Thursday, 28 December 2017

EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – December 28, 2017-SapForex24

EUR/USD

The pair rallied significantly during the yesterday’s trading session testing the 1.19 level. If the pair manages to break above the 1.1925 level, then it will be an extremely positive sign for the market and also would break the top of the weekly bullish flag. Going forward, the 1.18 level is going to be the important support of this market. The softening of USD in general due to thin liquidity is pushing the market higher.

GBP/USD

The market continued to be very noisy during the Wednesday’s trading session. Initially, the pair went higher reaching the 1.3430 level but got significant resistance and rolled over a bit. Moving forward, the pair is expected to get enough support at the 1.3375 level and will attract buyers into the market. The 1.35 level above will be a bit difficult for this market to cross.


AUD/USD

The AUD moved higher during the day on Wednesday reaching towards the 0.7775 level. Going forward, the 0.78 level is going to be massively resistive extending up to the 0.80 level. The 0.80 level essentially the fair value in the longer term and breaking above will be very bullish sign for the market.

USD/JPY

The USD went sideways during the Wednesday’s session against the JPY as due to thin volume is limiting any big movements in the market. Any bullish attitude in the stock market will send this market higher. This market continues to offer value in dips and 113 level is going to be the important support level and also the 112 level which is also a strong support area.

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Wednesday, 27 December 2017

Oil prices near 2015 highs on tight market-SapForex24

Oil prices were stable on Thursday with trading activity drying up ahead of the New Year weekend.
U.S. West Texas Intermediate (WTI) crude futures were at $59.69 a barrel at 0336 GMT, up 5 cents from their last settlement. WTI broke through $60 a barrel earlier this week, the first time since June 2015.

WTI received support from a report by the American Petroleum Institute (API) showing a 6 million barrel drop in crude oil inventories to 432.8 million.

Brent crude futures were at $66.50 a barrel, up 6 cents. Brent broke through $67 earlier this week, the first time since May 2015 this week.
In the North Sea, the 450,000 bpd capacity Forties pipeline system was shut earlier this month due to a crack.


Both pipelines are expected to return to normal operations in January, with Forties already in the start-up process.

A major factor countering efforts by OPEC and Russia efforts to prop up prices is U.S. oil production, which has soared more than 16 percent since mid-2016 and is fast approaching 10 million bpd.

Only OPEC king-pin Saudi Arabia and Russia produce more.

The latest official U.S. production figures are due to be published by the on Thursday.

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Daily Market Forecast, December 27, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD-SapForex24

EUR/USD: Choppy Trading Dominating

The Euro traded sideways on Tuesday as volumes in forex proved to be very light. The European currency is near the 1.1850 level against the U.S Dollar. As more investors return to the market the Euro may look attractive at its current values. However, traders should expect choppy trading to dominate near term.

Gold: Buying Momentum Builds

Gold has continued to see buying momentum and its value as of this morning is close to 1281.00 U.S Dollars an ounce. Trading volumes remain light because many large investors are still on the sideline as they celebrate the holiday season. However, the precious metal has been able to break short-term resistance and traders may be tempted to remain buyers.

Crude Oil: Important Resistance Surpassed

Crude Oil broke above 60.00 U.S Dollars a barrel on Tuesday as speculators continue to be bullish. U.S Crude Oil has been able to surpass important resistance. Traders may be tempted to look for upside value but should be ready for some pushback in the coming days.



GBP/USD: Consolidation May Lose Grip

The Pound starts Wednesday essentially with the same value it had yesterday against the U.S Dollar. The 1.3370 juncture has been strong. As U.K traders return from their Boxing Day holiday the Pound could break out of its consolidation, but the currency will likely continue to range trade.

USD/JPY: Cautious Trading for the Yen

The Yen has seen tight trading like the other major currencies. The Japanese currency is near 113.25 against the U.S Dollar. Trading volumes remain thin on the Nikkei Index and cautious. The Yen remains within its weaker range against the U.S Dollar, but some traders may be tempted to look for a reversal to develop and for the Yen to strengthen.

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Tuesday, 26 December 2017

Daily Market Forecast, December 26, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD-SapForex24

USD/JPY: Quiet Conditions for Yen

Forex will remain very quiet today for all the major currencies. This includes the Yen as many global financial institutions remain in holiday mode. The Japanese currency is near 113.30 against the U.S Dollar. Traders should be ready for sudden bursts of activity amidst the very tranquil conditions. Volumes will pick up tomorrow.

Gold: Precious Metal Propelled Higher

Gold is near 1279.00 U.S Dollars an ounce as of this morning. The commodity was propelled higher via a large buy in the market earlier today. The precious metal is near important resistance, but with holiday trading in effect, Gold may prove to be a difficult short term to predict.

EUR/USD: Low Trading Volumes Today for Euro

The Euro will experience extremely low trading volume as most of the European continent remains on official holiday. The Euro is around 1.1880 against the U.S Dollar. Range traders might enjoy an opportunity to look for short-term spikes, but risk management would be wise today.


GBP/USD: Boxing Day Holiday in U.K

The Pound is around 1.3370 against the U.S Dollar. U.K investors are celebrating Boxing Day and trading will be nearly non-existent today. However, traders with positions on will want to monitor the range of the Pound and be ready for potential moves when investing picks up tomorrow.

Crude Oil: Solid Trend Upwards for U.S Crude Oil

U.S Crude Oil could be the commodity to watch today as some traders in America make their way back to the marketplace. The commodity is above 58.50 U.S Dollars a barrel and has provided a solid trend upwards the past week.

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Wednesday, 20 December 2017

Gold Prices Remain Supported on U.S. Dollar Softness-SapForex24

Comex gold futures were up $2.70 or about 0.21% at $1,266.80 a troy ounce by 03:00 a.m. ET (07:00 GMT), just off the previous session's two-week high of $1,268.40.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was little changed at 93.09.


Gold is sensitive to moves in the dollar. A weaker dollar makes gold less expensive for holders of foreign currency.

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Friday, 15 December 2017

Gold Prices Hover Near 1-Week Highs on Weaker Dollar-SapForex24

Gold prices were hovering near one-week highs on Friday, as fresh concerns over U.S. tax reform plans weighed on the dollar and as markets were still digesting the Federal Reserve's latest policy statement.

Comex gold futures were up $1.80 or about 0.15% at $1,258.90 a troy ounce by 03:00 a.m. ET (07:00 GMT), just off a one-week high of $1,261.50 hit on Thursday.

the central bank did not change its projections for 2018, which include three more interest rate hikes in both 2018 and 2019, disappointing expectations for four rate hikes next year.



The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.16% at 93.50.

Gold is sensitive to moves in both U.S. rates and the dollar. A weaker dollar makes Gold less expensive for holders of foreign currency, while a rise in U.S. rates lifts the opportunity cost of holding non-yielding assets such as bullion.

Elsewhere on the Comex, silver futures added 0.16% to $15.96 a troy ounce.

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Thursday, 14 December 2017

Forex - Dollar Steadies after Post-Fed Slide-SapForex24

The dollar stabilized against a basket of the other major currencies on Thursday, having slid after the Federal Reserve raised interest rates as expected, but left its interest rate projections for 2018 unchanged.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was at 93.47.

The dollar was also on the back foot after U.S. core consumer price data released on Wednesday showed slowing inflation.

But hopes for progress on U.S. tax reform, including tax cuts, continued to lend support to the dollar.
The dollar pushed higher against the yen, with USD/JPY rising 0.19% to 112.76 after tumbling 0.9% on Wednesday.

