Oil prices
jumped to their maximum levels in a year and a half on Monday after OPEC and
non-OPEC producers decided to cut oil output to ease a global glut, while the
USD complete gains before a Federal Reserve meeting this week, at which a rate
hike is widely expected.
The spike in
oil prices comes in the wake of a converted focus on increase after data on
Friday showed a rare spike in producer prices in China, prompting investors to
worry that inflationary pressures are making a comeback internationally.
"We have seen OPEC and non-OPEC producers agreeing, which is also boosting reflation expectation around the world.
In another sign of the reflation trade, breakeven rates - the gap between yields of five-year USD and a matching tenor in inflation-protected securities was at two-month highs, indicating markets are expecting increase to accelerate.
"We have seen OPEC and non-OPEC producers agreeing, which is also boosting reflation expectation around the world.
In another sign of the reflation trade, breakeven rates - the gap between yields of five-year USD and a matching tenor in inflation-protected securities was at two-month highs, indicating markets are expecting increase to accelerate.
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