Oil futures entered a phase of consolidation UNDER $ 50.00

Oil futures on NYMEX its Asian downslide and entered a phase of consolidation above $ 49.60, as focus shifts to fresh US crude supplies reports due later in the week ahead. The US oil fell back in the red on Monday, after having staged a temporary reversal from the OPEC outcome induced 5% sell-off seen on Thursday, as Friday’s US drilling report continues to weigh on the black gold. According to energy services firm Baker Hughes Inc, the US drillers

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AUD/USD pair set-off a brand new week on a softer note

AUD/USD pair set-off a brand new week on a softer note, extending last week’s bearish streak, after having failed several attempts to take-out stiff resistances located near 0.7520 region. AUD/USD eyes a test of Friday’s low of 0.7419 The bears are in control so far this session, as risk-off remains at full steam amid negative Australian indices and tumbling commodities’ prices, particularly copper and oil prices. Copper futures on Comex drop -0.35% to $ 2.558/ pound. Moreover, steady demand for

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US Dollar edging higher

The greenback, in terms of the US Dollar Index, is looking to extend the upbeat momentum at the beginning of the week, currently challenging session tops in the 97.30 region. Slowly but relentlessly, the index managed to leave behind YDT lows around 96.70 and regain the 97.00 handle and above, helped by dip-buyers and some re-focusing on the prospects of further tightening by the Federal Reserve at its June meeting. Tracked by CME Group’s FedWatch tool, the probability of a

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GBP extends rebound amid light trading

Asia was very calm as holiday-thinned trading persisted, with China on a 3-day break in observance of the Dragon Boat festival. The pound was the strongest in the Asian trades, extending the steady recovery witnessed in the last US session. Meanwhile, the Aussie suffered the most amid poor risk sentiment, fuelled by negative Asian equities and weaker commodities’ prices, especially copper. The greenback consolidated near five-day tops of 99.47 against its main competitors, awaiting fresh impetus from the key macro

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Crude Oil Prices Weekly Outlook

An interview with Saudi Arabia’s energy minister over the weekend had set expectations for a nine-month extension and triggered a gap higher to start the week. Investors had been looking for an extension longer than the expected nine months or deeper cuts and the absence of either resulted in a turn lower. Al-Falih commented that extensions between six to 12 months were considered as well as a higher cut but a nine-month extension was the most favorable for producers. Al-Falih

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USD/CAD Weekly Outlook

The Bank of Canada has been vocal about risks facing the economy since earlier this year with risks stemming from excessive house price inflation and trade tension with the United States. Wednesday’s bank statement was less cautious although it referenced the housing market which has not been significantly impacted by earlier macro-prudential and other policy measures. Canadian dollar positioning in the latest COT report was little changed after a recent aggressive shift that shows the currency held net short at

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US Employment Data Will Be Crucial this week

There are important US economic data releases during the week, which will have a significant impact on US dollar price prices. The transmission of pricing pressure through trends in the dollar and fixed-income markets will be crucial for direction. The latest consumer confidence data will be released on Tuesday, together with the PCE inflation data while the ADP employment release is due on Wednesday. The ISM manufacturing release is due on Thursday, together with the jobless claims data. The most

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EUR/USD consolidates below 1.12, but remains at +2.92% for the month of May

After falling to a new three-day low at 1.1160 during the NA session Friday, the EUR/USD pair has been consolidating in a very tight range. The pair ended the week on Fridat at 1.1182. The thinning trading volume in the session suggests that investors show no interest in the markets as they get ready for the long weekend. The US Dollar Index, which surged to a weekly high at 97.46, has been moving sideways as well. As of FRIDAY, the

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Gold was able to continue gathering strength against the USD

Despite the thinning trading volume in the NA session, gold was able to continue gathering strength against the USD, pushing the XAU/USD pair to its highest level since May 1 at $1269.55. The precious metal’s safe-haven appeal seems to be the primary driving factor behind the pair’s upsurge on Friday. After spending the whole week in a horizontal trading range, the pair finally made a decisive move as investors started to seek refuge in safer assets amid ongoing geopolitical uncertainties.

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Moody’s downgrades Qatar to AA3 from AA2 with a stable outlook & confirms the rating of the Government of Kuwait at AA2 with a stable outlook

Moody’s: Cut Qatar’s rating to AA3 from AA2 and adjust the outlook to stable from negative. – The most important reasons for Qatar’s downgrade are the weakness of the country’s external position and the uncertainty surrounding the sustainability of the growth model after the next few years. – We expect the country’s current account balance to close in 2017 compared to a deficit of 5.5 percent of GDP in 2016. Qatar’s external exposure is somewhat greater than that of its

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US energy companies boosted the number of oil rigs for the 19th week in a row

US energy companies boosted the number of oil rigs for the 19th week in a row while encouraging higher crude prices after OPEC’s decision to extend current producer cuts to boost spending on new drilling activities. But the pace of growth slowed as the overall increase since the beginning of May fell to its lowest level since October due to weak oil prices . Baker Hughes Energy Services said on Friday that companies added two oil drilling platforms in the