The euro was little changed against the dollar, with EUR/USD at 1.1830, having advanced 0.7% the previous day.

In the euro zone, data on Thursday showed that the German economy grew at the fastest rate in more than six-and-a-half years in December, while a similar survey showed that the French economy also ended 2018 on a strong note.


Sterling edged higher, with GBP/USD rising 0.13% to 1.3432.

The Bank of England and the European Central Bank were to make their final monetary policy announcement of the year later in the day and are expected to hold rates steady.

Meanwhile, the Swiss National Bank left interest rates unchanged at a record low of minus 0.75% after its meeting on Thursday, and pledged to “remain active” in the foreign exchange market to prevent the Swiss franc becoming too strong.

The Swissy remained slightly lower against the euro and the dollar following the announcement, with USD/CHF at 0.9861 and EUR/CHF at 1.1670.

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Thursday, 2 November 2017

Forex - Dollar Dips Before U.S. Tax Bill, Sterling Eyes Rate Decision-SapForex24

The dollar edged lower on Thursday as investors awaited the release of a U.S. tax bill after a one-day delay, while the pound pushed higher ahead of a Bank of England policy decision later in the day.

House Republicans were expected to release a tax bill later Thursday amid ongoing internal disagreements over how proposed tax cuts will be paid for.

Lawmakers have made plans for measures seeking up to $6 trillion in tax cuts over 10 years.
The dollar has been boosted in recent months by hopes that tax reforms could bolster growth, adding pressure on the Federal Reserve to raise interest rates, known as the "Trumpflation" trade.

The Fed left rates unchanged on Wednesday in a widely expected decision, but expectations for a December rate hike sharpened as officials noted “solid” economic growth and a tightening labor market.

Earlier Wednesday a strong ADP nonfarm payrolls report underlined the case for further monetary tightening.


Meanwhile, investors were awaiting an official White House announcement on President Donald Trump’s pick for the next Fed chairman. Recent reports have indicated that Trump is likely to appoint Fed Governor Jerome Powell, who is viewed as more dovish than other candidates.

The dollar was a touch lower against the yen, with USD/JPY last at 114.11, holding above an overnight low of 113.61.

The euro pushed higher, with EUR/USD rising 0.15% to 1.1635.

Sterling gained ground, with GBP/USD up 0.18% at 1.3269 ahead of a BoE meeting later in the day where the bank was widely expected to raise interest rates for the first time since 2007.

Investors will be focusing on the degree of consensus among policymakers as they try to gauge the likelihood of further rate hikes.

The pound was little changed against the euro, with EUR/GBP at 0.8770.

Meanwhile, the Australian and New Zealand dollars advanced, with AUD/USD adding 0.42% to 0.7709 and NZD/USD rising 0.38% to 0.6911.

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Thursday, 26 October 2017

Oil Prices Slip Further Following Surprise U.S. Crude Build-SapForex24

Crude oil prices edged lower on Thursday, after data from the U.S. Energy Information Administration showed domestic crude stockpiles increased for the first time in five weeks.

U.S. West Texas Intermediate (WTI) crude futures dipped 20 cents, or around 0.4%, at $51.98 a barrel by 3:15AM ET (0715GMT), after losing 29 cents, or 0.6%, a day earlier.

Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., shed 11 cents, or 0.2%, to $58.34 a barrel.

Oil prices settled lower on Wednesday, pressured by an unexpected increase in U.S. crude inventories and as oil output and exports from the United States rose last week.

Crude oil inventories rose by 856,000 barrels, according to the EIA, marking the first increase in five weeks. That compared with analysts' expectations for a decline of 2.6 million barrels.


The report also showed that domestic production rebounded by 1.1 million barrels per day (bpd) to 9.5 million and net imports rose by just over 500,000 bpd, after the falloff due to Hurricane Nate the week before.

Prices remained supported by comments from Saudi Arabia's energy minister on Tuesday reiterating its determination to end a global supply glut and as geopolitical turmoil threatened global inventories.
In other energy trading Thursday, gasoline futures held steady at $1.731 a gallon, while heating oil slipped 0.4 cents to $1.814 a gallon.

Gasoline inventories fell by 5.5 million barrels last week, much more than expectations for a decline of 17,000 barrels. For distillate inventories including diesel, the EIA reported a decline of 5.2 million barrels.

Natural gas futures rose 0.6 cents to $2.925 per million British thermal units, as traders looked ahead to weekly storage data due later in the global day.

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Wednesday, 25 October 2017

Forex - Sterling Hits Day’s Highs after UK GDP Data-SapForex24

The pound rose to the day’s highs on Wednesday after data showing that UK economic growth picked up the third quarter was seen as raising the chances of an interest rate hike by the Bank of England next month.

GBP/USD was up 0.31% at 1.3176 by 04.50 AM ET (08:50 AM GMT) from around 1.3122 ahead of the report.

The Office for National Statistics reported that gross domestic product grew by 0.4% in the three months to September, up from 0.3% in the previous quarter. Economists had expected grow to remain steady at 0.3%.

The UK economy expanded 1.5% on a year-over-year basis, matching the previous quarter’s growth and above forecasts for an expansion of 1.4%.



Service sector output provided the bulk of the growth the ONS said, expanding by 0.4% during the quarter.

The manufacturing sector also returned to growth, with output rising by 1.0%, but construction activity contracted by 0.7% on the quarter.

The pick-up in growth was likely to cement expectations that the BoE will raise interest rates next month, but growth of 0.4% is still well below the UK’s long term growth rate.

The euro fell to the day's lows against the pound following the report, with EUR/GBP down 0.38% to 0.8922 from around 0.8966 earlier.

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Monday, 23 October 2017

Gold Prices Hit 2-Week Low as Dollar Gains -SapForex24

Gold prices hit a more-than-two week low on Monday as dollar strength continued to put pressure on the precious metal.

On the Comex division of the New York Mercantile Exchange, gold for December delivery lost $2.94, or about 0.2%, to $1.277.56 .

That was just off an intraday low of $1,275.58 touched earlier in the session, its lowest level since October 6.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose 0.19% at 93.75.

Gold is sensitive to a stronger dollar as the gains in the greenback made the precious metal more expensive for holders of foreign currency.

The dollar has found support as hopes for U.S. tax reforms were boosted last week after the Senate approved a budget measure that will allow Republicans to pursue tax cuts without Democratic support.


The greenback ended last week up 0.69%, its fifth weekly increase in six weeks. Investors expect a fiscal boost to push up inflation, which in turn to add pressure on the U.S. Federal Reserve to raise interest rates, known as the "Trumpflation" trade.

Elsewhere in metals trading, silver dropped 0.50% at $16.993 a troy ounce.

Platinum fell 0.62% at $921.05 a troy ounce, while palladium lost 0.44% to $965.60 a troy ounce as both metals hit one-week lows overnight.

To the upside, copper rose 0.24% to $3.173 a pound after Chinese authorities reaffirmed that the country's economy was on track to achieve the official growth target even as its housing market slows.

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Monday, 2 October 2017

Oil prices lower after strong third quarter as Sept. OPEC output rises-SapForex24

Oil prices fell on Monday, pausing for breath after posting gains of as much as 20 percent in the third quarter, after a survey pointed to a slight increase in OPEC production in September.

