London-World oil prices spiralled lower Wednesday on fears that a potential recession will slash demand, with Brent crude sinking under $100 per barrel for the first time since April 25th as recession fears fueled a broader selloff. Europe’s benchmark crude contract, Brent North Sea, dropped 3.3 percent to $99.39 per barrel in mid-afternoon deals, while
Month: July 2022
Selloff in Euro continues today, as it’s marching towards parity against the greenback. Some noted that it’s a perfect storm for the common currency, with stagflation risks, gas crisis, a prolonged war and fragmentation. Sterling is not too far behind with political uncertainties over Prime Minister Boris Johnson again, while Swiss Franc is also weak.
The Loonie weakens in the week, weighed by a solid buck and falling energy prices. Global equities dropped, illustrating a dampened market mood, courtesy of recession fears and China’s Covid-19 outbreak. USD/CAD traders braces for FOMC June’s monetary policy minutes. The USD/CAD rises for the second consecutive day, extending its weekly gains to almost 1.50%,
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The Russell sold off in the first half of the day, all the way to the Value Area Low (lower blue line in the video) of the volume profile for the price range Following, RTY staged a V shaped recovery (4 hour candles), reclaiming a relevant price channel Some trade ideas are suggested but as
The euro fell to the lowest since 2003 while the pound and loonie fell to the lows of the year. What kicked off the worries and what’s coming next. Yesterday I spoke with BNNBloomberg about trigger for today’s round of market volatility and what’s coming next. A recession may come but don’t think of it
NEW DELHI: It is not common for analysts to agree on a price target for a commodity or a stock, but this time around, the targets for crude oil vary in between the wide range of $65 a barrel and $380 a barrel. Last week, global brokerage firm JPMorgan shocked everyone as its report estimated
Aussie is trading in tight range after RBA delivered the 50bps rate hike as expected, and maintained tightening bias. Euro is currently the stronger one for the day, followed by Sterling. On the other hand, Yen is under some selling pressure together with Dollar. The development suggests that risk markets might be ready for a
EUR/USD remains pressured around the lowest levels since late 2002. Oversold RSI, rectangle formation limit the pair’s immediate moves. 20-HMA guards immediate rebound, previous support, 100-HMA challenge intraday bulls. EUR/USD bears take a breather around almost 20 years even if traders flirt with the 1.0250 heading into Wednesday’s European session. It’s worth noting that the
The Ministry of Economic Development of Italy has announced that certain blockchain projects will qualify to apply for up to $46 million in government subsidies starting from September. In a Tuesday announcement, the Ministry said companies and public or private research firms will be able to apply for funding from the government for the development
DAX trade idea after it broke the COVID lowIMPORTANT SIDE NOTE: At your discretion, you can follow the DAX price action, entries, stop loss and take profit target, as mentioned above. Instead of buying DAX, or selling if stopped out, or selling when DAX take profit target is reached, they could decide to buy and
The tech trade has roared back to life with the Nasdaq shaking off a nearly 2% decline to trade briefly in positive territory (now -0.2%). Two things that tech stocks like are: 1) Lower oil prices — WTI is down $13 from the intraday highs 2) Lower yields — tech is a long-duration asset and
Oil prices tumbled Tuesday with the U.S. benchmark falling below $100 as recession fears grow, sparking fears that an economic slowdown will cut demand for petroleum products. West Texas Intermediate crude, the U.S. oil benchmark, slid 8.4%, or $9.14, to trade at $99.29 per barrel. The contract last traded under $100 on May 11. International
Euro drops sharply and broadly today on renewed concerns over recession on gas crisis. The common currency is also taking other European majors lower. Dollar and Yen are currently the strongest ones on risk aversion. Commodity currencies are also weak, with Aussie shrugging of RBA rate hike. Nevertheless, Canadian Dollar is relatively resilient Technically, EUR/USD’s
Pound under pressure, among worst performers of the American session. GBP/USD heads for the lowest close since March 2020. US dollar holds onto significant daily gains as Wall Street tumbles. Risk aversion continues to weigh on GBP/USD. The pair fell further, reaching at 1.1897, the lowest level since March 2020. It remains under pressure around
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