Oil price rises as OPEC edges towards max production capacity
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USD/CAD ▶️
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Oil prices continue to recover from last week's weak run, with Saudi Arabia and the United Arab Emirates almost reaching their production limits, being the few OPEC members who still can increase capacities. The market saw oil futures went up to $111.76 a barrel, then briefly climbed above $112.
The market mood was dampened as the European Central Bank (ECB) will increase its interest rate on Friday (1 July), for the first time in 11 years. ECB President Christine Lagarde further suggested more rate hikes will follow if inflation fails to slow down. EUR/USD has a noticeable fall to 1.0518, stabilizing at 1.0525 afterwards.
The GBP/USD pair dropped to a closing price of 1.2182. Later tonight, Governor Bailey of the Bank of England will give speeches on the latest economic updates for the UK. Australia Retail Sales in May recorded a 0.9% growth over a forecasted decline of 0.4%. Still, AUD/USD closed with minor losses at 0.6906.
Oil bulls did not cheer the loonie, USD/CAD mostly traded flat at 1.2871, after recovering from a two-week low of 1.2825. Gold futures were also relatively cool, the yellow metal lost less than $3 to $1,821.2 an ounce.
More information on Mitrade website.
GBP/USD 🔽
AUD/USD 🔽
USD/CAD ▶️
XAU 🔽
WTI 🔼
Oil prices continue to recover from last week's weak run, with Saudi Arabia and the United Arab Emirates almost reaching their production limits, being the few OPEC members who still can increase capacities. The market saw oil futures went up to $111.76 a barrel, then briefly climbed above $112.
The market mood was dampened as the European Central Bank (ECB) will increase its interest rate on Friday (1 July), for the first time in 11 years. ECB President Christine Lagarde further suggested more rate hikes will follow if inflation fails to slow down. EUR/USD has a noticeable fall to 1.0518, stabilizing at 1.0525 afterwards.
The GBP/USD pair dropped to a closing price of 1.2182. Later tonight, Governor Bailey of the Bank of England will give speeches on the latest economic updates for the UK. Australia Retail Sales in May recorded a 0.9% growth over a forecasted decline of 0.4%. Still, AUD/USD closed with minor losses at 0.6906.
Oil bulls did not cheer the loonie, USD/CAD mostly traded flat at 1.2871, after recovering from a two-week low of 1.2825. Gold futures were also relatively cool, the yellow metal lost less than $3 to $1,821.2 an ounce.
More information on Mitrade website.