U.S. crude was down 14 cents, or 0.3 percent, at $51.53 a barrel at 0637 GMT. The U.S. benchmark on Friday posted its strongest quarterly gain since the second quarter of 2016 and the longest streak of weekly gains since January.

Global benchmark Brent crude for December delivery was down 23 cents, or 0.4 percent, at $56.56 a barrel. On Friday, Brent for November delivery closed 13 cents higher at $57.54 a barrel, notching up a third-quarter gain of around 20 percent, the biggest gain in five quarters. It was the biggest third-quarter increase since 2004.

The contract reached its highest in more than two years early last week, and posted its fifth consecutive weekly gain. It was Brent's longest weekly bull run since June 2016.


The price gains have been supported by anticipated demand from U.S. refiners resuming operations after shutdowns due to Hurricane Harvey, but a quick resumption of shale production could put a dampener on prices.

"U.S. production should be soft over August and September, due to Hurricane-related shut-ins but should rebound" in the fourth quarter, Barclays (LON:BARC) Research said in a note.

Oil output from the Organization of Petroleum Exporting Countries (OPEC) also rose last month, gaining by 50,000 barrels per day (bpd), a Reuters survey found.

Iraqi exports increased and production edged higher in Libya, one of the OPEC producers exempt from a deal to curb output and support prices.

Middle Eastern oil producers are concerned the recent price rise will only stir U.S. shale producers into more drilling and push prices lower again.

U.S. energy companies added oil rigs for the first week in seven after a 14-month drilling recovery stalled in August, energy services firm Baker Hughes said on Friday.

Drillers added six oil rigs in the week to Sept. 29, bringing the total count up to 750.

Hedge funds and other money managers raised their net long positions in U.S. crude futures and options in the week to Sept. 26, the Commodity Futures Trading Commission (CFTC) reported on Friday.

Managed money net long positions rose by 43,496 contracts to 251,788 contracts, the most since the week of Aug. 22, the CFTC said.

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Thursday, 28 September 2017

Oil prices slip as U.S. crude output rises to highest since 2015- SapForex24

Oil prices edged lower on Thursday, after U.S. government data revealed a weekly climb in domestic production to the highest level in over two years.

U.S. West Texas Intermediate (WTI) crude futures shed 20 cents, or around 0.4%, to $51.94 a barrel by 3:35AM ET (0735GMT), after rising 26 cents in the previous session to just below a five-month high.

Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., dipped 37 cents, or about 0.6%, to $57.20 a barrel, moving further away from a 26-month peak reached earlier this week.
Oil prices ended higher on Wednesday, as investors digested weekly supply data from the U.S. Energy Information Administration.

Crude oil inventories fell by 1.8 million barrels, according to the EIA, after posting hefty increases in each of the last three weeks, as refiners raised output following Hurricane Harvey last month.
However, gasoline stockpiles were up 1.1 million barrels for the week, rising for the first time in four weeks.

The report also showed that domestic crude production edged up by 0.4% to 9.55 million last week, the highest level since July 2015.



Prices have been well-supported in recent weeks amid growing optimism that the crude market was well on its way towards rebalancing as data showed strong compliance from major producers with their supply cut agreement.

In May, OPEC and non-OPEC members led by Russia agreed to extend production cuts of 1.8 million barrels per day for a period of nine months until March 2018 in a bid to reduce global oil inventories and support oil prices.

Elsewhere on Nymex, gasoline futures were little changed at $1.602 a gallon, while heating oil slumped 1.5 cents, or 0.8%, to $1.824 a gallon.

Natural gas futures held steady at $3.059 per million British thermal units, as traders looked ahead to weekly storage data due later in the global day.

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Tuesday, 26 September 2017

Forex - Dollar Hovers Near 3-Week Highs Vs. Rivals- SapForex24

The dollar was hovering near three-week highs against other major currencies on Tuesday, amid fresh geopolitical tensions between the U.S. and North Korea and despite mixed messages by Federal Reserve officials.

The greenback strengthened after New York Federal Reserve President William Dudley on Monday said the Fed is on track to gradually raise interest rates given factors depressing inflation are "fading" and the U.S. economy's fundamentals are sound.

“I expect inflation will rise and stabilize around the (Fed's) 2% objective over the medium term," he said before adding that "in response, the Federal Reserve will likely continue to remove monetary policy accommodation gradually."

However, Chicago Federal Reserve Bank President Charles Evans said shortly after that the U.S. central bank should wait until there are clear signs that income and prices are rising before raising interest rates again, warning that moving too fast would be a policy “misstep.”



Meanwhile, investors remained cautious after North Korea's foreign minister Ri Yong Ho said on Monday that President Donald Trump had declared war on the country and that Pyongyang reserved the right to shoot down U.S. bombers, even if they are not in its air space.

The safe haven yen was steady, with USD/JPY at 111.71, while USD/CHF gained 0.34% to trade at 0.9698.

EUR/USD slid 0.25% to 1.1818 as market participants were also still digesting the fact that Chancellor Angela Merkel won a fourth term in office on Sunday but will have to build a coalition to form a government as Conservatives lost support in the face of a surge by the anti-immigration Alternative for Germany (AfD).

The single currency also remained under pressure after European Central Bank President Mario Draghi said Monday that that the bank's "ample" accommodation was still needed and added that currency volatility is a source of uncertainty that requires monitoring.

The pound edged higher, with GBP/USD up 0.13% at 1.3483.

Elsewhere, the Australian and New Zealand dollars were weaker, with AUD/USD down 0.25% at 0.79179 and with NZD/USD retreating 0.71% to 0.7221.

Meanwhile, USD/CAD edged 0.09% higherto trade at 1.2380.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.18% at 92.62 by 05:20 a.m. ET (09:20 GMT), just off a three-week high of 92.67 hit overnight.

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Tuesday, 19 September 2017

Forex - Aussie, Kiwi Move Higher Markets Focus on Fed Meeting-SapForex24

The Australian and New Zealand dollars moved higher against their U.S. counterpart on Tuesday, as market participants were looking ahead to the Federal Reserve's policy meeting, due to begin later in the day.

AUD/USD rose 0.24% to 0.7977.

The Fed is widely expected to leave interest rates unchanged this week. However the U.S. central bank could give indications on when it plans to begin unwinding its balance sheet, as well as on any future interest rate decisions.

Investors were also eyeing U.S. data on building permits and housing starts due later Tuesday, for further indications on the health of the housing market.

Earlier in the day, the minutes of the Reserve Bank of Australia's September meeting showed that policymakers remained favorable to low interest rates, saying that they allowed the economy to continue to strengthen.



The central bank also cautioned against the current strength of the Australian dollar, saying its “appreciation over recent months, driven in part by a broad depreciation of the U.S. dollar, was weighing on domestic growth” and that a further appreciation could “result in a slower pick-up in growth and inflation.”

NZD/USD advanced 0.44% to trade at 0.7290.

Meanwhile, concerns over tensions between the U.S. and North Korea remained subdued, although they were susceptible to pick up at any moment.

U.S. President Donald Trump was set to address the United Nations for the first time this week and Pyongyang was widely expected to be on the agenda.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.21%at 91.61 by 02:15 a.m. ET (06:15 GMT), just off a one-week low of 91.57 hit overnight.

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Monday, 18 September 2017

Forex - Aussie, Kiwi Move Higher Vs. Greenback in Late Trade-SapForex24

The Australian and New Zealand dollars moved higher on Monday, as Friday's downbeat U.S. economic reports continued to weigh on the greenback and as markets begn to focus on the Federal Reserve's policy meeting scheduled later in the week.