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Latest News; Gold rise amidst political pressure on Trump

Gold is taking advantage of the weakness of the dollar to break through the price of 1262.00 dollars per ounce due to the political pressure on President Trump. The EURUSD returned to trade positively during the day, stabilizing above the US dollar amid the stability of the European economy and the decline of the dollar index slightly. The Sterling had given up its gains against the US Dollar to trade at the level of the dollar and 28 cents per

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Raising the Egyptian interest has saved the pound and the Egyptian economy from a possible collapse

The effects of Egypt’s interest rate hike continue to cast a shadow over the local economy after the central bank raised interest rates by 200 basis points, even as the justification for convincing businessmen and economists in light of the fact that the current inflation rates are due to the floating of the pound Not the result of increased demand for commodities in the country. The central bank did not mention the most important and perhaps more convincing justifications as

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Saudi Arabia: OPEC agreement to cut production may weaken the oil economy

The disparity in the oil and non-oil economy trends in Saudi Arabia could make economic growth slowing to around 0.4% this year compared to 1.4% last year, according to Riyadh Financial. The report added that the oil sector may decline revenues after the extension of the agreement to reduce production by OPEC producers and outside to witness a decline of 1.1%, while on the other hand expect the performance of the private sector non-oil by 2.1% under the expansionary fiscal

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EUR/USD, WHAT A NICE DEAL

Currently, EUR/USD is trading at 1.1206, having posted a daily high at 1.1251 and low at 1.1194. FOMC: future balance-sheet policy discussed EUR/USD’s upside momentum fell shy of the yearly high of 1.1267 scored on the 23rd of this month when it topped out at 1.1249 on the Fed minute’s bid. The price reverted back towards the 1.12 handle and dipped in for a test of a break below at 1.1192 today. The price has since recovered to 1.1225 on

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WTI drops below $50 on OPEC headlines

Crude oil prices came under a renewed selling pressure during the NA session as the latest headlines from the OPEC meeting hurt the sentiment, pushing the barrel of West Texas Intermediate dropping to its lowest level since last Friday at $49.27. At the moment, the barrel of WTI was trading at $49.27, losing a little more than 5% on the day. •Iran Oil Minister confirms OPEC, non-OPEC rollover of nine months Although several statements from different officials during the day

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US: New home sales fell 11.4% m-o-m in April

US new single family home sales fell 11.4% m-o-m in April, slowing to an annualized pace of 569k and the reading was below expectations (Nomura: -3.4% to 600k, Consensus: -1.8% to 610k). “There was an annual revision to data from January 2015 through March 2017. All three months in Q1 were revised upwards and accentuated a sharp decline in April. The decline in this series was in part heralded by some moderation in incoming data on housing permits. It is

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Australian construction work fell by 0.7% in the opening quarter of 2017,

the Australian construction work fell by a relatively modest 0.7% in the opening quarter of 2017, broadly meeting expectations. “Construction work is beginning to stabilise, after trending lower over recent years, weighed down by the mining investment downturn.” “At the turn of the year, the mining investment downturn is waning and public works is providing a boost to activity.” “Private infrastructure work actual rose 1.8% in the quarter, which is a surprise – with further falls still likely. We note

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Oil trades at 5-week high

Oil prices on both sides of the Atlantic trade close to 5-week high after the American Petroleum Institute (API) reported a drop in oil, gasoline and distillate inventories. The API said the US oil inventories fell 1.5 million barrels in the week ended May 19, compared to the expectation of 2.3 million draw. The actual figure is less than estimates, however, what boosted oil prices was the accompanying drop in the gasoline, distillates, and oil at the Cushing, Oklahoma facility.

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Gold prices steady despite Manchester blast, US political woes support

Gold prices were steady on Tuesday despite a blast at a concert in the English city of Manchester that left at least 19 people dead in what British police said was being treated as a terrorist incident. The metal has been supported as the dollar weakened against the euro amid political tensions in the U.S. due to the ongoing controversies involving President Donald Trump. At least 19 people were killed in a blast at a concert in the English city

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USD/CHF REMAINS UNDER PRESSURE

After yesterday’s volatile price-action, the USD/CHF pair came under some renewed selling pressure but has managed to hold its neck above the 0.9700 handle. Currently trading around 0.9720-25 region, the pair remains within striking distance of over 6-month lows touched in the previous session amid persistent US Dollar selling interest. The latest Trump controversy raised doubts over his ability to deliver on promised pro-growth economic policies and has been weighing on the US Dollar. Adding to this, tragic news of

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GBP, WALK THE WALK & TALK THE TALK

The topic of the “Brexit bill” is driving GBP news with comments from Theresa May and David Davis that “money paid in the past” by the UK must be taken into account in the final divorce bill (Theresa May) and that the “UK will walk out of the talks if the EU demands €100bn” (David Davis, Brexit Secretary). “Mr Davis added that the negotiations would be plunged into “crisis” from the start because the EU refused to discuss a trade

