounces back The EUR/USD price has been on a steep downward trend in the past few weeks as investors focus on the $1.9 trillion stimulus package and its impact on the American economy. The pair has dropped … [Read more...] about EUR/USD Forms Massive Head and Shoulders Pattern ahead of ECB
