Oil prices weakened on Thursday (November 6th) as the market digested rising US inventory data and lingering concerns about oversupply. WTI traded below $60 and Brent below $64, continuing its two-day decline amidst relatively flat trading since last week. Sentiment was weighed down by the prospect of a future supply surplus. The official EIA report showed that US crude oil stocks rose by 5.2 million barrels in the week ending October 31st, while gasoline and distillate inventories fell, indicating still-resilient product demand. The API had previously forecast a larger stock increase of...
GBP/USD remained just above 1.3000 on Wednesday after a brief dead-cat bounce following days of selling pressure. Heading into Thursday, the pair was struggling around 1.3050, down more than 3% from its mid-October peak near 1.3470. The lack of official US data due to the shutdown has led the market to rely more on releases from private sources, potentially increasing volatility. The market's primary focus is now on the Bank of England (BoE) decision. This week is relatively quiet on UK data, and the market expects the MPC to hold interest rates by a 6-3 vote. Any additional vote for a cut...
The Australian dollar held steady around $0.651 on Thursday, holding onto recent gains after the September trade surplus widened sharply to AUD 3.94 billion (vs. August's revised AUD 1.11 billion), beating estimates of AUD 3.85 billion. The main boost came from exports rising 7.9%, led by a surge in bullion shipments as prices strengthened; while imports rose 1.1% to a new record due to an increase in capital goods. On the policy front, the Reserve Bank of Australia (RBA) held interest rates at 3.6% in November and reiterated its cautious stance. Policymakers highlighted persistent...