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WTI pushes higher

The rally in crude oil prices stays everything but abated at the beginning of the week, with the barrel of West Texas Intermediate up over 1% to the $51.30/40 region. Prices for the WTI have intensified the upside amidst a continuation of the sell off around the greenback, which has plummeted to fresh 2017 lows when tracked by the US Dollar Index. Further support for crude prices came from rising hopes on an extension of the OPEC/non-OPEC output cut deal,

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Egypt’s stock market fell -326.51 points (-2.52%) on Monday

Egypt’s stock market fell sharply on Monday in a reaction to the surprise interest rate hike in response to requests by International Monetary Fund (IMF). The blue-chip index EGX30 dipped 2.52% to close at 12,648.24 points, the small and medium-sized enterprises index EGX70 lost 1.67% to close at 581.18 points and the broader index EGX100 index edged down 1.81% to close at 1,356.60 points. At a meeting of its Monetary Policy Committee, the central bank hiked its overnight deposit rate

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Trump praises Sisi, says he hopes to visit Egypt

U.S. President Donald Trump said on Sunday he hoped to visit Cairo soon, praising President Abdel Fattah al-Sisi after a meeting in Saudi Arabia and declaring that “safety seems to be very strong” in Egypt. Speaking through a translator, Sisi described Trump as “a unique personality that is capable of doing the impossible.” Trump said he was having “very, very important talks” with Sisi. “We’ve really been through a lot together positively,” said Trump, who is on his first foreign

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Oil rises on expectation of deepened output cut

Oil prices rose on Monday, supported by reports that an OPEC-led supply cut may not only be extended into next year but might also be deepened to tighten the market and prop up prices. Brent crude futures were up 32 cents, or 0.6 percent. U.S. West Texas Intermediate (WTI) crude futures were back above $50 per barrel, trading up 32 cents, or 0.6 percent. Both benchmarks have risen more than 10 percent from their May lows early in the month.

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Saudi stocks up 0.76% for the day

Shares in Saudi Arabia closed higher Sunday, with indicators pointing higher, with gains in the media, advertising , cement and financial services sectors. At the end of trading in Riyadh, the Saudi general index closed at an increase of 0.76%. Among the leading stocks on the Saudi index, Tabuk Agricultural Development Company rose 5.36% or 0.70 points to close at 13.75. On the other hand, the share of the Industrial Development Company continued its rise by 4.15% or 0.50 points

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US, Saudi firms sign multi-billion dollar deals ( TADAWUL JUMPED UP)

U.S. and Saudi Arabian companies signed business deals worth tens of billions of dollars on Saturday during a visit by U.S. President Donald Trump, as Riyadh seeks help to develop its economy beyond oil. National oil firm Saudi Aramco said it signed $50bn of agreements with U.S. firms. Energy minister Khalid al-Falih said deals involving all companies totalled over $200bn, many of them designed to produce things in Saudi Arabia that had previously been imported. Business leaders on both sides

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Gold on track for biggest gain in five weeks

Gold rose on Friday and was on track for its best week as the dollar softened on political turbulence in the United States, boosting bullion’s safe-haven appeal. gold futures UP 0.71 percent on Friday to $1,255.70 an ounce. “Political risk is back on again after market participants became overly complacent following the outcome of the French elections.” “Risk sentiment took a major hit,” he said. Gold is often seen as an alternative investment during times of geopolitical and financial uncertainty,

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The US Dollar tumbled 214 points for the week

The US Dollar Index, the buck has retreated to the area of fresh 2017 lows in the vicinity of 97.03, where it is now looking to rebound. US Dollar down to November levels. The index has resumed its downside on Friday, quickly eroding any advance and trading in levels last seen in early November, previous to the US elections. In addition, DXY has retreated in five of the last six weeks following a rejection from the 101.30 region seen in

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GBP/USD touched 1.3048, a fresh high for the pair.

The latest bullish wave of the pair was fueled by the recent USD sell-off, which were triggered after the Federal Reserve Bank of St. Louis President James Bullard’s dovish comments in the early NA session. Bullard argued that the data since the last FOMC meeting have not been supportive of an aggressive monetary tightening as the inflation was lower-than-expected and the job growth was slowing down. Following James Bullard’s dovish comments the GBP/USD pair made another attempt to hold above

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USD/CHF LOST 284 PIPS FOR THE WEEK

USD/CHF lost 284 pips last week, the biggest loss in a year. USD/CHF dropped further during the American session and reached a fresh 6-month low. The pair has been moving all day with a bearish bias and near the end of the week is trading at 0.9725, level last seen back in November. The Swiss franc and the euro are among the top performers while the US dollar remains weak. The US dollar Index broke below 97.00 for the first

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EUR/USD Establishes New Rally High.

