Commodities traders at ForexYard saw the price of crude oil continue to decline as concerns continue to grow regarding the state of economic fundamentals in Europe, even in light of the EU/IMF bailout proposal for Greece. Investors in the Euro zone are now facing concerns over the risks of inflation and slow growth across Europe.
Not only is the continuing uncertainty in Europe causing the price of crude oil to fall but the ever-strengthening US dollar is also pushing down the price of crude oil. The US dollar has been making strong progress following a week of encouraging data releases including better than expect jobless claims figures.
Following further talks between the European Union and International Monetary Fund chiefs, the euro climbed for the second day in a row as confidence of a successful rescue plan for Greece’s failing economy returned.
Forex traders at online brokers such as ForexYard witnessed resurgence for Europe’s single currency against the US dollar and many other currencies during Thursday’s trading sessions. The euro rebounded from a one-year low of $1.3112 on Wednesday to $1.3244 during late afternoon New York trading, which is a rise of 0.3%.
Commodities traders at companies such as ForexYard saw Crude Oil Prices Fall During The Wednesday Morning Session with the price per barrel falling by nearly $1. Traders also saw the price of base metals and also the price of sugar struggling to make headway.
US crude oil stocks rose for an eighth week in succession, climbing to approximately 1.5 million barrels, according to a poll of market analysts conducted by Reuters. However, the US’ distillate stocks, which include heating oil, are estimated to have fallen by around 1 million barrels last week. America’s petrol stocks also fell by 1.3 million barrels.
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An agreement has been reached by the Arab Gulf States To Launch A Single Currency in the same way which the Euro was modelled. This new currency would give the large oil exporting economies a greater influence in the global foreign exchange and capital markets, thus rivalling and possibly even replacing the US dollar as the pricing currency for oil.
The concept of the Gulf Monetary Union was inspired by the European Monetary Union, which is viewed as an enormous success by the majority of Arab states. The states of Kuwait, Bahrain, Qatar and the regional super power Saudi Arabia are to launch the first phase for the creation of the Gulf Monetary Union later this year by founding a Gulf Monetary Council which will be quickly utilised as a full-fledged central bank. Such a move will certainly make waves for forex traders at trading companies such as Forexyard and should offer traders plenty of opportunity to make a profit.
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