Global economic growth will average under 3% per year over the next decade, down from 3.6324% before the financial crisis. It will then gradually decline, reflecting a slowing in labor force growth. Two decades after famously laying out long-term growth projections for the so-called BRIC economies, economists led by Jan Hatzius have expanded their projections …
The dollar increased, extending the previous session’s substantial gains following strong U.S. services data. At the same time, the euro fell despite strong German industrial production figures. The dollar Index rose 0.1021% to 105.3102, following a 0.7% gain on Monday, its biggest since Nov. 21. The dollar rose Monday after the Institute for Supply Management’s …
A price cap on Russian seaborne oil, according to EU ministers, would be effective despite efforts by the Kremlin to evade sanctions and widespread market skepticism of the proposal. In a coordinated effort to reduce Moscow’s ability to finance its conflict in Ukraine, the EU, the G-7, and Australia decided to cap Russian oil purchases …
Oil Prices Rose by 2% On Monday, oil prices rose as much as 2% after China signaled a broader relaxation of COVID curbs, OPEC+ announced it would not change its oil production targets, and a price cap on Russian oil went into effect. After OPEC+ decided to continue its current policy of reducing oil production …
On Monday, the pound and Japanese yen dipped from multi-month highs against the dollar as traders, investors, and analysts speculated on whether the greenback’s recent bout of weakness was coming to an end. The dollar rose 0.7% against the yen to 135.217, bouncing from Friday’s three-and-a-half month low of 133.62, while sterling fell 0.5% to …
The Dollar Remained Stable The dollar held steady but was pinned near sixteen-week lows against a basket of major currencies and, in October, fueled investor hopes that interest rates would soon peak. The dollar index compares the currency to six other currencies, including the yen and euro. It rose 0.191% to 104.840, but it was …
Oil Futures Prices Were Mixed Oil futures were mixed on Friday, buoyed by hopes of further easing of COVID restrictions in China. That could help revive demand in the world’s second-largest economy, but a stronger dollar limited gains. Brent crude futures were down one cent, or 0.01%, to $86.87, after rising to $87.40 earlier. WTI …
OPEC Oil Output Drops in November After the OPEC+ alliance promised drastic output cuts to support the market in the face of a deteriorating economic outlook, OPEC oil output fell in November, with Saudi Arabia, the organization’s top exporter, and other Gulf members leading the decline. According to the survey, the Organization of Petroleum Exporting …
Sterling at Fresh 16-Week High On Thursday, sterling rose to a near 16-week high against a broadly weak dollar, with currency traders ignoring gloomy British manufacturing data for the time being. The pound was last up 0.8% against the dollar, trading at $1.2157, its highest level since August 12, surpassing the previous high of $1.2153 …
Oil Has Increased by More than 2% On Wednesday, oil prices increased by more than 2% due to tighter supply, a falling dollar, and hope for a recovery in Chinese demand. The gains were, however, constrained by the likelihood that OPEC+ will maintain output at its upcoming meeting. Brent crude futures were up $2.06, or …
The Dollar Is Set to Suffer Its Largest Monthly Loss On Wednesday, the dollar fell from a one-week high ahead of Federal Reserve Chair Jerome Powell’s speech. At the same time, optimism about possibly loosening China’s COVID restrictions set it on track for its huge monthly loss since late 2010. In the Eurozone, inflation in …
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US Treasury yields fell on Tuesday as investors focused on developments in China and Federal Reserve officials’ comments on monetary policy plans. More than three basis points recently reduced the benchmark 10-year Treasury yield to 3.666%. After falling by more than three basis points, the two-year Treasury yield was last trading at around 4.4381%. Yields …
Oil Prices Are Rising Oil futures rose on Tuesday, supported by signs that China may relax COVID-19 restrictions following protests that sent crude prices tumbling the previous session. Early on Monday, oil prices dropped sharply. They briefly wiped out their gains from 2022, as protests in China over the country’s stringent COVID-19 restrictions sparked worries …
Dollar Weakens, Yuan Rises The U.S. Dollar fell in early European trade on Tuesday, while the Chinese renminbi rose on hopes that the Chinese government will ease travel restrictions and increase risk appetite. The Dollar, which measures the value of the U.S. Dollar against a basket of six other currencies, fell 0.4011% to 106.165 after …
Oil Has Dropped Below $2 per Barrel Oil futures fell more than $2 a barrel on Monday. WTI hit an 11-month low as demand picked up as protests against tough COVID-19 regulations hit top importer China. Brent crude fell $2.16, or 2.6%, to $81.47 per barrel at 0230 GMT after falling to $81.161 earlier in …
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