Oil prices continue to show growth

The Ministry of Trade and Industry of India has published data on changes in the country's export volume for the first week of June. According to the ministry, the volume of Indian exports jumped by 52.39% compared to the same week of the previous year. The figure rose to $7.71 billion. The main contribution to the growth of Indian exports was made by such industries as mechanical engineering, the production of precious stones and jewelry, as well as the production of petroleum products. India delivered $500 million worth of goods and services to the United States in the first week of June. Exports to this country grew by 60% year-on-year. The Ministry also published data on the dynamics of imports in the period from 1 to 7 June. Here, too, there was an increase of 83% compared to the same week in 2020. The volume of imports amounted to 9.1 billion dollars. India bought $1.09 billion worth of oil abroad, up 139 percent from a year earlier. The volume of electronic goods imported into the country amounted to 324.77 million dollars. Over the year, it grew by 45.85%. In this period, precious and semi-precious stones were purchased in the amount of $294 million. The indicator increased by 111%. Goods worth more than $410 million were imported from the United States, which is 89.45% higher than the same indicator a year earlier.

New applications for unemployment benefits filed by Americans for the week to June 5, amounted to 376 thousand, the report of the US Department of Labor showed. A week earlier, the number of such applications was 385 thousand. The number of applications last week was the lowest since the average numbers of March last year, indicating a strong recovery of the US economy from the negative effects of the coronavirus pandemic. In March last year, amid the coronavirus outbreak in the United States, it was decided to close a number of businesses, which led to an increase in the number of Americans who were forced to leave work, sharply increasing the number of those who were provided with unemployment benefits by the state. According to forecasts of economists, it was expected that last week the number of applications will decrease even more-to 370 thousand. It is also reported that over the previous 4 weeks, applications on average decreased by 25.5 thousand, making the minimum since the beginning of the pandemic 402.5 thousand. At the same time, at the end of the week to May 29, 3.499 million US citizens continued to receive unemployment benefits, down from 3.757 million a week earlier.

The exchange rate of the euro/dollar currency pair did not change at the end of the trading session on Wednesday and remained near the level of 1.2175.Market volatility has significantly decreased before the meeting of the European Central Bank, which will be held today. We can hardly expect important statements from the regulator. At the same time, the discussion, which began last year but has been suspended for most of 2020, will allow for a review of the bank's inflation target and may determine the ECB's new monetary policy plans.Also today, the US will publish the consumer price index for May. According to Dow Jones, economists expect the indicator to grow by 4.7% compared to a year earlier. In April, the consumer price index rose 4.2% year-on-year, the fastest increase since 2008. Investors are keeping a close eye on the inflation data, fearing that it could prompt the Fed to cut asset purchases earlier, despite the central bank's claim that price pressures are temporary.U.S. job openings hit a new record high of 9.3 million in April, according to a published Labor Department survey. Markets were expecting 8.18 million vacancies. Negotiations on a comprehensive infrastructure bill collapsed after President Joe Biden and a small group of GOP senators failed to reach a compromise. In general, this reduces the likelihood of a serious increase in government spending in the United States in the near future, so it can negatively affect the exchange rate of the US currency. Forex trading. Euro/Dollar EUR/USD forecast for today, June 10, 2021 The forecast assumes an increase in the Euro/Dollar exchange rate to the levels of 1.2200, 1.2230 and 1.2250.

eBay shares are trading 30% higher than the levels of the beginning of 2021, but given the fact that stock indexes are near historical highs, the potential for further growth in quotations remains.eBay is very different from other tech companies. While others are constantly acquiring companies in order to increase revenue and do not think much about profitability, eBay has no regrets about breaking up with non-profitable divisions. In 2019, StubHub was sold, and in 2020, Classifieds was sold. The fact that management is well aware of its strengths and prefers to focus only on those areas that bring money is a great signal for investors.eBay is a niche company, but that doesn't mean it can't be big. According to the results of the first quarter, the volume of GMV (total turnover of goods) increased by 29% yoy, to $27.46 billion. Seasonality is of great importance for such companies: usually the most successful quarter is the last three months of the year. However, eBay managed to perform even better than in the previous quarter: the size of GMV grew consistently by 3%. And this is despite the fact that retail stores began to reopen after the quarantine. The number of active buyers in the first quarter rose to a maximum of 187 million. Gross margin increased by 4 points y/y, to 28%, and FCF increased by 65% y/y, to $855 million.The company continues to improve its service. Thanks to the new rules for placing lots associated with images, users save about 75% of the time on creating an ad. The innovations were introduced to support the high demand for the sale of collectible cards that arose last year.

