BAKU, Azerbaijan, Feb. 11
By Eldar Janashvili – Trend:
A decrease in global economic activity due to China’s coronavirus epidemic may lead to a decrease in prices for Brent oil on energy exchanges in Europe, the weekly summary of Azerbaijan’s InvestAZ investment company reads, Trend reports.
It is predicted that the price reduction may continue to $51-52 per barrel.
The price dynamics will also be affected by important fundamental data on the oil and gasoline reserves in the US, which will be disclosed on Feb. 12 at 19:30 (GMT+4).
InvestAZ analysts presented the data on the situation in the international financial markets and short-term forecasts.
Euro
The rapid spread of coronavirus revealed in China results in an increase in demand for the US dollar, increasing uncertainty on the international currency exchanges. As for the EUR / USD exchange rate, the exchange rate is forecasted to increase up to $1.08 per euro.
The investors focused on important fundamental indicators of business activity in the US industrial sector on Feb. 10 at 19:00 (GMT+4).
The investors will also concentrate on the fundamental indicators of the US labor market on Feb. 14 at 17:30 (GMT+4), as well as statements on the impact of coronavirus on the world economy.
Moreover, the investors will focus on the semi-annual report to be delivered by the Fed chairman in the parliament on Feb. 11 and Feb. 12 at 19:00 (GMT+4), as well as inflation rates in the US, which will be disclosed on Feb. 13 at 17:30 (GMT+4).
British Pound
The GBP / USD exchange rate is also under pressure for the same reasons. If the GBP / USD rate falls below $1.29, it will drop up to $1.27 per British Pound.
The investors focused on important fundamental indicators of industrial production in England, which were announced on Feb. 11 at 13:30 (GMT+4).
Turkish lira
There is also a decrease in USD/TRY rate. Presently, the exchange rate is 5.98 Turkish liras per $1. It is forecasted that the exchange rate will break the level of six Turkish liras and may continue to fall up to 6.05 Turkish liras per $1.
The investors will focus on retail trade turnover in Turkey on Feb. 13 at 11:00 (GMT+4).
Gold
The demand for gold in the markets of non-ferrous metals remains relevant as a result political and economic risks in the world. So, the price per ounce last week started to increase again and may reach $1,576 ($50.7 per gram). According to the analysis, if the price breaks even this level, then the price may continue to increase up to $1,594 ($51.3 per gram).
Attention: The presented data are completely recommendatory in nature. The operations on this type of activity are included in the high-risk group. Proceeding from the abovementioned data, InvestAz does not bear any obligations for ongoing investment operations.
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