Gold Lower in Wake of Hawkish FOMC and amid Stronger U.S. Dollar

Forbes24 minutes ago

The precious metals are feeling the bearish effects of rally in the U.S. dollar index that was prompted by a hawkish FOMC statement Wednesday afternoon.

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Posted in Uncategorized.
Gold Lower in Wake of Hawkish FOMC and amid Stronger U.S. Dollar

Forbes24 minutes ago

The precious metals are feeling the bearish effects of rally in the U.S. dollar index that was prompted by a hawkish FOMC statement Wednesday afternoon.

EUR/USD – Fed Statement Bolsters US DollarMarketPulse (blog)
US Dollar Down Ahead Of Wednesday's FOMC Rate DecisionLive Trading News

Posted in Uncategorized.
By John Lee.
Shares in Gulf Keystone Petroleum (GKP) gained another 19 percent on Thursday morning, following approval of its*Field Development Plan (FDP) for Akri-Bijeel, in which it holds a 20 percent working interest.
The FDP is based on these two discovery areas, i.e. Bijell area and the Bakrman area. The development will be done in two phases, phase one objective is to allow the Operator to better determine key factors such as the reserves base, recovery factor, optimum surface facility design and overall field development cost.
Phase I will start immediately with 4 drilling rigs and 1 work over rig to help reduce the overall timeline with front-end-loading wherever possible for Phase II.
John Gerstenlauer* (pictured), Chief Executive Officer of Gulf Keystone, commented:
“The approval of the Field Development Plan for the Akri-Bijeel Block is a culmination of years of exploration and appraisal, which will now lead to a development phase and production in due course. It is an important milestone for all stakeholders in the Akri-Bijeel project.”
This comes a day after a 14 percent rise in the share price after the company announced a postponement of its interim management statement.
(Sources: GKP, Yahoo!)

Source: Iraq-BusinessNews.com.

Post your commentary below.

By John Lee.
Shares in oil explorer Afren fell by more than 5 percent on Thursday morning as the company’s output failed to meet expectations due to installation delays, repair work and adverse weather.
In its Interim Management Statement, the company gave the following update on its operations in Iraq:
On 2 October 2014, Afren announced that it had begun to resume field operations on the Barda Rash field, following the precautionary step taken to temporarily suspend operations in August 2014 due to the regional security issues.
“Following the re-entry into the region, BR-4 production was not resumed due to the high water cut associated with water flow behind pipe from an upper zone. At BR-5, Afren is in the process of working through the stuck 5″ liner so that drill stem test operations can continue.
“Afren is discussing its forward work programme with the Ministry of Natural Resources (MNR). As part of the forward work programme it is considering its options for the development of an early production facility (EPF) interim gas solution.
“Field operations at the Ain Sifni block recommenced in September following a temporary suspension in August due to the regional security issues.* The Simrit-4 well that was spudded in early 2014 has reached Target Depth (TD) in the Jurassic and Triassic reservoirs.* *
“Operator, Hunt Oil, is currently negotiating the Field Development Plan (FDP) at Simrit with the MNR and an update will be provided in due course.* The programme at Maqlub will follow the FDP approval at Simrit.”
(Sources: Afren, Yahoo!)

Source: Iraq-BusinessNews.com.

Post your commentary below.

By John Lee.

Shares in Gulf Keystone Petroleum (GKP) gained another 19 percent on Thursday morning, following approval of its Field Development Plan (FDP) for Akri-Bijeel, in which it holds a 20 percent working interest.

The FDP is based on these two discovery areas, i.e. Bijell area and the Bakrman area. The development will be done in two phases, phase one objective is to allow the Operator to better determine key factors such as the reserves base, recovery factor, optimum surface facility design and overall field development cost.

Phase I will start immediately with 4 drilling rigs and 1 work over rig to help reduce the overall timeline with front-end-loading wherever possible for Phase II.

John Gerstenlauer  (pictured), Chief Executive Officer of Gulf Keystone, commented:

“The approval of the Field Development Plan for the Akri-Bijeel Block is a culmination of years of exploration and appraisal, which will now lead to a development phase and production in due course. It is an important milestone for all stakeholders in the Akri-Bijeel project.”

This comes a day after a 14 percent rise in the share price after the company announced a postponement of its interim management statement.

(Sources: GKP, Yahoo!)

Russia's Ruble Plunges Past 43 to US Dollar, 55 to Euro

The Moscow Times3 hours ago

The ruble dropped past the 43 to the U.S. dollar mark late Wednesday and past the 55 to the euro mark Thursday amid an ongoing rout for the Russian currency as traders and investors sell rubles ahead of a Central Bank meeting this Friday.

The Moscow Times: Russia's ruble plunges past 43 to US dollar, 55 to euroKyiv Post
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Russia's Ruble Plunges Past 43 to US Dollar, 55 to Euro

The Moscow Times2 hours ago

The ruble dropped past the 43 to the U.S. dollar mark late Wednesday and past the 55 to the euro mark Thursday amid an ongoing rout for the Russian currency as traders and investors sell rubles ahead of a Central Bank meeting this Friday.

The Moscow Times: Russia's ruble plunges past 43 to US dollar, 55 to euroKyiv Post
Russian Ruble Continues Its Falling Knife Trend, MOEX Raises Margin …Forex Magnates

Russia's Ruble Plunges Past 43 to US Dollar, 55 to Euro

The Moscow Times2 hours ago

The ruble dropped past the 43 to the U.S. dollar mark late Wednesday and past the 55 to the euro mark Thursday amid an ongoing rout for the Russian currency as traders and investors sell rubles ahead of a Central Bank meeting this Friday.

The Moscow Times: Russia's ruble plunges past 43 to US dollar, 55 to euroKyiv Post
Russian Ruble Continues Its Falling Knife Trend, MOEX Raises Margin …Forex Magnates

Investing.com –

Investing.com – Below is the full text of Governor Graeme Wheeler’s statement announcing the Reserve Bank of New Zealand’s decision to leave the Official Cash Rate unchanged at 3.5% Thursday:

“Statement issued by Reserve Bank Governor Graeme Wheeler: The Reserve Bank today left the Official Cash Rate unchanged at 3.5 percent.

The global economy is growing at a moderate rate although recent data suggests some softening in the major economies, apart from the United States. Monetary policy is expected to remain supportive for longer in all the major economies. Growth in the New Zealand economy has been faster than trend over 2014, reducing unemployment and adding to demands on productive capacity. Strong construction sector activity, high net immigration, and interest rates, which remain low by historic standards, continue to support the expansion.

Output growth is expected to moderate over coming years, towards a more sustainable rate. Lower commodity prices and increased global financial market volatility have taken some pressure off the New Zealand dollar. However, its current level remains unjustified and unsustainable and continues to constrain growth in the tradables sector. We expect a further significant depreciation. CPI inflation remains modest, and was 1 percent in the year to September. Contributing factors are subdued wage inflation, well-anchored inflation expectations, weak global inflation, falls in oil prices, and the high New Zealand dollar. House price inflation has fallen significantly since late-2013, in part due to interest rate increases and the LVR restrictions.

The economy appears to be adjusting to the policy measures undertaken by the Bank over the past year. CPI inflation is currently at a low level despite above-trend growth. However, inflation is expected to increase as the expansion continues. A period of assessment remains appropriate before considering further policy adjustment.”

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