Market News - Gold, Oil & Forex

Africa's biggest refinery is getting bigger. Nigeria's Dangote refinery has started work on a second crude processing unit that will add another 700,000 barrels per day (bpd) of capacity, putting the complex on track to rival the world's largest refining site and giving billionaire owner Aliko Dangote a much larger role in global fuel markets. According to Dangote Petroleum Refinery CEO David Bird, construction is already underway at the Lekki site outside Lagos. The new refinery is expected to...

Long-term unemployment can have ramifications on financial, emotional and family health that linger even after reentry into the workforce.

South Korea’s state-run utility Korea Electric Power Corp. (KEPCO) has won a $1.4-billion deal with Saudi oil giant Aramco to build and operate Phase 2 of Saudi Arabia’s Jafurah cogeneration power plant at the major gas project estimated to need $100 billion of total investments. KEPCO’s cogeneration project entails building a 331-MW cogeneration facility capable of producing about 465 tons of steam per hour by June 2029. The plant is expected to supply electricity and steam to Aramco for 17...

As the Pentagon’s 2027 ban on Chinese-origin rare earth materials moves closer, REalloys (NASDAQ: ALOY) is locking down exclusive control of the biggest heavy rare earth metallization systems outside of China. The company says its $20.6 million investment into the Saskatchewan Research Council’s (SRC) rare earth processing facility in Saskatoon secures exclusive preferred rights to up to 80% of expanded production capacity - including commercial-scale NdPr, dysprosium, and terbium output that...

Last week’s optimism on a reopening of the Strait of Hormuz faded this week as both US and Iran officials toned down the prospect of agreement and military action flared up again, including in Lebanon. The oil price is back above USD 97 for Brent. In our new economic forecasts published this week, we have […] The post Weekly Focus – Rate Hikes Coming from the Big Central Banks appeared first on ActionForex.

We expect the ECB to hike the deposit rate by 25bp to 2.25% on Thursday 11 June in line with consensus and markets. We expect Lagarde to keep full optionality on the future policy rate path, including a potential summer hike but not pre-committing. We expect a final 25bp hike in Q3 bringing the deposit […] The post ECB Preview: And So, The Hiking Begins appeared first on ActionForex.

Conflicting drivers are preventing GBPUSD from finding a clear direction. The Bank of England is set to disappoint markets with the scale of its monetary tightening. The British pound is consolidating against the US dollar amid persistent high geopolitical risks and uncertainty regarding the Bank of England’s monetary policy. The futures market expects the BoE […] The post The Pound: Heading Towards 1.31 or 1.37? appeared first on ActionForex.

Financial markets traded with a mixed tone today as investors tried to balance fresh signs of diplomatic progress in the Middle East against lingering concerns that the region’s energy and security risks are far from resolved. The shift in sentiment was reflected most clearly in currency markets, where Dollar weakened broadly as traders scaled back […] The post Dollar Falls as Peace Hopes Return, But Risks Haven’t Gone Away appeared first on ActionForex.

USDJPY has returned to the area of previous interventions. The ECB is moving towards a rate hike in June. The US dollar retreated on Friday amid new record highs for stock indices and rumours of amendments to the US-Iran agreement. However, tit-for-tat exchanges between the adversaries pushed the dollar index back into the support zone […] The post Yen Braces for a New Storm appeared first on ActionForex.

For a market supposedly obsessed with geopolitics, investors appear remarkably calm. The proposed US-Iran agreement remains unsigned, key details are still unresolved, and military exchanges between the two sides continue. Yet financial markets are behaving as though a lasting settlement is only a matter of time. Oil remains well below recent highs, Treasury yields are […] The post Trump Says “Relax”, Markets Appear To Be Listening Despite Ongoing Iran Tensions appeared first on ActionForex.