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Stability dominates ahead of major events (2/2)

News Date: 7/3/2017 03:56:58

From the economic calendar, we have German factory orders on annually basis during February which is expected to drop sharply, and this is what weakens any chances to rise, and we will also see the Euro zone revised reading of gross domestic product in the fourth quarter, which is expected to grow at 0.4%.

pound fell in early tradings against the US dollar, influenced by a decline BRC index of retail sales in stores during February to 0.4% at the annual basis, while total retail sales record of 0.4%, reflecting the levels of consumer spending, which is an essential factor in GDP .

Pound fell 0.05% against the US dollar is trading at 1.2237 after record low levels at 1.2230.

Gold prices unchanged since the morning trading around the opening price of $ 1225.43 per ounce, backed by the impact of expectations to hike US interest rates, and as investors awaited employment data later this week.

Expectations show that non-farm payrolls on February will rise to 190K jobs, and this is an improvement in economic performance, which supports the future direction of the lifting of the interest rates this month.

Awaited US employment data would impose uncertainty on the financial markets, which in turn will increase the volatility on the yellow metal during trading this week.

Futures for crude oil fell slightly after forecast from r the International Energy Agency that the US shale production will grow next five years.

Crude oil futures for April delivery decreased 0.04% at $ 53.16 a barrel.

The International Energy Agency released on Tuesday confirmed that the US shale production will rise, even if crude oil prices remain around $ 60 a barrel, the report pointed that the demand for crude oil will rise by 2022 supported by emerging economies.

Ongoing concerns from US shale production faced the impact of the OPEC agreement to cut production, and some of the non-members of OPEC to curb global oil oversupply.

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