Currency speculators lowered their expectations about the strength of the US dollar, after the cautious shift in monetary policy by the US Federal Reserve triggered a rush towards high-yielding currencies.
A report published by Bloomberg showed that the demand for investment options that benefit from the rise in the value of the green currency has begun to fall to the lowest level in more than 3 years, compared to those that achieve gains if the US dollar declines, according to the risk reflection index for one month.
The US Federal Reserve kept interest rates unchanged on Wednesday, for the third time in a row, to remain at a level between 5.25 and 5.5 percent, the highest in 22 years.
And to the oil market, Russia announced on Sunday its intention to reduce its oil exports in December, which is considered an earlier date than a previous pledge, as part of efforts by one of the largest crude exporting countries in the world to support prices.
The three main Russian news agencies quoted Russian Deputy Prime Minister Alexander Novak, who is the top official for the oil and gas sector of Russian President Vladimir Putin, as saying that Russia will deepen its cuts beyond the already agreed cuts for this year of 300 thousand barrels per day.
Saudi Arabia and Russia, the world’s two largest oil exporters, in December called on all OPEC+ members to join an agreement on production cuts after a meeting of the producer bloc.
“We will already reduce other volumes in December,” Novak was quoted by Interfax news agency as saying… We will determine the quantities based on the results of December. There will probably be an additional 50 thousand barrels per day, maybe even more,”he said.
At the same time, economic sources expected the oil price to reach more than 90 dollars per barrel with increasing international risks around trade routes
The following news concerns the decline of foreign reserves in Jordan during last November
Data from the Central Bank of Jordan showed on Sunday that the foreign currency reserve at the end of last November decreased by one percent to about 17.09 billion dollars compared to 17.26 billion dollars at the end of 2022.
Jordan has seen an improvement since the beginning of this year in the figures of tourist income and expatriate remittances, while foreign investments, which affect the country’s currency stock, have declined.
The latest news from the occupying power, which has begun to pay the price of its fierce war on Gaza economically.. The data revealed a severe slowdown in the growth of the Israeli economy in the third quarter of this year 2023, according to data released Sunday by the Central Statistical Office of the occupying state.
That slowdown increases the likelihood that interest rate cuts will begin in the wake of the ongoing war in Gaza. While economists expect a contraction in the fourth quarter.
Morgan GB expects Israel’s GDP to shrink by 11% in the current fourth quarter on a quarterly basis, in light of the escalating conflict with Hamas.
