- EIA Report: stockpiles dropped 600K vs -2.12M eyed
- Crude production falls to 12.2 million bpd (lower boundaries of this year’s range)
- Gold struggles as Fed leaves door open for more hikes
Oil
Crude prices softened after the EIA crude oil inventory report stockpiles fell less-than-expected as surging gasoline prices weighed on demand. Gas is almost over 10 cents a gallon according to AAA and that rising trend might continue going to the end of summer. Crude exports also rose above the 4 million barrel a day threshold, which shows overseas demand is growing as OPEC+ tightens the oil market.
Gold
Gold prices remained heavy after the FOMC statement as Fed swaps continue to price in small chances of an additional rate hike. The Fed will probably see no change with rates in September and when the market is confident that November will be a pause, then gold might break out higher. Gold is now in wait-and-see mode for the rest of the big earnings releases and if the ECB and BOJ can surprise markets.
Bitcoin
Bitcoin caught a modest bid after the Fed decision triggered a modest risk-on rally. The Fed is most likely done raising rates and that should provide some relief to the interest rate sensitive sectors in the cryptoverse.
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
- Bio
- Latest Posts
Ed Moya
His particular expertise lies across a wide range of asset classes including FX, commodities, fixed income, stocks and cryptocurrencies.
Over the course of his career, Ed has worked with some of the leading forex brokerages, research teams and news departments on Wall Street including Global Forex Trading, FX Solutions and Trading Advantage. Prior to OANDA he worked with TradeTheNews.com, where he provided market analysis on economic data and corporate news.
Based in New York, Ed is a regular guest on several major financial television networks including CNBC, Bloomberg TV, Yahoo! Finance Live, Fox Business, cheddar news, and CoinDesk TV. His views are trusted by the world’s most respected global newswires including Reuters, Bloomberg and the Associated Press, and he is regularly quoted in leading publications such as MSN, MarketWatch, Forbes, Seeking Alpha, The New York Times and The Wall Street Journal.
Ed holds a BA in Economics from Rutgers University.
Latest posts by Ed Moya (see all)
- Market Insights Podcast – Powell struggles to deliver a hawkish hold – 1 November 2023
- Fed React: USD/JPY softer after Fed fails to deliver hawkish hold – 1 November 2023
- EUR/USD: Dollar wavers on slower pace of Treasury Refunding Sales and mixed labor data – 1 November 2023
- EIA Report: stockpiles dropped 600K vs -2.12M eyed
- Crude production falls to 12.2 million bpd (lower boundaries of this year’s range)
- Gold struggles as Fed leaves door open for more hikes
Oil
Crude prices softened after the EIA crude oil inventory report stockpiles fell less-than-expected as surging gasoline prices weighed on demand. Gas is almost over 10 cents a gallon according to AAA and that rising trend might continue going to the end of summer. Crude exports also rose above the 4 million barrel a day threshold, which shows overseas demand is growing as OPEC+ tightens the oil market.
Gold
Gold prices remained heavy after the FOMC statement as Fed swaps continue to price in small chances of an additional rate hike. The Fed will probably see no change with rates in September and when the market is confident that November will be a pause, then gold might break out higher. Gold is now in wait-and-see mode for the rest of the big earnings releases and if the ECB and BOJ can surprise markets.
Bitcoin
Bitcoin caught a modest bid after the Fed decision triggered a modest risk-on rally. The Fed is most likely done raising rates and that should provide some relief to the interest rate sensitive sectors in the cryptoverse.
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
- Bio
- Latest Posts
Ed Moya
His particular expertise lies across a wide range of asset classes including FX, commodities, fixed income, stocks and cryptocurrencies.
Over the course of his career, Ed has worked with some of the leading forex brokerages, research teams and news departments on Wall Street including Global Forex Trading, FX Solutions and Trading Advantage. Prior to OANDA he worked with TradeTheNews.com, where he provided market analysis on economic data and corporate news.
Based in New York, Ed is a regular guest on several major financial television networks including CNBC, Bloomberg TV, Yahoo! Finance Live, Fox Business, cheddar news, and CoinDesk TV. His views are trusted by the world’s most respected global newswires including Reuters, Bloomberg and the Associated Press, and he is regularly quoted in leading publications such as MSN, MarketWatch, Forbes, Seeking Alpha, The New York Times and The Wall Street Journal.
Ed holds a BA in Economics from Rutgers University.
Latest posts by Ed Moya (see all)
- Market Insights Podcast – Powell struggles to deliver a hawkish hold – 1 November 2023
- Fed React: USD/JPY softer after Fed fails to deliver hawkish hold – 1 November 2023
- EUR/USD: Dollar wavers on slower pace of Treasury Refunding Sales and mixed labor data – 1 November 2023
