BAKU, Azerbaijan, June 8
By Eldar Janashvili – Trend:
Statements by OPEC+ countries on extending the decision on limiting oil production until July led to an increase in the price of Brent crude oil, which, if remains above $42, could reach $48 per barrel this week, Trend reports citing the weekly review of Azerbaijan’s InvestAZ Investment Company CJSC.
The InvestAZ’s analysts noted that the upward trend in prices will continue.
Traders are focusing on US oil and gasoline reserves, which will be published at 18:30 (GMT+4) on June 10.
The company’s analysts also presented data on the situation in international financial markets and short-term forecasts.
Euro
The positive disclosure of fundamental indicators on the US labor market on international currency exchanges led to a weakening wave of appreciation of the EUR / USD rate. However, while maintaining a stronger state of economic performance in Germany and the Eurozone, demand for the euro may increase even more.
The EUR / USD rate began to fall in price on June 5, having faced with resistance at $1.14. According to analyzes, the exchange rate, which is currently trading above $1.13 and can survive a wave of re-growth, remains above $1.12.
British pound
The fact that the UK economy is at a better level than the US, also gives reason to predict that the growth of GBP / USD rate will continue to the level of $1.3.
Investors are focusing on the prospects for the Brexit economic agreement between the UK government and the EU.
Turkish lira
The USD / TRY decline observed over the past weeks continues and can reach the level of 6.68 Turkish lira per dollar if it breaks the bar of 6.74 Turkish lira per US dollar.
Gold
Expectations of recovery in the global economy have led to a decrease in demand for gold in the precious metal markets, causing resistance at around $1.707 an ounce ($56 per gram). It is expected that the price per ounce will drop to $1,648 or $53 per gram soon.
The above data are purely advisory in nature, and InvestAz, based on the foregoing, does not bear any obligations for ongoing investment operations.
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