The price of Bitcoin fell to the level of 32400 Dollars. Ethereum dropped to the support of $2500, and XRP reached the level of 85 cents. The total capitalization of the digital currency market was 1.48 trillion Dollars.According to CoinShares, the outflow of institutional investment from Bitcoin-based products continues to grow, reaching $141 million in a week. This may indicate a drop in the mood of the institutions, which continue to reduce their investments. Last week, bitcoin-based investment products faced record outflows of investment. Between May 10 and May 16, institutional investors also withdrew nearly 100 million from cryptocurrency products, before capital outflows slowed briefly by the end of last month. The volume of trading with related crypto assets also declined, with trading activity falling by 62% in the first week of June compared to the weekly average in May. At the same time, CoinShares emphasizes that the capital outflow is less than 10% of the 2021 inflow.The decline in institutional demand for bitcoin has again coincided with an increase in institutional interest in ethereum – $33 million has been invested in products based on it over the past week. CoinShares also noted that investors are eager to get access to products based on XRP and ADA, last week they invested $7 and $4.5 million, respectively. Recall that in the first week of May, before the beginning of the downtrend among institutions, investments in cryptocurrency products increased to 489 million. The indicator reached its highest level since February of this year, with funds on ethereum being particularly popular. Forex trading. Cryptocurrency forecast for today, June 9, 2021 The forecast expects a further decline in the price of Bitcoin to the supports of $32,000, $31,000 and $30,000. Ethereum will decline to the levels of 2450, 2400 and 2300 Dollars, and XRP - to the levels of 80, 75 and 70 cents.

WTI oil again rose in price to the resistance level of 69.9 Dollars per barrel.Traders are waiting for the outcome of talks between Iran and world powers in Vienna on a nuclear agreement, which will begin tomorrow. The deal could lead to an increase in Iran's production by 500,000 barrels per day. But market participants are unlikely to expect an agreement before the country's presidential election next week.China imported 9.69 million barrels of oil per day in May. This is 14.6% lower than a year earlier. In April, imports totaled 9.86 million barrels per day. Earlier, the oil rally slowed after the price tested the level of $70 per barrel on the back of falling Chinese imports. The country's economic recovery is slowing, but still remains strong, compared to the rest of the world.The US Department of Energy has raised its forecast for average oil production in the country for the current year by 60,000 barrels per day, and for the next year — reduced by 50,000, according to data from the monthly report of the Energy Information Administration. Oil production in the country last year averaged 11.3 million barrels per day. The US Department of Energy has maintained its forecast for global oil demand by the end of 2021 and expects an increase of 5.4 million barrels per day. At the same time, the forecast for 2022 was slightly lowered to 3.6 million barrels per day. The Energy Information Administration increased its forecast for the average WTI oil price for 2021 to $61.85 per barrel, up from a May estimate of $58.91. Forex trading. WTI Oil forecast for today, June 9, 2021 The forecast assumes a further increase in the price of oil to the levels of 70, 70.2 and 70.5 Dollars per barrel.

The price of Gold again fell to the level of $1,892 per ounce.US inflation has been rising in recent weeks, and traders are waiting for confirmation from this week's data on strengthening price levels. This is expected to have a mixed effect on Gold. On the positive side, the precious metal is perceived as a means of protection against inflation, so the higher the figure, the more attractive the asset will be. At the same time, rising inflation will raise concerns about the Fed's spending cuts. Gold is forecast to hover between $1,860 and $1,900, with last week's high of $1,917 an ounce unlikely to be retested in the coming days.The World Gold Council recently published fresh data on the gold reserves of global ETF funds, whose shares are backed by physical precious metals. From them, it follows that in May of the current 2021, funds increased by 61.3 tons. Thus, the total gold reserves of ETF funds currently amount to 3,628 tons worth 222 billion US Dollars. The movement of funds to exchange-traded funds is an important indicator of the state of the precious metals market. Recall that at the beginning of the year, there was a continuous outflow of funds from the ETF for several months. Forex trading. Gold exchange rate forecast for today, June 9, 2021 In the forecast, the price of Gold is expected to decline to the levels of 1890, 1885 and 1875 Dollars per ounce.

On Tuesday, Pound declined against the strong Dollar to the support level of 1.4150.No major releases were scheduled yesterday, leaving analysts focused on the upcoming decision by the British government to fully restart the economy. The pound has been trading in a consolidation mode against the dollar for three weeks in the range of 1.4100-1.4200. Analysts say the pair's recent moves were largely driven by the dollar. The incoming strong economic data from the US is making investors nervous about a possible tightening of the Fed's policy.The weekly volatility and shifts in the positioning of the pound were not accompanied by excessive movements in the spot market, which suggests that the fluctuations are more related to reporting formalities than to actual changes in market sentiment. Speculators cut their net short positions to the Dollar last week, according to data from the U.S. Commodity Futures Trading Commission. Nevertheless, the overall net position on the pound remains long, meaning the market is in a state of balance, betting on strengthening. British retailers reported a substantial increase in sales in May after lockdown measures ended and an easing of restrictions in the hotel sector attracted more shoppers in major cities. The British Retail Consortium said total sales last month were 10% higher than in May two years ago. Forex trading. Pound/Dollar GBP/USD forecast for today June 9, 2021 In the forecast, the Pound/Dollar exchange rate is expected to decline further to the levels of 1.4125, 1.4100 and 1.4075.