Eliman Dambell
Tradeview Markets
Staying with commodities, Russian Leader Vladimir Putin said today that oil output cuts are here to stay.
Speaking today, Putin stated that, "I am sure that the coordination of the OPEC+ partner´s actions will continue."
Russia recently extended a cut of 300,000 barrels per day (bpd) for the remainder of the year.
This came as Saudi Arabia pushed its own cuts of 1 million barrels to the end of 2023 also.
He added that, "This is important for the predictability of the oil market, and ultimately for the well-being of all mankind."
US producer price index surpasses expectations
Today it was reported that producer prices in the United States rose by more than markets were expecting.
According to the data from the Labor Department, the PPI rose by 0.5% for the month of September.
This was higher than a projected 0.3% increase markets had forecasted, but less than the 0.7% jump seen in August.
The main contributor to the jump came from gasoline, which was up 5.4%, with food prices gaining 0.9% in the same period.
Gold prices surge to a two-week high on the news.
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EUR/USD treads water just above 1.0400 post-US data
Another sign of the good health of the US economy came in response to firm flash US Manufacturing and Services PMIs, which in turn reinforced further the already strong performance of the US Dollar, relegating EUR/USD to the 1.0400 neighbourhood on Friday.
GBP/USD remains depressed near 1.2520 on stronger Dollar
Poor results from the UK docket kept the British pound on the back foot on Thursday, hovering around the low-1.2500s in a context of generalized weakness in the risk-linked galaxy vs. another outstanding day in the Greenback.
Gold keeps the bid bias unchanged near $2,700
Persistent safe haven demand continues to prop up the march north in Gold prices so far on Friday, hitting new two-week tops past the key $2,700 mark per troy ounce despite extra strength in the Greenback and mixed US yields.
Geopolitics back on the radar
Rising tensions between Russia and Ukraine caused renewed unease in the markets this week. Putin signed an amendment to Russian nuclear doctrine, which allows Russia to use nuclear weapons for retaliating against strikes carried out with conventional weapons.
Eurozone PMI sounds the alarm about growth once more
The composite PMI dropped from 50 to 48.1, once more stressing growth concerns for the eurozone. Hard data has actually come in better than expected recently – so ahead of the December meeting, the ECB has to figure out whether this is the PMI crying wolf or whether it should take this signal seriously. We think it’s the latter.
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