AUD/USD gained 0.30% to 0.8028.

The greenback came under pressure after data on Friday showed that U.S. industrial and manufacturing production unexpectedly fell in August.


In addition, the U.S. Commerce Department said retail sales unexpectedly fell by 0.2% in August.
Later this week, the Fed was expected to leave interest rates unchanged but it could give indications on when it plans to begin unwinding its balance sheet.

NZD/USD was up 0.36% at 0.7316.

Markets seemed to have recovered from news late Thursday that North Korea fired a missile over Japan into the Pacific Ocean. It was the peninsula's second missile launch over Japanese territory in just over two weeks.

Pyongyang was expected to be discussed as U.S. President was preparing to address the United Nations for the first time this week.

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Thursday, 14 September 2017

Commodities - Crude Oil Prices Ease But Hold on to Gains-SapForex24

Oil prices edged lower on Thursday, but held on the most of their gains from the previous session which came after data showing a record drop in gasoline inventories and indications that the oversupplied global market is starting to rebalance.

U.S. crude oil was trading at $49.27 a barrel after a 2.07% gain in the previous session.

Global benchmark Brent futures were at $55.09 a barrel after rising 1.49% in the previous session.
On Wednesday, the International Energy Agency said global oil supplies fell for the first time in four months in August, while also revising its 2017 oil demand estimate up to 1.6 million barrels a day from its July estimate of 1.5 million.

The data came a day after the latest OPEC report that showed oil production from the cartel fell last month for the first time since March.


The Organization of the Petroleum Exporting Countries said Tuesday that output declined by 79,000 barrels a day to 32.76 million in August, driven mainly by a drop in Libya, Gabon, Venezuela and Iraq.

Meanwhile, the U.S. Energy Information Administration reported that gasoline stockpiles fell by 8.4 million barrels last week, the largest weekly drop on record in EIA data going back to 1990.

Distillate stockpiles fell by 3.2 million barrels, also above expectations.

Crude oil inventories rose by 5.88 million barrels last week, the EIA said.

The build came after Hurricane Harvey shut production in some Gulf of Mexico fields and refineries in Texas as some domestic producers also trimmed output to avoid a larger glut at storage.

The reports from the IEA and OPEC offset concerns over the EIA stockpile build, supporting prices.
Elsewhere, gasoline futures fell 0.59% to $1.6347 a gallon and natural gas futures added 0.23%, to $3.064 per million British thermal units.


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Monday, 11 September 2017

Forex - Dollar holds onto modest gains vs. rivals in quiet trade- SapForex24

The dollar held onto modest gains against other majors on Monday, as the greenback began to recover from sharp losses posted the previous week amid concerns over the impact of a second incoming hurricane and sustained tensions with North Korea.

Trading was expected to remain quiet with no major U.S. data to be released throughout the day.
The dollar regained some strength following an official downgrading of Hurricane Irma’s strength to Category 1, as the storm pummeled Florida over the weekend after devastating much of the Caribbean.

Massive storm surges have flooded areas across South Florida, while downed trees and power lines have left over 2 million residents without power.

U.S. President Donald Trump said on Saturday that he will ask Congress to speed up its efforts to overhaul the U.S. tax code, citing the potential impact of Hurricane Irma.

The safe-haven yen and Swiss franc were lower, with USD/JPY up 0.55% at 108.41 and with USD/CHF climbing 0.51% to trade at 0.9489.



Market participants had been worried about a potential North Korean missile test on Saturday, to mark the anniversary of the founding of the nation.

However,investors were relieved to learn that Pyongyang chose to observe the 69th anniversary of its founding only by honoring the scientists behind the massive nuclear test it conducted last week.
Elsewhere, EUR/USD slipped 0.11% to 1.2023, while GBP/USD held steady at 1.3191.

The euro fell below the $1.20 level after European Central Bank Executive Board member Benoit Coeure said that persistent exogenous shocks to the exchange rate could lead to unwarranted tightening of financial conditions with undesirable consequences for inflation.

The remarks came after ECB President Mario Draghi indicated last week that the bank may start tapering its massive stimulus program this autumn.

The Australian dollar was steady, with AUD/USD at 0.8053, while NZD/USD rose 0.25% to 0.7281.
Meanwhile, USD/CAD slid 0.33% to 28-month low of 1.2120.

The Chinese yuan took a beating on Monday, as CNY/USD dropped 0.65% to 0.1533 after China’s central bank was reportedly planning to scrap reserve requirements for financial institutions settling foreign exchange forward yuan positions.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.13% at 91.43 by 05:20 a.m. ET (09:20 GMT), off Friday's 32-month low of 90.99.

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Wednesday, 30 August 2017

Crude oil prices slip, gasoline futures trade higher| SapForex24

Oil prices slid lower on Wednesday as ongoing disruptions from Tropical Storm Harvey kept refineries from buying crude, weighing on demand but prompting fears over fuel shortages.

U.S. crude oil was down 27 cents or 0.6% at $46.16 a barrel by 04:30 AM ET (08:30 GMT), not far from Monday’s one-month trough of $45.77.

Global benchmark Brent futures were at $51.35 as barrel, off 31 cents or 0.56%.

Some refiners in Corpus Christi that shut down ahead of the storm were looking to restart, but heavy rains were expected to last through Wednesday, adding to catastrophic flooding.

The National Weather Service said the storm has set a rainfall record for tropical cyclones in Texas.
But even refineries that are able to restart may experience difficulties getting enough oil supplies.

Ships carrying oil are still unable to enter Texas ports, while producers in south Texas who shut down operations are only starting to ramp up and some pipelines that carry supplies to refineries are still shut.

U.S. gasoline futures were higher, rising 0.62% to $1.6302.

Prices spiked to a two-year peak of $1.8180 on Monday after Motiva Enterprises said it was shutting down the nation's largest refinery due to flooding.

Oil and fuel prices have diverged since the storm began amid fears over fuel shortages.

Investors were beginning to turn their attention to the weekly oil inventory report from the U.S. government, with analysts expecting to see another decline in stockpiles.

The American Petroleum Institute, an industry group, said late Tuesday that U.S. crude inventories fell by 5.780 million barrels last week, indicating that the U.S. oil market is gradually tightening.

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Monday, 21 August 2017

Oil starts the week on back foot amid U.S. production jitters-SapForex24

Oil prices drifted lower on Monday, as concern over rising production in the U.S. dampened sentiment.

Data from the U.S. Energy Information Administration showed last week that total domestic crude production edged up by 79,000 barrels a day to 9.5 million barrels, its highest level since July 2015.
That comes despite data showing that U.S. energy firms cut rigs drilling for new oil for a second week in three. Drillers cut five oil rigs in the week to Aug. 18, bringing the total count down to 763, oilfield services firm Baker Hughes said Friday.

The weekly rig count is an important barometer for the drilling industry and serves as a proxy for oil production and oil services demand.

The U.S. West Texas Intermediate crude September con||tract was at $48.52 a barrel by 3:25AM ET (0725GMT), down 14 cents, or around 0.3%.

Elsewhere, Brent oil for October delivery on the ICE Futures Exchange in London shed 16 cents, or about 0.3%, to $52.58 a barrel.



