Macro roundup (Apr 6)
CST
Source:SMM
The dollar dipped to one-week lows against a basket of currencies on Monday as stocks hit record highs and Treasury yields held below recent highs, though analysts said low liquidity with many parts of the world off for Easter holidays was likely exaggerating the move.
SHANGHAI, Apr 6 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.
The dollar dipped to one-week lows against a basket of currencies on Monday as stocks hit record highs and Treasury yields held below recent highs, though analysts said low liquidity with many parts of the world off for Easter holidays was likely exaggerating the move.
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MELBOURNE (Reuters) - Oil prices rose early on Tuesday as a drop in the U.S. dollar made crude a more attractive buy, paring losses of more than 4% incurred overnight on the prospect of producers returning more than 2 million barrels per day of supply to the market by July.
FILE PHOTO: A sticker reads crude oil on the side of a storage tank in the Permian Basin in Mentone, Loving County, Texas, U.S. November 22, 2019. REUTERS/Angus Mordant/File Photo
Brent crude futures jumped 83 cents, or 1.3%, to $62.98 a barrel at 0012 GMT, after falling 4.2% on Monday.
U.S. West Texas Intermediate (WTI) crude futures rose 80 cents, or 1.4%, to $59.45 barrel, after sliding 4.6% on Monday.
Oil down 5% as rising OPEC+, Iranian output weighs
Oil fell more than $3 a barrel on Monday as rising supply from OPEC+ and higher Iranian output countered signs of a strong economic rebound in the United States.
The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, agreed on Thursday to monthly production hikes from May to July. OPEC member Iran, exempt from making voluntary cuts, is also boosting supply. [OPEC/O]
“The timing was not good,” said Bob Yawger, director of energy futures at Mizuho Securities. “It seemed like OPEC+ was going to roll the deal, but they didn’t and now it looks like they’re going to have to pay at least in the short term.”
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