The positive reaction to the inflation data, EUR/USD continues to be boosted by weakness in the dollar, which is currently in the midst of a 4-day decline. The latest news to hit the dollar is a report that indicates US President Donald Trump asked then-FBI Director James Comey to end a probe into his former National Security Adviser Michael Flynn’s ties with Russia. This has raised questions over whether obstruction of justice charges could be filed against the president. As

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Taiwan Stock Exchange index fell around 0.22%

Taiwan stocks closed lower Friday, with indicators down, with losses in the sectors of glass , paper and pulp . At the end of trading in Taiwan, the Taiwan Stock Exchange index fell 0.22%. Among the leading stocks on the Taiwan Stock Exchange today was the Acceptance share, which gained 9.94% or 8.80 points and closed at 97.30. On the other hand, Chuwa Wool was up 9.94% or 1.75 points and closed at 19.35, while Jui Li was up 9.92%

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Australian stocks fell at the end of today’s session

Australian stocks closed lower Friday, with indicators down, with losses in the gold , financial and manufacturing sectors. ASX 200 lost 0.20%, reaching its lowest point in a month. Among the leading stocks in the ASX 200 today was the CERTEX Medical, which gained 8.56% or 0.920 points and closed at 11.670. On the other hand, Syrah Resources Ltd surged 6.56% or 0.160 points and closed at 2.600. Bellamys Australia Ltd increased 5.76% or 0.300 points to 5.510 at the

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GBP/USD Firing Up Above 1,3000

United Kingdom Retail Sales (YoY) above expectations (2%) in April: Actual (4%) . United Kingdom Retail Sales ex-Fuel (MoM) above forecasts (1%) in April: Actual (2%) United Kingdom Retail Sales (MoM) above forecasts (1%) in April: Actual (2.3%) United Kingdom Retail Sales ex-Fuel (YoY) above expectations (2.5%) in April: Actual (4.5%) The office for National Statistics (ONS) published the UK’s retail trade report for the month of April, which showed that the UK consumer spending staged a solid comeback across

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US yields down a huge 4.44%

In the US bond market, not only Federal Reserve rate hikes but also a possible change in their reinvestment policy will set the direction for yields. They see slightly higher US yields on a six-month horizon and consider that higher yields are mainly a 2018 story. US yields, for the meantime, have been the driving force in the yen’s advance as well as risk appetite falling off a cliff. US yields are now down 4.30% at 2.2225% with a range

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US Dollar slips further as political drama continues

The US Dollar Index, which tracks the greenback against a basket of six trade-weighted peers, ran through fresh offers and renewed its lowest level since early November at 97.44. As of writing, the index was at 97.52, losing 0.6% on the day. Earlier in the day, the greenback struggled to gather strength against the safe havens, such as the JPY and Gold, but recorded gains against commodity-linked currencies like the AUD and NZD; suggesting that the DXY’s fall was mostly

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GBP/USD fresh buying-wave

The bulls regain poise in mid-Asia, prompting a fresh buying-wave in the GBP/USD pair, in a bid to regain 1.2950 barrier amid persisting broad based US dollar weakness and risk-off market profile. The major is trying to break higher from the overnight consolidative mode, taking advantage of ongoing weakness in the US dollar against its main competitors, in the wake of the political uncertainty surrounding the US President Trump. Headlines hit the wires earlier on the day regarding the Comey

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EUR/USD extended the three-day winning streak in Asia to a high of 1.1115

EUR/USD extended the three-day winning streak in Asia to a high of 1.1115; its highest level since November 9. The Eurozone is increasingly looking like a new safe haven for the investors, courtesy of Macron’s victory in the French Presidential election and heightened odds of Chancellor Merkel winning the German elections later this year. The timing could not have been better for the EUR bulls, given the investors are losing the faith in the Trump Presidency. Moreover, the political scene

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EUR/JPY clocks fresh 13-month high

EUR/JPY clocked a fresh 13-month high of 124.96 in early Asia as markets shrugged off Trump’s Russia leak scandal. German Zew survey due later today is expected to show an uptick in the Economic Sentiment (May) and Current Situation (May) indices. The uptick in the survey indices would be hardly surprising as the German economy continues to be on fire. The solid expansion of 0.6% in the first quarter is expected to continue in the months ahead, said the Economic

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Speculative EUR positions surged into positive territory

According to IMM Net Speculators’ Positioning data as at 9 May, 2017, USD longs dropped last week to their lowest levels since last Oct – ahead of the Trump win in the Presidential election and the fall in long positions is despite strong expectations for a June rate hike from the Federal Reserve. “Speculative EUR positions surged into positive territory for the first time since May 2014 on the back of the news that Le Pen had been defeated in

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The euro running up against the US dollar for the second trading day

The euro is rising against the US dollar for the second trading day in a row. EUR/USD peaked at 1.0988 earlier today, hitting a 1-week high. Then it pulled back but remained above 1.0970. From Friday’s lows, it has risen more than a hundred pips. Again, EUR/USD is near the 1.1000 handle. Last Monday, it traded above, boosted after the French election but it failed to hold and corrected lower. The US dollar remains among the weakest currencies on Monday.

