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Commodities Fundamental Report: Monday 20-03-2017

News Date: 20/3/2017 03:28:37
 

The greenback was down 0.13% against the yen, trading around 112.50.

Expectations to raise benchmark interest rates from the Federal Reserve failed to support the USD / JPY pair and seems to continue to creep up to the 2017 low at 111.59 after the recent Fed move.

Gold continues to rally, taking advantage from the weakness of the US dollar, which fell to its lowest level in five weeks after the Federal Reserve's decision not to increase the times for  rate hike in 2017, breaking market uncertainty about the future tightening of US monetary policy. Investors to buy gold as a safe haven.

Spot gold prices rose 0.33% to trade around $ 1234.41 an ounce.

Expectations of the weakness dollar give gold the strength to recover and rise in the near and medium term, especially as talk about another interest rates raising will not before two months.

Futures crude oil fell as the US oil shale activity increased, with supply still steady from the group of oil exporting countries (OPEC) despite pledges to cut oil production by nearly 1.8 million barrels per day.

Futures Crude oil for April delivery fell 0.61% to trade at $ 48.35 a barrel.

US drilling companies have increased 14 drillings last week, bringing the total number to 631, the highest since September. The number of drilling rigs will increase shale production to record levels over the next six months.

Rising oil production increases oil supply and makes OPEC's efforts fail to control the surge in supply, making little chances of crude oil to soaring in the short to medium term.

Sponsored by: CloudsIndex.com 

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