Oil prices settled sharply higher on Friday, jumping about 3% in a surprise rally after reports surfaced that a unit at Exxon (NYSE:XOM) Mobil’s Baytown, Texas refinery shut down. The 584,000 barrel-a-day plant is the second-largest refinery in the U.S.Despite Friday's rally, New York-traded oil prices ended the week down 31 cents, or nearly 0.6%, its third such loss in a row. In contrast, London-traded Brent futures notched a weekly gain of 62 cents, or roughly 1.2%.

The global benchmark has been buoyed by recent signs that global supplies are tightening.
OPEC and 10 producers outside the cartel, including Russia, agreed since the start of the year to slash 1.8 million barrels per day in supply until March 2018 in order to reduce a global supply glut and rebalance the market.

In the week ahead, market participants will eye fresh weekly information on U.S. stockpiles of crude and refined products on Tuesday and Wednesday to gauge the strength of demand in the world’s largest oil consumer.

Elsewhere on Nymex, gasoline futures for September declined 1.7 cents, or nearly 1.1%, to $1.605 a gallon, while September heating oil slumped 0.9 cents, or 0.6%, to $1.610 a gallon.

Natural gas futures for September delivery tacked on 0.9 cents, or roughly 0.3%, to $2.902 per million British thermal units.

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Thursday, 10 August 2017

Oil rises as inventory overhang erodes and Saudi cuts exports-SapForex24

Oil prices rose on Thursday, lifted by a sustained decline in inventories and as Saudi Arabia prepared to cut crude supplies to its prized Asian customers.

Crude is down nearly 7 percent so far this year, suppressed in large part by concern that OPEC and its partners may not be able to force global oil inventories to drop by cutting production.

However, Saudi Arabia said on Tuesday it would cut supplies to most buyers in Asia - the world's biggest oil-consuming region - by up to 10 percent in September.

Brent crude futures were up 29 cents at $52.99 a barrel by 0855 GMT, while U.S. West Texas Intermediate crude was up 17 cents at $49.73.

In a sign that investors are turning more optimistic about the pace at which oil supply and demand are rebalancing, prices for crude for prompt delivery are trading above those for delivery further in the future.

"This is the march toward the flattening of the curve," said SEB chief commodity strategist Bjarne Schieldrop.


"The major event now going forward is the Middle East and Asian refineries rushing back into operation and consuming more crude, just as Saudi Arabia says it will cut September deliveries to Asia," he said.

The physical market is also showing signs of stronger near-term demand, after having suffered from a persistent overhang of unused crude.

Prices for prompt deliveries of North Sea crude oil are at their smallest discount to future prices in nearly two years and a surplus of oil stored on ships is gradually dissipating, having hit two-year highs.

Inventories in the United States are at their lowest since October, having fallen for 10 of the last 12 weeks.

Global stocks remain above their longer-term averages and with the summer driving season nearly at an end, investors are well aware that the attempts by the Organization of the Petroleum Exporting Countries, Russia and other producers to boost prices may bring unwanted side-effects.

"The minute OPEC try to raise prices by cutting production, U.S. producers will react accordingly to fill the void. This results in a tug of war that we have witnessed all year and the final outcome is a range-bound market," said Matt Stanley, a commodities broker at Freight Investor Services in Dubai.

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Wednesday, 9 August 2017

Oil on the back foot ahead of U.S. supply update-SapForex24

Oil prices edged lower on Wednesday, as investors looked ahead to weekly data from the U.S. on stockpiles of crude and refined products.

The U.S. West Texas Intermediate crude September contract was at $49.12 a barrel by 3:35AM ET (0735GMT), down 5 cents, or around 0.1%.

Elsewhere, Brent oil for October delivery on the ICE Futures Exchange in London shed 12 cents, or 0.2%, to $52.02 a barrel.

Oil prices fell for a second straight session in volatile trade on Tuesday.

The U.S. Energy Information Administration will release its official weekly oil supplies report at 10:30AM ET (1430GMT).

Analysts expect Crude Oil inventories dropped by around 2.7 million barrels at the end of last week, while gasoline supplies are seen decreasing by about 1.4 million barrels and distillates are forecast to fall about 131,000 barrels.



After markets closed Tuesday, the American Petroleum Institute said that U.S. oil inventories fell by 7.89 million barrels in the week ended August 4.

The API report also showed a gain of 1.5 million barrels in gasoline stocks, while distillate stocks fell by 157,000 barrels.

There are often sharp divergences between the API estimates and the official figures from EIA.
Meanwhile, officials from a joint OPEC and non-OPEC technical committee said on Tuesday that they expect greater compliance with their output-cutting pact.

According to recent calculations, compliance fell to 86% in July, the lowest level since January.
OPEC and 10 producers outside the cartel, including Russia, agreed since the start of the year to slash 1.8 million barrels per day in supply until March 2018 in order to reduce a global supply glut and rebalance the market.

However, so far, the deal has had little impact on global inventory levels due to rising supply from producers not participating in the accord, such as Libya and Nigeria, as well as a relentless increase in U.S. shale output.

Elsewhere on Nymex, gasoline futures for September was little changed at $1.602 a gallon, while September heating oil ticked down 0.8 cents to $1.620 a gallon.

Natural gas futures for September delivery shed half a cent to $2.818 per million British thermal units.

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Tuesday, 8 August 2017

Forex - Dollar remains moderately lower vs. other majors - SapForex24

The dollar remained moderately lower against the other major currencies on Tuesday, as trading was expected to remain quiet with no major U.S. data expected throughout the day, although Friday’s strong U.S. jobs report still lent some support.

The greenback continued te be supported by Friday’s strong nonfarm payrolls data, which fueled expectations the Federal Reserve will stick to its plans for a third interest rate hike this year.

The U.S. Labor Department on Friday said the economy added 209,000 jobs last month, blowing past expectations for an increase of 183,000.

Investors were now eyeing U.S. inflation reports later in the week for indications of whether the recovery in the dollar is sustainable in the longer term.

EUR/USD added 0.13% to 1.1811 but gains were expected to remain limited after data showed that German exports fell by 2.8% in June, snapping five months of gains. It was the biggest drop since August 2015.

German imports dropped by 4.5%, the largest decline since January 2009. That drove Germany’s trade surplus up to €21.1 billion, from €20.3 billion in May, a 10-month high.



Elsewhere, GBP/USD held steady at 1.3043, just off the previous session’s one-and-a-half week low of 1.3014.

USD/JPY slipped 0.19% to 110.54, while USD/CHF was little changed at 0.9727.

The Australian dollar was stronger, with AUD/USD up 0.20% at 0.7929, while NZD/USD held steady at 0.7359.

Earlier Tuesday, the National Australia Bank said its business confidence index rose to 12 in July from a reading of 9 the previous month.

Separately, official data showed that China’s exports increased by 7.2% in July and imports climbed 11.0%. Both readings were slightly below analysts’s projections
China is Australia’s biggest export partner.

Meanwhile, USD/CAD slipped 0.14% to trade at 1.2664, not far from Monday’s three-week high of 1.2714.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.13% at 93.18, still close to Friday’s one-week high of 93.64.

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Monday, 17 July 2017

Forex - Dollar struggles near 10-month lows, sterling slips- SapForex24

The dollar was wallowing near 10-month lows on Monday after data showing that China’s economy gained momentum in the second quarter amid lingering doubts over the Federal Reserve’s plans to raise interest rates again this year.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, ticked up 0.11% to 94.99 by 06.13 a.m. ET (10.13 a.m. GMT).

The index touched a 10-month low of 94.86 overnight after falling 0.69% on Friday.