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Saudi Arabia and Russia agreed to extend output cuts, Crude prices rallied

Saudi Arabia and Russia said they agreed on the need to extend output cuts into March next year and despite weaker than seen China industrial output for April and as North Korea rattled markets with a statement its latest missile test at the weekend was capable of carrying a large nuclear warhead and investors also fretted over the potential spread of cyberattacks that have already hit 200,000 victims in at least 150 countries. The U.S. West Texas Intermediate crude June

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NZD/USD building on Friday’s recovery

The NZD/USD pair was seen building on Friday’s recovery move from closer to 10-month lows and has now moved within striking distance of reclaiming the 0.6900 handle. Currently placed at session tops around 0.6885-90 region, the pair caught some fresh bids after New-Zealand retail sales figures for the first quarter of 2017 surpassed even the most optimistic estimates. The official data released during early Asian session on Monday showed retail sales volumes increased a seasonally adjusted 1.5%, well above 0.6%

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Australia: housing approvals hold steady

March housing finance approvals report was largely in line with expectations as the number of approvals for owner occupier loans dipped 0.5%mth but were flat ex refi. “The consensus forecast was for a flat result. Approvals ex refi were up 3.8%yr. The value of investor loans rose 0.8% after a sharp 5.7% pull back in Feb, annual growth coming in at 14.2%yr.” The latest round of macro prudential tightening was only announced in late March with impacts likely to come

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Australian bonds slumped

Investors are closely eyeing the Reserve Bank of Australia’s (RBA) monetary policy meeting minutes, scheduled to be released on May 16 for further direction in the debt market. The yield on the benchmark 10-year Treasury note, which moves inversely to its price, plunged 5 basis points to 2.59 percent, the yield on 15-year note slumped 5-1/2 basis points to 2.99 percent and the yield on short-term 2-year traded 2 basis points lower at 1.66 percent by 05:10 GMT. The tussle

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Egyptian Exchange starts week in red

Egyptian stocks had a bad performance ending the trading session of Sunday, as the blue-chip index EGX30 fell 0.28% to close at 12,870.91 points, the small and medium-sized enterprises index EGX70 edged up 0.13% to close at 588.16 points and the broader index EGX100 index kept unchanged to close at 1,360.26 points. Trading volume reached 117.212 million shares, with a total value of LE553.547 million, over 19,072 trades. Market capitalization was LE665.035 billion. Today, the gainers reached 73 companies of

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US assets fall on data; Europe, emerging markets boost stocks

Stock markets around the globe edged up on Friday led by European and emerging market equities while underwhelming U.S. retail sales data pushed U.S. Treasury yields and the dollar lower. MSCI’s gauge of stock markets around the globe rose 0.12 percent for the day and 0.094 percent for the week, the fourth straight weekly increase. The U.S. benchmark S&P 500 stock index and the Dow edged lower as tepid economic data weighed on banks and worries deepened over Nordstrom Inc,

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MARKET RECAP

European shares enjoyed a third straight week of gains on Friday, lifted by deal-making among telecoms and strong company trading updates, as flows into European equities reached record levels. The UKs benchmark FTSE 100 closed up by 0.6 percent, FTSEurofirst 300 ended the day up by 0.24 percent, Germanys Dax ended up 0.4, and France’s CAC finished the day up by 0.3 percent. Wall Street slipped on Friday, ending the week lower as tepid economic data weighed on banks and

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AUD/USD OUTLOOK

Australian dollar regained some ground against the dollar on Friday as weak economic data weighe the on the dollar. The dollar weakened across the board as weaker-than-expected retail sales and inflation data that diminished the view the Federal Reserve would raise interest rates more than once for the rest of the year. Concern over risky assets like equities has dominated trading this week and sent investors to assets like gold and the Japanese yen after President Donald Trump unexpectedly fired

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GBP/USD OUTLOOK

The British pound declined against the dollar on Friday and it was set for its first weekly loss in four after the Bank of England showed no sign of leaning more towards raising interest rates before the start of Brexit negotiations. Thursdays BoE rates decision quashed some bets in the market that more policymakers would join outgoing Kristin Forbes in voting for a rate hike. Together with the Banks trimmed UK growth forecast and weak industrial output data, that helped

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EUR/USD OUTLOOK

The euro inched higher against the dollar on Friday as the dollar retreated after weaker-than-expected U.S. economic data raised doubts about whether the Federal Reserve would assume a hawkish bent through the end of the year. The U.S. core consumer price index (CPI) increased 1.9 percent year-on-year in April, the smallest gain since October 2015. Economists polled by Reuters expected the inflation measure to remain at 2 percent. In addition, the Commerce Department said retail sales rose 0.4 percent last

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Copper rises as China hopes for growth

Copper rose on Friday after hitting a one-week high in the previous session amid investor demand as stocks shrank and Chinese authorities moved to ease monetary policy, boosting hopes for growth. China’s central bank injected new funds by easing medium-term lending on Friday while keeping tight emphasis on short-term financing. Chinese banks made net new loans in local currency worth 1.1 trillion yuan ($ 159 billion) in April, above analysts’ expectations. London’s three-month copper futures contract closed 0.3 percent higher

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American Muslim schools start a campaign to win the hearts and minds of Americans

About 24 Muslim students prayed at a Catholic high school in New York’s Long Island suburb during a visit to the school while the students at the school watched the prayer. The schedule of the visit was simple: giving students, who move away from their school for the other only 16 kilometers but are completely different in terms of culture, the opportunity to know each other. The visit also comes as part of an ambitious initiative that will be adopted

