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    ​Forecast: Dollar will continue to rise

    Macroeconomic indicators to be disclosed in the USA may accelerate the process

    Baku. 25 November. REPORT.AZ/ On the occasion of Thanksgiving Day, November 26 in the United States is a non-working day, therefore macroeconomic indicators for tomorrow, will be disclosed on November 25.

    Report informs, these indicators may have a significant impact on the market price of dollar and oil. So today's unemployment figures, base index of durable goods orders and changes in the volume, individuals' spending, the service sector business activity index, selling of newly-built houses, crude oil reserves, the number of oil wells to be announced by Baker Hughes (Total of 44) etc.

    The most important indicator among them is the unemployment rate. If the number of people applying for unemployment benefits is less than 270,000 people, it could strengthen the dollar rate. Because in this case at their December meeting the Federal Reserve System (FRS) the pending decision to increase the discount rate is almost precise. if the figures are better that predicted, the exchange rate of dollar against the euro strengthening could go down from 1.05 USD / EUR. On November 24, the rate decreased by 0.6% down to 1.058 USD / EUR.

    The weekly data on the number of oil wells of Baker Hughes is very important in terms of predicting oil production in the United States. Reduction in the number of wells shows that oil production will be reduced in the future. However, a decline in demand for oil may increase oil reserves. So, yesterday, the American Petroleum Institute (API) said that oil reserves increased by 2.6 million barrel weekly basis. Forecasts considered reduction of 0.2 million barrels in the reserves. As a result of the conflict in Syria, with the impact of 46.5 USD/ barrel, rising up, Brent crude oil price went down to 45.7 / barrel USD. Oil price of 44 USD/ barrel is predicted to decline.

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