Crude oil returns to its 100 hour moving average The price of WTI crude oil futures are settling at $114.67. That’s down $0.40 or -0.35%. The high price reached $119.98. The low price extended to $114.15. The move to the upside earlier today was propelled by the EU announcement that they would embargo Russian oil
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The WSJ reports that some OPEC members are considering suspending Russia from OPEC+ and using that to push for an increase in quotas. Some OPEC members are exploring the idea of suspending Russia’s participation Suspending Russia would pave the way for Saudis and UAE to pump more “Some members in the Persian Gulf have begun
Gold in the national capital on Tuesday gained marginally by Rs 34 to Rs 51,046 per 10 grams in line with firm global trends along with rupee depreciation, according to Securities. In the previous trade, the precious metal settled at Rs 51,012 per 10 grams. In contrast, silver declined by Rs 390 to Rs 61,657
Euro is trading broadly lower today even though inflation high another record high. The common currency and European indexes are somewhat weighed down by EU’s decision to ban two-thirds of Russian oil imports immediately. Dollar is rebounding following some risk aversion, together with Swiss Franc. But Canadian Dollar remains firm as supported by surging oil
Here is what you need to know on Tuesday, May 31: The greenback is staging a rebound against its rivals early Tuesday as US Treasury bond yields push higher following the three-day weekend in the US. Eurostat will release the preliminary Harmonised Indices of Consumer Prices (HICP) data, the European Central Bank’s inflation gauge, for May
EURUSD finding support against its 100 hour moving average The EURUSD this week found early buyers against its 100 hour moving average on Wednesday, and again yesterday. In trading today, the dip lower after reaching new highs going back to April 25 once again saw the 100 hour moving average stalled the fall. The 100
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Gold prices were trading mildly lower on Tuesday following strong bond yields and strength in the US dollar, which dented the bullion’s appeal. The yellow metal is headed for a straight second monthly loss. Higher US 10-year treasury yields lower the appeal of zero-yield gold, while a stronger dollar makes greenback-priced bullion more expensive for
Canadian Dollar is trading as the strongest one so far for the week. Rising oil price is giving extra support to the Loonie, on the back of improving overall risk sentiment. Aussie and Euro are firm behind too. Yen remains the worst performing one, followed by Swiss Franc and Dollar, while Sterling is mixed. US
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Bear markets are typically marked by a capitulation event where discouraged investors finally abandon their positions and asset prices either consolidate as inflows to the sector taper off or a bottoming process begins. According to a recent report from Glassnode, Bitcoin hodlers are now “the only ones left” and they appear to be “doubling down
Canadian dollar among top performers during the American session. USD/CAD drops below the 200-day Simple Moving Average. Canadian Q1 GDP on Tuesday, BOC on Wednesday, and NPF on Friday. The USD/CAD continued to decline during the American session and printed a fresh one-month low at 1.2649. It is hovering near the lows, holding onto daily
USDJPY confined by technical levels above and below The UDSJPY has traded down and back up and trades modestly lower vs. the close from yesterday. The current price is trading at 126.94. The price closed at 127.07 yesterday. Looking at the hourly chart above, the high price today reached 127.192. That was just short of
Today’s German inflation report is another wake-up call for the ECB and its single mandate. CPI rose 7.9% y/y and HICP was up 8.7%, both well above expectations. In addition, the monthly numbers were also very hot, indicating an acceleration in pricing, even from these levels. They’re also far too high above the ECB’s target.
Oil prices rose to two-month highs on Monday as traders waited to see if the European Union would reach an agreement on banning Russian oil ahead of a meeting on a sixth package of sanctions against Moscow for its invasion of Ukraine. Brent crude futures gained 46 cents, or 0.4%, to $119.89 a barrel at
Commodity currencies are trading broadly higher today, with help from risk-on sentiment, with Aussie and Loonie competing for the first place. Selloff are mainly centered Yen and Swiss Franc, and to a lesser extent Dollar. Euro and Sterling are mixed for the moment. The moves could intensify further on relatively lower liquidity with US on