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A major electronic attack on companies, hospitals and schools around the world

Tens of thousands of computers in nearly 100 countries have been hit by a global electronic attack using e-mail tools, believed to have been developed by the US National Security Agency, disrupting Britain’s health sector and FedEx. The hackers tricked their victims to open malicious programs in attachments with malicious e-mails that seemed to contain bills, job offers, security warnings, and other legal files. The Ransomware program encoded computer data and demanded $ 300 to $ 600 for the devices

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Fitch affirms Australia at ‘AAA’, outlook Stable

The US-based ratings agency, Fitch ratings, came out with its latest credit report on the Australian economy, affirming its sovereign rating at AAA, while maintaining a stable outlook. Fitch Ratings has affirmed Australia’s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) at ‘AAA’. The Outlook is Stable. Australia’s senior unsecured local-currency bond ratings are also affirmed at ‘AAA’ and ‘F1+’. The Country Ceiling is affirmed at ‘AAA’ and the Short-Term Foreign- and Local-Currency IDRs at ‘F1+’. Australia’s ‘AAA’ rating reflects

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AUD/USD pair continued gaining some traction

The AUD/USD pair continued gaining some traction for the third consecutive day and jumped to weekly highs, albeit has struggled to build on the momentum further beyond the 0.7400 handle. Spot extended its recovery from four month lows touched early this week and is benefiting from a minor recovery in copper prices, which was seen lending some support to the commodity-linked currencies, including the Australian Dollar. Moreover, a subdued greenback price-action, led by retracing US treasury bond yields, further collaborated

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GBP/JPY extends Thursday’s slide

Thursday’s dovish BoE quarterly inflation report, where the central bank lowered its GDP growth forecast for 2017 and also revised down inflation projections for 2018 and 2019, continued weighing on the British Pound across the board. With a slight deterioration in investors’ rise-appetite boosted the Japanese Yen’s safe-haven appeal and further collaborated to the pair’s offered tone for the second consecutive session. With today’s slide, the cross has now reversed all of its weekly gains and now seems to be

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USD/JPY drops farther below 114.00 handle

The USD/JPY pair traded with negative bias for the second consecutive session and moved farther from near two-month highs touched this week. Currently trading around 113.70-75 region, a mildly cautious to negative sentiment surrounding Asian equity markets boosted the Japanese Yen’s safe-haven appeal. The ongoing slide in the US treasury bond yields further supported the prevalent risk-aversion traded and has been a key factor weighing on the major. The US Dollar has failed to build on Thursday’s upbeat US macro

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Emirates Group posted $670 million profit for the financial year ending March 31

Europe generated the most revenue for Emirates during the past year, the Dubai-based airline revealed on Thursday. In its 2016-17 annual report, in which Emirates Group posted an AED2.5 billion ($670 million) profit for the financial year ending March 31, it said European routes contributed $6.5 billion, unchanged from the previous year. It said revenue generated from across Emirates’ six regions continues to be well balanced, with no region contributing more than 30 percent of overall revenues. East Asia and

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GBP/USD tumbles to lows on downbeat UK data

The pair turned negative after UK’s docket showed results below market consensus for the month of March. In fact, Industrial Production and Manufacturing Production contracted at a monthly 0.5% and 0.6% respectively, while the trade deficit widened to £13.44 billion from February’s £11.44 billion. GBP stays under pressure in the wake of the releases and ahead of the BoE meeting, MPC minutes and Governor Carney’s speech. As of writing the pair is down 0.19% at 1.2912 with the next support

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Oil price jump pulls stocks higher

Oil prices extended their 3 percent-plus overnight gains, their biggest one-day jump since Dec. 1, following a steep drop in U.S. inventories and support from Iraq and Algeria for an extension to OPEC supply cuts. U.S. crude rose 0.55 percent to $47.89 a barrel on Thursday. Global benchmark Brent crude advanced 0.5 percent to $50.96. Asian stocks rose on Thursday, getting a lift from a record high close on MSCI’s global stocks benchmark as strong gains in oil prices buoyed

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USD/CHF retreats after hitting fresh one-month high

The USD/CHF pair traded with mild negative bias and has now dropped to fresh session low near 1.0075 level, reversing all of its previous session’s gains to fresh one-month high. Having failed just ahead of the key 1.0100 psychological mark, traders seemed inclined to take some profits off the table following its recent up-surge of over 200-pips over the past three-trading sessions. Meanwhile, a modest US Dollar pull-back, led by subdued US treasury bond yields, could also be one of

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Abu Dhabi’s Aldar Properties Q1 net profit flat, beats estimates

Aldar Properties, the state-linked builder of Abu Dhabi’s Formula One circuit, reported a small drop in first quarter profit on Tuesday but beat analysts forecast. Aldar made a net profit attributable to shareholders of 637.0 million dirhams ($ 174.0 million) in the three months to March 31 compared to 649.05 million dirhams in the prior-year period, a company spokesperson said. Aldar, in a statement to the bourse said its first quarter net profit was 641.0 million dirhams. SICO Bahrain and

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Apple’s market cap crosses $800 bn for first time

