Forex news from InstaForex
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  1. #2151
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    Oil Slides after Rally, OPEC May Relax Production Curbs



    Oil prices fell on Wednesday as the market experienced a respite on expectations that OPEC may lift production as early as June, despite geopolitical risks providing support for the market.

    Brent futures slipped 4 percent to $79.53 per barrel, after rising 35 cents on Tuesday. In the previous week, the global benchmark reached $80.50 per barrel, the highest since November 2014.

    U.S. WTI crude futures fell 2 cents to $72.18 per barrel, having risen on Tuesday to $72.83 per barrel, its highest level since November 2014.

    In a note, ANZ said that geopolitical risks have kept investors on edge. U.S. Secretary of State Pompeo had laid out demands for Iran to stop all uranium enrichment and give nuclear inspectors access to their entire nation. But the lender sid that investors are also focused on the upcoming talks between Russia and Saudi about whether they should consider a controlled easing of over-compliance with their output cut agreement.

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    Fed Minutes Support Rate Hike in June



    Federal Reserve officials at their meeting earlier this month signaled they were likely to raise their benchmark short-term interest rate at their June meeting, and they debated how to characterize an evolving policy strategy that soon would no longer try to stimulate economic growth.

    Minutes from the meeting, which ended May 2, reveal Fed officials are on track to raise rates again in June. The minutes also indicate officials are less worried about inflation rising above 2 percent, its current level and the Fed's target rate, than they are about the rate of inflation dipping again.

    “Most participants judged that if incoming information broadly confirmed their economic outlook, it would likely soon be appropriate for the FOMC to take another step in removing policy accommodation,” the minutes said.

    The readout of the meeting included a call by some policymakers to revise the Fed's monetary policy statement soon to reflect that rates would be close or above long-run estimates before too long.

    A number of Fed policymakers, including Chairman Jerome Powell, have been keen to stress they will tolerate inflation rising above the Fed's goal for a time without undue concern. This was reflected in the policy statement earlier this month, with explicit reference made to the 2 percent target being “symmetric.”

    Fed policymakers at the meeting decided, as expected, to keep the benchmark overnight lending rate unchanged in a target range of between 1.50 percent and 1.75 percent.

    Traders in the federal funds futures market currently see more than a 90 percent chance of a June rate hike.

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    Trump Cancels Nuclear Summit with North Korean Leader Kim Jong Un



    President Donald Trump canceled his historic nuclear summit with Kim Jong Un on Thursday, accusing North Korea of "tremendous anger and open hostility."

    The meeting, which would have marked the first face-to-face encounter between a sitting U.S. president and a North Korean leader, was set for June 12 in Singapore. The summit aimed to rid the Korean peninsula of nuclear weapons.

    "Sadly, based on the tremendous anger and open hostility displayed in your most recent statement, I feel it is inappropriate, at this time, to have this long-planned meeting," Trump wrote in a letter to Kim, which was released Thursday morning. The president dictated every word of the letter himself, a senior White House official told reporters.

    The news came as North Korea made a show of dismantling a nuclear test site, but also on the heels of some sharp words from the North Korean government about America denuclearization demands. Trump's decision also comes more than two weeks after he withdrew the U.S. from the Obama-era Iran nuclear deal, which had lifted sanctions on the Middle Eastern country as long as it limited its nuclear program.

    Trump said it was possible a meeting could still take place but warned North Korea against committing "foolish" acts.

    The "unexpected" decision, Pyongyang said, was "extremely regrettable".

    Kim Kye Gwan, a top official at North Korea's Foreign Ministry, said in comments published Friday by the country's state-run news agency KCNA that Trump's decision runs counter to the global community's wishes for peace on the Korean Peninsula. "We reiterate to the US that we are willing to sit face to face at any time and in any way," said Kim, who has negotiated with US counterparts for years.

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