China reported overnight that second-quarter gross domestic product expanded by an annualized 6.9%, driven by strong retail sales, industrial output and exports.

The data brightened the outlook for global growth because China is the world’s second largest economy.

USD/JPY was last at 112.43 after falling to a two-week low of 112.31 overnight.



The dollar weakened broadly on Friday after weak U.S. inflation and retail sales data added to doubts over the Fed’s plans for a third rate hike this year.

The Fed hiked rates at its June meeting and stuck to its forecast for one more rate hike this year but the sluggish inflation outlook has raised questions over whether officials will be able to stick to their planned tightening path.

The euro was a touch lower against the dollar, with EUR/USD slipping 0.1% to 1.1456, still within striking distance of the 14-month high of 1.1488 set last Wednesday.

Sterling moved lower, with GBP/USD down 0.26% to 1.3066 amid concerns over heightened political uncertainties and the potential impact of Brexit as full talks got underway in Brussels.

The pound rallied 1.2% against the dollar on Friday, its largest one-day percentage gain in three months to a high of 1.3093.

The Australian and New Zealand dollars were slightly lower, with AUD/USD pulling back to 0.7822 from the 15-month high of 0.7832 set overnight as the upbeat Chinese data bolstered inflows into higher yielding assets.

NZD/USD slid 0.2% to 0.7331 after rising as high as 0.7361 earlier.

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Tuesday, 20 June 2017

Gold holds near 5-week low amid hawkish Fed outlook -SapForex24

Gold prices stayed near the lowest level in around five weeks in European trade on Tuesday, as hawkish remarks made by an influential Federal Reserve official reinforced expectations for the Fed to keep raising interest rates.

Comex gold futures were at $1,248.89 a troy ounce by 4:35AM ET (0835GMT), up $2.20, or around 0.2%. Prices fell to $1,244.10 in overnight trade, a level not seen since May 17. Gold prices lost about $10.00, or 0.8%, on Monday.

Also on the Comex, silver futures were up 7.8 cents, or roughly 0.5%, to $16.58 a troy ounce, after hitting its lowest since May 18 at $16.44.

New York Fed Chief William Dudley gave an upbeat assessment of the economy on Monday and warned against the central bank taking a pause in the tightening cycle.

In a business roundtable held in Plattsburg, New York, Dudley said U.S. inflation is a bit low but should rise alongside wages as the labor market continues to improve, allowing the Fed to continue gradually tightening U.S. monetary policy.


The remarks echoed similar comments made by Fed Chair Janet Yellen in last week’s press conference after the central bank hiked rates for the second time this year.

Chicago Fed President Charles Evans however later said the Fed should move slowly to raise rates and trim its portfolio due to soft inflation.

The U.S. central bank last week raised interest rates as widely expected and maintained plans to go ahead with another rate hike by year-end. The Fed also provided greater detail about how it plans to reduce its massive $4.5 trillion balance sheet.

Despite the Fed's relatively hawkish message, market players remained doubtful over the central bank's ability to raise rates as much as it would like before the end of the year due to a recent run of disappointing U.S. economic data.

Futures traders are pricing in around a 20% chance of a hike at the Fed's September meeting, according to Investing.com’s Fed Rate Monitor Tool. Odds of a December increase was seen at about 40%.

Market players will focus on a pair of Federal Reserve speakers Tuesday, as they look for more clues on future monetary policy moves.

Boston Fed President Eric Rosengren speaks at 8:15AM ET at the DNB-Riksbank Macroprudential Conference Series meeting in Amsterdam. Dallas Fed President Robert Kaplan will also speak in San Francisco at the Commonwealth Club of California.

Fed Vice Chair Stanley Fischer did not address the outlook for U.S. monetary policy or the economy when he spoke in Amsterdam earlier in the day.

Among other precious metals, platinum was little changed at $928.05, while palladium tacked on 0.5% to $859.80 an ounce.

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Wednesday, 31 May 2017

Forex - GBP/USD re-approaches 1-month lows amid U.K. political jitters-SapForex24

The pound dropped against the U.S. dollar on Wednesday, re-approaching a one-month low after the release of downbeat U.K. data and amid mounting political uncertainty in the Britain ahead of the June 8 election.

GBP/USD hit 1.2780 during European morning trade, the pair’s lowest since May 26; the pair subsequently consolidated at 1.2783, declining 0.59%.

Cable was likely to find support at 1.2772, the low of May 26 and resistance at 1.2890, Tuesday’s high.

Data showed that U.K. net lending to individuals fell to £4.3 billion in April from £4.7 billion the previous month, compared to expectations for decline to £4.5 billion.

Sterling had already weakened after a new poll showed that British Prime Minister Theresa May's Conservative Party could lose 20 of the 330 seats it holds in Parliament while the opposition Labour Party could gain nearly 30 seats.


The news came after a string of opinion polls showed a narrowing lead for May's Conservatives.
Meanwhile, the greenback regained some ground thanks to growing expectations for a rate hike by the Federal Reserve at its June policy meeting.

The had dollar weakened after data on Tuesday showed that the CB consumer confidence index fell to 117.9 in April, compared to expectations for a rise to 119.8.

However, the U.S. Commerce Department said consumer spending rose 0.4% last month, in line with economists’ forecasts. It was the biggest increase in four months.

The greenback had also been under pressure recently amid fears investigations into President Donald Trump's ties with Russia could hamper his administration's progress on promised stimulus measures.
Sterling was also lower against the euro, with EUR/GBP climbing 0.53% to 0.8746.

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Wednesday, 24 May 2017

Forex - Dollar index little changed, Fed meeting minutes ahead-SapForex24

The dollar was little changed against other major currencies on Wednesday, as investors awaited the minutes of the Federal Reserve’s latest policy meeting due later in the day.

EUR/USD held steady at 1.1186, off Tuesday’s six-month high of 1.1268.

The greenback regained some ground as investors turned their attention to the upcoming minutes of the Fed’s most recent policy meeting, with hopes of further indications on the pace of future rate hikes.

The U.S. dollar had broadly weakened recently following a string of revelations surrounding the FBI’s investigation into alleged Russian interference in November’s U.S. presidential election and reports that Donald Trump attempted to interfere with the judicial process.

Elsewhere, GBP/USD rose 0.27% to 1.2994.



Investors were also still digesting the Manchester terrorist attack that killed 22 people on Monday evening.

USD/JPY eased up 0.08% to 111.86, while USD/CHF was little changed at 0.9758.

The Australian dollar was weaker, with AUD/USD down 0.12% at 0.7471, while NZD/USD added 0.09% to 0.7019.

Earlier Wednesday, the Australian Bureau of Statistics said construction work done fell 0.7% in the first quarter, disappointing expectations for a 0.2% slip.

Meanwhile, USD/CAD was steady at 1.3505.

Also Wednesday, Moody’s downgraded China’s credit rating for the first time in almost three decades.

Moody’s warned that China’s financial strength is likely to deteriorate in the coming years, as its economy slows and its national debt keeps rising.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was steady at 97.22.

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Tuesday, 16 May 2017

Forex - Sterling gives up gains as UK inflation hits highest since 2013 -SapForex24

The pound pulled back from the day’s highs against the dollar on Tuesday after data showing that UK inflation rose to its highest since September 2013 last month, underlining concerns over a squeeze on consumer spending.