Apple’s market capitalisation briefly soared past 800 billion threshold, making it the first company ever with such a mammoth valuation. Apple’s shares closed up 2.7 percent for the day at 153.01 late on Monday, taking the company to a market value of 797.8 billion, Fortune reported. Earlier, analyst Brian White from investment firm Drexel Hamilton raised his price target for Apple shares from 185 to 202 – implying a market value of over 1 trillion. According to White, iPhone 8,

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EGX30 edges up 0.46% on Wednesday

Egyptian stocks had a good performance ending the trading session of Wednesday, as the blue-chip index EGX30 lift 0.46% to close at 12,993.40 points, the small and medium-sized enterprises index EGX70 ebbed 0.39% to close at 591.70 points and the broader index EGX100 index edged down 0.29% to close at 1,369.01 points. Trading volume reached 356.664 million shares, with a total value of LE1.250 billion, over 32,376 trades. Market capitalization was LE670,393 billion. Today, the gainers reached 56 companies of

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The two-year swap rate is a thin 24bp in favour of the AUD

The FX market has not paid consistent attention to yield spreads in recent years, with flows to equities and higher yield corporate bonds frequently dominating investor attention. The low volatility environment tends to favour higher yielding currencies. Nevertheless, the rate spread in favour of the AUD is so low now it may not be attracting much demand. “The Australian equity market also has little to recommend it compared to global peers, highly concentrated in the large banks that are under

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China trade falls short of expectations in April

Chinese exports rose for the second consecutive month in April, but at a slower pace than in the previous month. Import growth was also smaller than expected as China’s financial deleveraging begins to take its toll.China’s export growth almost halved last month in US dollar terms, growing eight percent year-on-year to $180 billion (163.8 billion euros), but markedly down from a 16.4-percent rise in the previous month and short of expectations of 10.4 percent. Import growth also slowed faster than

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Cairo; Automotive market lost 46.5% of its sales during Q1 of 2017

In spite of the discounts offered by companies during February and March, the decline in car sales fell by 46.5% in the first quarter of 2017 compared to the same period of 2016. The market saw sales of 26,500 units compared to 49,600 units, according to the Automotive Marketing Information Council (AMIC). The AMIC report showed that the demand on passenger cars during the first quarter of this year decreased by 41%, recording sales of 19,700 cars compared to 33,400

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Australia Fiscal policy remains moderately contractionary

Fiscal policy remains moderately contractionary over the four-year estimates period, although greater expenditure on infrastructure and education relative to the Mid-year Economic Outlook should have some positive impact on Australia’s long-term growth prospects. “The government has retained its forecasts for the underlying cash balance to return to surplus in 2020-21. This is despite slightly higher deficits in the next two years even with the boost from temporarily higher coal and iron ore prices. Compared with the Mid-Year Economic and Fiscal

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“Cairo” Expected rise in prices of real estate after the suspension of building permits

Real estate marketing experts expected real estate prices to rise and increase rental value in Cairo after the decision to stop issuing new building permits for six months in eight neighborhoods in the governorate, which reduces the supply of units for not implementing new buildings. The Cairo Governorate has formed a specialized committee comprising housing, utilities and legal administration in the governorate and specialists to study the effect of allowing the demolition permits for non-fall facilities and reconstruction of the

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USD/JPY 114.00 around the corner

Spot remains on the upside today following the continuation of the uptrend in US yields, with the 10-year reference hovering over the 2.39% level, last seen in early April and prolonging the bounce off YTD lows around the 2.17% area. Positive Fedspeak as of late has been collaborating with the upside momentum in the buck in tandem with strong results from US Non-farm Payrolls during last month. Additionally, speculations of further tightening by the Federal Reserve at the June meeting

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U.S. farmers are shipping wheat to Egypt again

American farmers are back in the wheat game with Egypt, the world’s biggest buyer, as exporters send their first shipment in almost four months. The U.S. inspected 51,603 tons of wheat for export to Egypt in the week ended May 4, U.S. Department of Agriculture data showed on Monday. The last shipment to the country was in mid-January. The cargo is an indication of the competitiveness of U.S. wheat and also comes amid some crop production concerns in North America

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The Egyptian Parliament passing investment act

Thanking the Egyptian Parliament for passing investment act, minister of investment and international cooperation Sahar Nassr said that the long-awaited legislation is an important step to attract investments to Egypt, adding that what is most important is the law’s application, noting the ministry is working to take all measures to make the law operational as soon as possible. Nassr said that the act was best brought in as much as possible after being debated in the House of Representatives with

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USD/JPY surpasses 113.50 TO 113.69

After a brief consolidation phase witnessed towards late-Asian trades, the USD/JPY pair regained poise and extended its recent bullish momentum towards 114 handle. The bulls gathered pace for further upside, closely following the moves in the US yields, which remains at fresh monthly tops. The treasury yields extend the rally, as markets almost priced-in a June rate hike on the release of a solid US jobs report released last Friday. Moreover, the major benefits from risk reset, with risk-on trades

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AUD/USD tumbles to fresh 4-month lows against the majors

