WTI bears are moving in at a critical juncture. A break of horizontal support leaves the downside exposed. West Texas Intermediate is higher on the day so far, up over 2.45% at the time of writing, having ranged between a low of $76.03 and $79.61 so far. The price has been consolidating at the top
“Russia won’t supply Oil under price cap in any case,” the country’s Deputy Prime Minister Alexander Novak said on Tuesday. Novak said: “Russia, Kazakhstan and Uzbekistan are discussing gas union for shipments, including to China.” Market reaction Novak’s comments join the upbeat market mood, lifting WTI 2.5% to trade at around the $79 mark, at
It was a volatile start to the week and the US sessions stayed with the theme. The US Dollar edged up to 106.74 on Monday, slightly recovering from a 3-1/2-month low of 105.32 with investors concerned about a global slowing economy and the spread of coronavirus in China. Federal Reserve policymakers also spoke on Monday and bucking the
While presenting the financial stability report on Monday, European Central Bank (ECB) policymaker and Slovak central bank President Peter Kazimir said that the “risk of recession in the Eurozone is growing.” “Rise in interest rates to continue despite unfavorable economic developments,” he added. Market reaction The staggering recovery in EUR/USD remains unfazed by these above comments,
Silver falls modestly on Friday, holds above key support levels. Technical outlook presents a bullish bias but upside seems limited while under $21.50. Break under $20.85 likely to increase bearish pressure. Silver is falling on the last day of the week. It bottomed during the American session at $21.14 and then quickly bounced back above
The Pound Sterling drops below 1.2000, set to finish the week with gains of more than 1.50%. GBP/USD: Failure to hold above 1.2100 exacerbated a fall toward the November 24 low of 1.2049. GBP/USD Price Analysis: A break below 1.2000 will exacerbate a fall towards 1.1800. The GBP/USD hovers below 1.2100 amid a subdued trading
The US Dollar stages a recovery on risk aversion spurred by the China Covid-19 crisis. USD/CAD bounced off weekly lows around 1.3300 and tested the 1.3400 mark. USD/CAD Price Analysis: The head-and-shoulders chart pattern remains intact. The US Dollar (USD) stages a recovery against the Canadian Dollar (CAD) amid a subdued trading session sparked by
The Bank of Canada (BoC) could be near the end of the interest rate hike cycle, point out analysts at RBC Capital Markets. They consider the BoC will hike by 25 basis points in December. Key Quotes: “Canada looks on track to deliver a GDP reading next week that’s just above our 1% (annualized) forecast
China’s coronavirus crisis weighs on WTI price, on speculations of lower demand. The Eurozone threatening to impose a cap on Rusian and a buoyant US Dollar keeps WTI defensive. WTI Price Analysis: A daily close below $80.00 could pave the way for a YTD low re-test. Western Texas Intermediate (WTI), the US crude oil benchmark,
Riksbank delivered a 75 basis points hike as expected. In the view of economists at Commerzbank, the Swedish Krona has been hit heavily lately, and expect it to regain some ground. Riksbank stays its course “Riksbank hiked its key rate by 75 bps to now 2.50%. Riksbank stays its course and is fighting determinedly against inflation.
NZD/USD bears could be about to make their moves. Bulls eye a run to test 0.6300 while above 0.6250. As per the prior analysis, NZD/USD Price Analysis: The Bird is in full flight, whereby the bulls were creeping higher in Asian trade despite the ground it had already made since the central bank events in the week,
GBP/USD kicks off the week on the wrong footing amid resurgent US Dollar demand. Risk aversion weighs negatively on the Pound Sterling ahead of BoE-speak. GBP/USD buyers stay hopeful amid bullish RSI, eyes on 1.2128 rising wedge hurdle. GBP/USD is consolidating the upside below 1.2100, having failed to sustain above the latter earlier in the Asian
What you need to take care of on Thursday, November 24: The Greenback came under selling pressure on Wednesday and finished the day sharply down against all of its major rivals. The American Dollar got hit by poor growth-related data and dovish US FOMC Meeting Minutes. The document showed that most participants agreed that, despite
“It is very likely that we will see negative growth rates in the fourth quarter in the Eurozone,” European Central Bank (ECB) Vice President Luis de Guindos said on Wednesday. Further comments Upcoming inflation data projections will still be high before starting to slow down in the first quarter of 2023. Upcoming inflation projections will
What you need to take care of on Wednesday, November 23: The greenback edged lower on Tuesday amid the better performance of global equities and weaker US Treasury yields. Activity, however, was limited ahead of the FOMC Meeting Minutes and US Durable Goods Orders to be out on Wednesday. Asian and European indexes closed in
Economists at Crédit Agricole CIB Research believe that the EUR/USD pair may have already peaked just shy of the 1.05 level last week. A recession will be hard to avoid “The EUR failed to benefit much from the broad risk-on tone that saw equity gains coupled with a sharp correction in energy prices on Friday.
What you need to take care of on Tuesday, November 22: The American Dollar edged higher on Monday, helped by a negative shift in the market’s sentiment. Risk aversion dominated financial markets after China’s National Health Commission reported two deaths of Covid-19 patients in Beijing, while the country reported over 26,000 new contagions on Sunday.
In the opinion of UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang, GBPUSD could navigate within a range bound theme before attempting a move higher. Key Quotes 24-hour view: “We highlighted last Friday that ‘the price movements appear to be part of a broad consolidation’ and we expected GBP to ‘trade