OPEC and EIA differs on development of non-OPEC supply

Aug 12, 2015 09:07 am UTC| Commentary

OPEC sees the oil market as being significantly oversupplied. The call on OPEC looks set to total 29.23 million barrels per day on average this year, and to climb to 30.12 million barrels per day next year. According to...

WTI oil price closed at lowest level in 6.5 years

Aug 12, 2015 08:58 am UTC| Commentary

Oil prices fell sharply yesterday. Brent dropped by 2.4% to $49 per barrel, while WTI even shed 4% to $43 per barrel - the lowest WTI closing price in 6½ years. That said, oil prices are largely resisting this...

Weak krone probably suits Norges bank

Aug 12, 2015 08:47 am UTC| Commentary

Both oil and the Norwegian krone have shown a steep fall. This may well suit Norges Bank, because lower interest rates in an environment of great uncertainty (timing of Fed rate hike, economic developments in the main...

No Greek chaos this time round

Aug 12, 2015 08:04 am UTC| Commentary

The experts from the extended troika (The ECB, the EU Commission, the IMF and now also the ESM) appear to have reached a basic agreement at technical level with the Greek government on a new aid package. Only a few details...

Will sterling investors stop sulking soon?

Aug 12, 2015 07:47 am UTC| Commentary

The UK June labour-market data are due out, whereby the main interest will be not so much the unemployment rate as average earnings. The BoEs prediction that inflation will reach the 2% target within two years is after...

PBoC set CNY fixing rates lower again

Aug 12, 2015 07:39 am UTC| Commentary Central Banks

PBoC spiked the USD-CNY fixing rate by another 1008pips, or 1.62% this morning to 6.3306. The fixing rate is 0.09% weaker than yesterdays closing. The offshore CNH breached above 6.50 this morning after the CNY fixing,...

USD-BRL moved back towards 3.50

Aug 12, 2015 07:29 am UTC| Commentary

Yesterdays BRL performance illustrates why things are likely to get an awful lot worse for the real before they get better. On the day when China deliberately weakened its currency (an action which implicitly points to an...