The Australian dollar weakened against other major currencies in the Asian session on Tuesday, after data showed that the Australia’s retail sales fell more than expected in March. Data from the Australian Bureau of Statistics showed that the retail sales in Australia fell a seasonally adjusted 0.1 percent on month in March, standing at A$25.630 billion. That missed forecasts for an increase of 0.3 percent following the downwardly revised 0.2 percent decline in February. Investors are also cautious ahead of

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USD/JPY marching toward 113.50

The USD/JPY pair was able to build on last week’s gains on Monday as the interest for the greenback returned to the markets. The pair renewed its highest level at 113.25 in the NA session and has been moving sideways in a tight channel near that level for the past couple of hours. As of writing, the pair was at 113.24, up 0.43% on the day. The RSI on the daily graph is sitting at its highest level since late

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Canadian stocks rose at the end of today’s session; Standard & Poor’s TSX rose 0.45%

Stocks in Canada closed higher Monday, with indicators pointing higher, with gains in energy , property investment and pure technology . At the end of trading in Toronto, Standard & Poor’s TSX recorded a gain of 0.45%. Among the leading stocks today in Standard & Poor’s TSX were the shares of Home Capital Inc (TO: HCG ), which rose 16.75% or 0.98 points and closed at 6.83. NexGen Energy Ltd. continued its rise at 8.67% or 0.260 points and closed

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German bunds gain

The German bunds gained Monday as investors showed higher buying preference in exchange for the sale of French bonds after the significant victory of Far Right candidate Emmanuel Macron in the overnight French elections. However, this is despite markets remaining The yield on the benchmark 10-year bond, which moves inversely to its price, fell 1 basis point to 0.41 percent, the long-term 30-year bond yields slipped 1/2 basis point to 1.19 percent and the yield on the short-term 3-year bond

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Donald Trump’s son-in-law Jared Kushner’s sister has been in China courting individual investors federal visa program that provides a path toward obtaining U.S. green cards.

The sister of President Donald Trump’s son-in-law Jared Kushner has been in China courting individual investors with a much-criticized federal visa program that provides a path toward obtaining U.S. green cards. Kushner’s sister Nicole Meyer promoted One Journal Square, a Kushner Companies’ development in Jersey City, at an event Sunday at the Four Seasons Hotel in Shanghai, according to participants. The pitch seeks to raise funds from Chinese investors through the U.S. government’s EB-5 visa program, which allows permanent U.S.

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Asian Markets Rally After strong Nfp Job Data

All the major Asian indices were trading on a higher note on Monday. U.S. posted strong NFP job data on last Friday. U.S. released NFP job data with positive numbers at 211K vs 79K previous release. Gold was trading around $1,230 Silver was trading around $16.40 mark. Japan’s Nikkei was trading 2.34 pct higher at 19,904.50 points. Hong Kong’s Hang seng was trading 0.43 percent higher at 24,581 points. Australia’s S&P ASX200 was trading 0.53 percent higher at 5,867 points.

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Australian Bonds Plunge

The Australian government bonds plunged on the first trading day of the week as investors moved away from safe-haven assets, following the expected victory of Emmanuel Macron in the French election held over the weekend. Tracking this, riskier instruments took the lead, with oil and equities trending higher. The yield on the benchmark 10-year Treasury note, which moves inversely to its price, jumped 3 basis points to 2.69 percent, the yield on the 15-year note climbed 2-1/2 basis points to

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AUD/USD WORST PERFOMER FOR THE LAST 3 WEEKS

The Aussie was the worst performer during the week and remains under pressure affected by many factors, that include the decline in commodity prices, some warnings from the RBA and risks from China. AUD/USD is marginally higher on Friday, still headed toward the third weekly decline in a row. The pair bottomed at 0.7367 (4-month low), before the release of the NFP report and then bounced to the upside. The recovery was capped below 0.7430. The pair is trading at

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Egypt: Growth rate 3.9% in the third quarter

The growth rate for the third quarter of the current fiscal year 2016-2017 was 3.9 percent compared to 3.6 percent in the same period last year, the official MENA news agency reported on Saturday. The agency quoted the minister as saying in a press statement that the most developed sectors are manufacturing, construction and construction. The fiscal year begins in Egypt on July 1 and ends on June 30 next year. The government is currently implementing an economic reform program,

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Saudi home prices fall about 10% yoy in the quarter

Home prices in Saudi Arabia fell about 10 percent year-on-year in the first quarter this year on pressure on the economy from lower oil prices and government austerity measures, official data showed on Thursday. According to the General Authority for Statistics, residential property prices fell 9.5 percent in the quarter from January to March. The drop accelerated from 7.3 percent in the fourth quarter of last year. The government said last month it would return all allowances to state employees

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France will elect new president, McCron leads polls

After a noisy election campaign full of scandals and surprises, French voters will decide on Sunday whether the pro-European center candidate or the far-right anti-coalition and anti-immigration candidate will lead their country in the next five years. Opinion polls indicate that the French will choose Emmanuel Macaron, the 39-year-old former economy minister who wants to bridge the rift between the right and left and resist the tide of anti-establishment that saw the British vote to withdraw from the European Union

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