GBP/USD initially touched session highs of 1.2957 before pulling back to 1.2889 by 09.05 GMT.
The Office for National Statistics said consumer prices rose by 2.7% in April compared to economists' expectation for a 2.6% annual increase.

Consumer prices rose 0.5% from a month earlier, the ONS said. Economists had expected inflation to match its March increase of 0.4%.

The latest increase in inflation was driven by a jump in airfares during the Easter holidays, which fell later this year. Rising prices for clothing, vehicle excise duty and electricity also contributed to the increase the ONS said.

The rate of inflation in the UK has accelerated in recent months as the weakening of the pound in the wake of last June’s Brexit vote drives up import costs.


Last week Bank of England Governor Mark Carney warned that living standards will tighten this year, with wages expected to fall in inflation-adjusted terms.

Core inflation, which strips out volatile factors like food and energy, rose to 2.4%, the most since March 2013 and above economists' expectations for it to rise to 2.2%.

Sterling was at one-month lows against the broadly stronger euro, with EUR/GBP up 0.6% at 1.2904.
Demand for the euro has been underpinned as investors shifted their attention back to the outlook for monetary policy as concerns over political risks receded after centrist Emmanuel Macron was elected France's president over far-right nationalist Marine Le Pen.

The euro was boosted after data confirming that euro zone gross domestic product grew by 0.5% in the first quarter.

Another report showed that Germany economic sentiment improved slightly in May, but came in weaker than forecast.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.33% at 98.48, pressured lower by the stronger euro.

The dollar was hit following reports that U.S. President Donald Trump shared sensitive intelligence obtained from a close U.S. ally with Russia's foreign minister about an Islamic State operation in a meeting last week.

The report added to concerns that Trump will be unable to successfully push through his economic stimulus program in the face of mounting controversies.

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Wednesday, 10 May 2017

Forex - Dollar little changed amid fresh U.S. political concerns-SapForex24

The dollar remained moderately lower against other major currencies on Wednesday, amid fresh U.S. political concerns although growing expectations for a June rate hike by the Federal Reserve still lent some support to the greenback.

EUR/USD was steady at 1.0869, close to the six-month high of 1.1021 set on Monday after Emmanuel Macron win in the French presidential election.

ECB President Mario Draghi was scheduled to speak at the Dutch House of Representatives later in the day.

Investors were waiting to see if he adopts a more optimistic tone on the euro-area economy in light of recent upbeat economic reports.

Meanwhile, the greenback weakened after U.S. President Donald Trump abruptly fired FBI Director James Comey.

Comey had been leading his agency's investigation into alleged Russian meddling in the 2016 U.S. presidential campaign and possible collusion with Trump's campaign.

GBP/USD added 0.14% to 1.2955, close to Monday’s eight-month peak of 1.2990.

USD/JPY slipped 0.14% to 113.84, while USD/CHF eased 0.08% to 1.0067.

The Australian and New Zealand dollars were stronger, with AUD/USD up 0.39% at 0.7371 and with NZD/USD advancing 0.49% to trade at 0.6929.

Meanwhile, USD/CAD fell 0.20% to 1.3693.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was steady at 99.43, after hitting a two-week high of 99.56 on Tuesday.

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Wednesday, 3 May 2017

Top 4 Things Successful Forex Traders Do- SapForex24

Forex trading should be done with care. There are equal probability of profits and loss in the Forex markets. The key to success in the forex trading is to anticipate the Forex Signals. The art of anticipating the forex trading signals can be in cashed heavily in the forex markets. 

In order to become successful in forex trading the traders should follow some basic tips as discussed below.
  •  Trade based on a strategy: The successful forex traders always trade based on certain strategy. The adequacy of the strategy and its percentage success rate will decide the profits earned by the trader. The trader should learn the strategy properly and should automate it to follow it properly.
  • Paper Trade the Strategy: The strategy followed by the trader should be checked for its percentage yield and its exactness. The trader should first paper trade to check and master the strategy and once he is confident with the strategy then only he should start investing real money in the forex markets.


  • Trade with Stop Loss: The trader should always trade with the help of stop loss. Whatever strategy the trader is following the use of stop loss is very useful in preventing the trader from incurring heavy losses. The proper stop loss levels are also very critical in gaining profits from a strategy.
  • Keep emotions in control: While following some strategy the trader should keep the emotions in control. Even if the forex signals goes in opposite direction the trader should keep his emotions in control and trade wisely. Also the greed should be in control to prevent the trader from over trading.
If the trader is trading based on the advice of an advisory firm like SapForex24 they can gain good profits as these advisory firms have expert technical analyst who on the basis of their analysis provide forex signals to their clients.


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Monday, 24 April 2017

International Market Update by SapForex24: 25-April-2017

SAPFOREX24 MORNING UPDATE

Gold: 1273.66

Silver: 17.902

Copper: 2.577

Crude Oil: 49.37

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Oil recovers lost ground, but market remains under pressure-SapForex24

Oil prices recovered lost ground on Monday following big losses last week, driven by expectations that OPEC will extend a pledge to cut output to cover all of 2017, although a relentless rise in U.S. drilling capped gains.

U.S. West Texas Intermediate (WTI) Crude Oil futures (CLc1) added 32 cents, or 0.64 percent, by 0649 GMT(2:49 a.m. ET), but were still just below the $50 mark pierced on Friday at $49.84 a barrel.
Brent crude futures (LCOc1) rose 35 cents, or 0.67 percent, to $52.31 per barrel.

Oil prices fell steeply last week on the back of stubbornly high crude supplies, despite a pledge by the Organization of the Petroleum Exporting Countries (OPEC) and some other producers to cut production by almost 1.8 million barrels per day (bpd) for six months from Jan. 1 to support the market.



U.S. drillers added oil rigs for a 14th week in a row, to 688 rigs, extending an 11-month recovery that is expected to boost U.S. shale production in May by the biggest monthly increase in more than two years.

U.S. crude production is at 9.25 million barrels per day (bpd) , up almost 10 percent since mid-2016 and approaching that of OPEC's top exporter Saudi Arabia.

"WTI oil slipped back below the $50 per barrel level, amid concerns that the lack of inventory drawdown since the OPEC production cuts is a sign that the cuts are not enough to rebalance supply and demand and put a floor under prices," said William O'Loughlin, investment analyst at Rivkin Securities in a note on Monday.

Both the Brent and WTI oil benchmarks are down more than 7.5 percent since the end of last year.
Keen to halt a further decline in prices, a panel made up by OPEC and other allied producers has recommended an extension of output cuts by another six months from June, a source said.

This, and an expected fall in Iranian production lent markets some support on Monday, traders said.
Iran's crude oil exports are set to hit a 14-month low in May, suggesting the country is struggling to raise exports after clearing out stocks stored on tankers.

Iranian oil exports, especially to its core markets in Asia, had soared since the ending of most sanctions against it in January 2016.

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Wednesday, 19 April 2017

Forex - Dollar holds onto gains vs. other majors-SapForex24

The dollar held onto gains against other major currencies on Wednesday, recovering from the previous session’s downbeat U.S. data, although U.S. political uncertainty was expected to limit the greenback’s rise.

EUR/USD slipped 0.19% to 1.0711, off a three-week high of 1.0737 hit overnight.

The greenback had weakened after the U.S. Commerce Department reported on Tuesday that housing starts fell in March, likely due to bad weather, while building permits rose.

A separate report showed that U.S. industrial production rose in line with economists’ forecasts in March, while manufacturing production unexpectedly fell.

