Russian leader Putin hints at continued OPEC+ Oil cuts [Video]

Eliman Dambell Sayvio AI

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.

Visit here to see raw, real-time ECN spreads

Author

Eliman Dambell

Sayvio AI

With over a decade in financial markets, Eliman brings an experienced and diversified point of view to market analysis. He covers current and historical macro trends to give insights on Metals, FX, Stocks, and Crypto.

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.