WTI price is on a corrective decline from three-week highs. WTI bulls ignore the Libyan fuel supply outage and Shanghai reopening news. OPEC+ produces 1.45 mil bpd below target last month, API data eyed. WTI (NYMEX futures) is dropping over 1% so far this Tuesday, snapping a four-day uptrend, as bulls remain weighed down by the
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Here is what you need to know on Tuesday, April 19: Major European markets were closed on Monday, making for generally quite subdued trading conditions for most of the day, albeit with flows picking up somewhat during US trade. Nonetheless, the US dollar traded firmly across the board against its major G10 counterparts and the
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Reuters reported that the Ukrainian Foreign Minister Dmytro Kuleba said there had not been any recent diplomatic communications between Russia and Ukraine at the level of their foreign ministries and that the situation in the port of Mariupol, which he described as “dire”, may be a “red line” in the path of negotiations. Russia offered
The euro is barely down in choppy trading as financial markets remain closed. A dovish European Central Bank plummets the EUR/USD towards new YTD lows at 1.0757. The US Dollar Index to finish the week with gains of 0.68%. EUR/USD Price Forecast: A weekly close below 1.0806 might open the door toward 1.0636. On Friday,
GBP/USD to finish the week under 1.3100 on a firm US dollar The British pound remains defensive, trading below the 1.3100 mark, on the back of a buoyant US dollar amidst a dull trading session as financial markets are closed In the observance of Easter Friday. The GBP/USD is trading at 1.3061 at the time
Risk-aversion keeps the Australian dollar under pressure, down in the week by 0.86%. Mixed Australian economic data, a headwind for the AUD/USD. Hot US inflation boosts the prospects of a higher US dollar as the Fed prepares for a 0.50 bps increase. AUD/USD Price Forecast: A weekly close below 0.7400 would open the door to
The GBP/USD is gaining up some 0.18% in the week amidst a thin liquidity trading session. A buoyant US dollar and risk-aversion weighed on the British pound in the week. GBP/USD Price Forecast: To remain downward biased but a double bottom looms. The British pound remains defensive, trading below the 1.3100 mark, on the back
According to a recently conducted European Central Bank (ECB) survey, the Harmonised Index of Consumer Prices (HICP) in the eurozone is seen at 6% in 2022 and 2.4% in 2023. The HICP is expected to decline to 1.9% and average 2.1% in the “longer term.” According to the survey, the Gross Domestic Product in the eurozone
What you need to take care of on Friday, April 15: The American dollar was once again firmly up, giving up some of its recent gains ahead of the close as speculative interest booked some profits ahead of the Good Friday holiday. The EUR/USD pair plummeted to 1.0765, its lowest in two years, following the
Today’s instrument is Morgan Stanley‘s stock traded on the NYSE exchange under the ticker MS. When we look at the MS‘s chart, we can see its fall from the $83 range down to $81, forming support and climbing back up in the $85.5 range, reaching as high as $86 and returning to the $84 range
A positive market mood, falling US bond yields, and a weaker buck, a tailwind for precious metals and commodities. Hotter than expected, US PPI inflation reinforces a 50-bps increase by the Fed. Silver Price Forecast (XAG/USD): Remains upward biased, and a daily close above $25.85 would open the door for bulls towards $26.00 Silver (XAG/USD)
Sanctions on Russia are seen as accelerating a dramatic shift towards a new global commodity-focused ‘Bretton Woods 3’ architecture. In the view of economists at Rabobank, the opportunity to shift global trade flows away from USD to others is limited – fundamentally, neither CNY nor commodity currencies are set up to rival USD globally. ‘Bretton
Gold hit near one-month highs on Tuesday at just under $1980 and is on course for healthy on-the-day gains. The precious metal was supported as US yields pulled back in wake of evidence of easing Core CPI pressures. Gold bulls will now be eyeing a test of the $2000 level. Spot gold (XAU/USD) prices are
GBP/USD edged lower on Tuesday amid sustained USD buying interest. Bulls seemed unimpressed and largely shrugged off upbeat UK jobs data. The market focus remains glued to the latest US consumer inflation figures. The GBP/USD pair remained depressed through the early European session, with bears still awaiting sustained weakness below the 1.3000 psychological mark. Following
Chicago Fed President and FOMC member Charles Evans on Monday said that high prices in the US will persist for longer than he originally though, though will not be permanent, reported Reuters. The Fed has to reposition itself in its response, he said, noting that supply chain pressures are more intense than he had expected.
The euro initially staged a brief relief rally at the start of the Asian trading session but it has since given back all of those gains falling back below the 1.09 level. The main driver for EUR volatility has been the release of results from the first round of the French elections. Economists at MUFG
The EUR/USD to finish the week with losses of 1.56%. Geopolitics, FOMC minutes, and Fed speaking kept the euro pressured. EUR/USD Price Forecast: The pair is downward biased, but a dragon-fly doji suggests that the pair might consolidate in the near term. The EUR/USD remains pressured and aims to finish the week on the wrong