Forecast: Brent price not to change this week
BAKU, Azerbaijan, Nov. 12
By Eldar Janashvili – Trend:
The price per barrel of European Brent crude oil will continue to range between $61 and $63 on the energy exchanges, Trend reports referring to the Azerbaijani InvestAz investment company’s weekly report.
The important fundamental data on oil and gasoline in the US, which will be revealed on Nov. 14 at 20:00 (GMT+4), are also expected to greatly affect the prices.
InvestAZ analysts also disclosed the data on the current situation in the international financial markets and short-term forecasts.
There is tension again in the growing trade crisis between the US and the EU, which negatively affects the economic expectations in the Eurozone and also increases sales forecasts for the EUR / USD rate. The exchange rate will fall up to $1.08 in accordance with the analysis.
Moreover, fundamental data on inflation rate in the US and the Eurozone, which will be announced on Wednesday at 17:30 and on Nov. 14 at 11:00, respectively, as well as on economic development in Germany on Nov. 15 at 14:00, will play an important role this week full of important news.
Moreover, investors are also looking forward to Fed Chairman Jerome Powell’s speech on the economic expectations and new plans in the Congress on Nov. 13-14.
The risks growing amid the early parliamentary election in the UK negatively affect the forecasts on an increase in the exchange rate of British pounds.
People wait for the forecast on UK’s labor market this week with great interest which was published on Nov. 12 at 13:30, as well as the forecast on inflation rate which will be published on Nov. 13 at 13:30, which can also contribute to the depreciation of the exchange rate of the British pounds.
An increase in the exchange rate of the US dollar on the world currency exchanges also affects the USD / TRY exchange rate. Thus, it is assumed that the exchange rate, which reached a maximum level over the last two weeks, may increase up to 5.82 liras ($1.1).
The price per ounce of gold in the non-ferrous metals markets has also increased after the Fed decided to lower the rate. The demand here remains strong as a result of global political and economic risks. If the price per ounce exceeds $1,518 ($48.8 per gram), then it can rise up to $1,525 ($49 per gram).
The price of gold in non-ferrous metals markets over the past week has lost about four percent dropping up to $1,456 per ounce. The further volatility will depend on the US president’s statement about the future economic relations with China.
Despite the price per ounce is still maintained at $1,456 ($46.8 per gram), it may fall even lower in the current conditions.
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