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Business / Finance

Overview: oil cheered on the US labor market, the Euro went down to $1,12

Forex Club 05.07.2019 at 14:04

The Price of oil (September futures Brent crude) on Friday 5 July to 16.49 MSK grew relative to the previous close of 1.6% to 64.33 USD per barrel.

the Market of "black gold" tries to be adjusted upwards. After a period of consolidation of market players continues attempts to win back the recent decision of oil producing countries OPEC+ extend for 9 months of the agreement on production cuts on the same terms. Strong data on US labor market in June strengthened the correctional increase of the oil market.

meanwhile, the pressure on the oil market "bears" in the previous days helped one of the traders Forex Club earn per day is about 9.5 thousand dollars in short positions in futures on the mark Brent.

While the Egyptian government increased on Friday the price of gasoline of all grades and diesel fuel from 16 to 30%. However, even after the increase in the selling price of gasoline 95 is about 0.54 dollar, grade 92 and 80 went up to 0.48 and 0.40 dollar, respectively. Diesel fuel increased in price by up to 0.4 of a dollar. Oil production in Egypt does not cover the needs of the domestic oil market, and the government pours tangible subsidies to maintain low prices for consumers.

the Euro against the dollar significantly reduced towards the level of 1.12. Support the dollar had a strong June data on the U.S. labor market.

In particular, the number of jobs in the U.S. economy (excluding the agricultural sector) increased by 224 thousand, while analysts had expected growth of only 165 thousand. The unemployment rate has grown to 3.7% against an expected 3.6 percent.

At the same time wages in the country last month increased by 3.1% in annual terms and amounted to 27.9 per dollar. The monthly increase was 0.2%, or 6 cents. Thus, strong data on US labor market may restrain the activity of the U.S. Federal reserve in easing monetary policy. While experts expected decrease of base interest rate by the Fed in July.

To 16.48 GMT, the Euro declined with the start of trading on the last fixing of 0.6% to the dollar of 1.1220.

Market, USA, dollar, oil, ruble, Forex club

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