Sentiment on the greenback also remained vulnerable as trade talks between the U.S. and Japan got underway this week, with markets awaiting indications of the direction U.S. trade policy could take under President Donald Trump, who campaigned on a protectionist platform.


Heightened tensions around North Korea, which has vowed to conduct more missile tests following Sunday's failed missile launch, also continued to weigh on the greenback.

U.S. Vice President Mike Pence said on Wednesday that Washington would work with its allies and China to put economic and diplomatic pressure on North Korea.

Markets were also jittery ahead of the first round of the French presidential election, scheduled on Sunday April 23. The race tightened after a surge in polls for far-left candidate Jean-Luc Melenchon, who wants a referendum on the country’s European Union membership.

Elsewhere, GBP/USD edged down 0.20% to 1.2816 after hitting a six-month peak of 1.2904 on Tuesday, when U.K. Prime Minister Theresa May on Tuesday called a snap election for June 8.

Analysts expect May to win a substantial majority in the elections, securing her position ahead of talks with the European Union about the terms for Brexit.

USD/JPY gained 0.43% to trade at 108.90, while USD/CHF eased up 0.11% to 0.9975.

The Australian and New Zealand dollars were weaker, with AUD/USD down 0.60% at 0.7515 and with NZD/USD declining 0.41% to 0.7013.

Meanwhile, USD/CAD rose 0.34% to trade at 1.3427.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.23% at 99.64, just off the previous session’s three-week low of 99.36.

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Wednesday, 12 April 2017

New Ways of Trading in Comex Market - SapForex24

There are various ways of trading in the COMEX markets. In comex various commodities are listed and they can be traded on the current market prices. The trader can trade on the commodities which are divided in to two broad categories. One category is Agricultural commodities and the other is Non Agricultural commodities. 

In agricultural commodities the agricultural products like wheat, pulses etc come.

In non agricultural commodities the precious metals are the major part. The precious metals include comex gold, comex silver, comex copper and others. Some traders have petroleum based commodities as their favorites. These include commodities like natural gas and crude oil.

The important part in the commodity trading is to find how the future comex signals behave. If a trader is able to anticipate and forecast the Comex Trading Signals correctly they can place the appropriate buy and sell calls and gain good profits from the Comex markets. 


The trader can learn technical analysis to forecast the trading signals correctly. Also the trader can follow some strategy which is based on technical and fundamental analysis for trading successfully in the markets. But learning of Technical analysis takes sufficient time. 

So for the traders who are new to the Comex market, they can take the help of international advisory firms like SapForex24. The advisory firm like SapForex24 is the reputed and established international advisory firm.


These days, new techniques like automated trading are used. In automated trading the buy and the sell calls are placed automatically with the help of a computer. An algorithm is written and based on the rules used in the algorithm the buy and the sell calls are placed.

Due to the automation of the entry and exit of the trade, there is minimum involvement of the emotions in trading. Also it prevents the trader from over trading. Thus one can benefit from the latest ways of trading in the Comex Market.

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Wednesday, 5 April 2017

Oil rises to near one-month high on supply tightening- SapForex24

Oil climbed to a near one-month high on Wednesday on signs of a gradual tightening in global oil inventories and on concerns about a supply outage at a field in the United Kingdom's North Sea that feeds into an international benchmark price.

Brent Crude futures, the international benchmark for oil, were at $54.52 per barrel at 0658 GMT, up 35 cents, or 0.65 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were up 33 cents, or 0.65 percent, at $51.35 a barrel.

Both benchmarks on Wednesday hit their highest levels since March 8.

"The immediate reason for the move was an unplanned production outage in the North Sea," said Sukrit Vijayakar, director of energy consultancy Trifecta, referring to an unplanned production outage at the Buzzard oil field in the North Sea.


Buzzard produces about 180,000 barrels per day. It is the largest contributor to the Forties crude stream that is a key component of the physical Brent oil price that the Brent futures contract settles against.

Traders also said that prices gained amid slowly tightening market conditions, with the Organization of the Petroleum Exporting Countries (OPEC) leading an effort to cut output.
With most of OPEC's crude exported on tankers, tracking ship movements can be a good gauge of market conditions.

Shipped oil supplies have fallen by as much as 17 percent this year, according to oil analysis firm Vortexa.

"We have seen a significant reduction in global oil supply since January, with oil on water going from 978 million barrels on Jan. 1 to 812 million barrels on April 3," said Vortexa chief executive Fabio Kuhn.

"These changes are a signal that the rebalancing is happening faster than many in the market believe."
Trading data in Thomson Reuters Eikon shows that OPEC shipments to the rest of the world fell to 813.7 million barrels by the end of March from 796.6 million barrels in January.

But the tighter markets will only gradually lead to a reduction in bloated inventories as production especially the United States is rising.

U.S. crude stocks fell by 1.8 million barrels last week to 533.7 million, still near an all-time record, the American Petroleum Institute reported late on Tuesday.

The U.S. Energy Information Administration will issue its inventory figures later on Wednesday.
At the heart of the bloated U.S. market is rising production.

The U.S. rig count rose for an 11th straight week last week to 662, making the first quarter of 2017 the strongest quarter for rig additions since mid-2011, according to energy services firm Baker Hughes.

Following a slump in 2015 and 2016, U.S. oil production has risen 8.5 percent since mid-2016 to 9.15 million bpd, the same level output stood at in 2014, when the market downturn began.
"Price upside will... be capped by the recovering U.S. shale sector," BMI Research said.

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Monday, 27 March 2017

Oil slips towards $50 on doubts over output-cut extension - SapForex24

Oil fell further towards $50 a barrel on Monday, pressured by uncertainty over whether an OPEC-led production cut will be extended beyond June in an effort to counter a glut of crude.

A committee of ministers from OPEC and outside producers agreed on Sunday to look at prolonging the deal, stopping short of an earlier draft statement that said the committee recommended keeping the measure in place.

International benchmark Brent crude was down 34 cents at $50.46 by 0822 GMT, after falling as low as $50.26. U.S. crude was down 44 cents at $47.53.

"We would see the relative lack of reaction in the price perhaps as a reflection of some disappointment that nothing more concrete was forthcoming," analysts at JBC Energy said in a report, referring to the conclusion of Sunday's talks.

A number of ministers from the Organization of the Petroleum Exporting Countries and other producers met in Kuwait to review the progress of their supply cut, which initially runs until the end of June.

OPEC and 11 other producers including Russia agreed in December to reduce their combined output by almost 1.8 million barrels per day (bpd) in the first half of this year, to support prices and curb oversupply.

While many in OPEC have called for prolonging the curbs, Russia has been less definitive. Energy Minister Alexander Novak said on Sunday it was too early to say whether there would be an extension.

There is "increasing scepticism" in the market as to whether a rollover of the cuts can be agreed, JBC added.

Oil also came under pressure from further evidence that higher prices as a result of the OPEC-led supply cut are helping boost supplies in the United States.

U.S. drillers added oil rigs for a 10th week in a row, data from energy services firm Baker Hughes showed on Friday, as energy companies boost spending on new production.

Because of higher U.S. output and the cuts by OPEC, the discount of U.S. crude to Brent has grown to around $2.90 per barrel, heading for its widest close since late 2015.

Despite ample inventories and rising U.S. output, Goldman Sachs (NYSE:GS) said the market was rebalancing and it may not be necessary to keep output curbed unless supply-and-demand fundamentals worsen.

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