German Dax -0.9%. France’s CAC -0.5% The major European indices are closing in the red. The all gave up gains of nearly 1% or more at their intraday highs. The provisional closes are showing: German DAX, -0.7%. At the intraday high, the index was up 1.14% France’s CAC, -0.5%. The high price for the day was
Technical Analysis
WTI crude up nearly 3% on the day to $68.50 at the moment It seems like the old “buy the rumour, sell the fact” play (opposite side this time) is working out for oil as price continues to climb in the aftermath of the OPEC+ decision. Even though OPEC+ chose to keep restoring supply in January,
Dow, S&P and NASDAQ snap a two day losing streak The S&P and Dow indices erased yesterday’s losses. The Dow S&P and NASDAQ erased today losses. The Russell 2000 index also rose after declines over the last few days took the price 10% off its all-time high before rebounding. The final numbers are showing: Dow industrial
WTI up a little over 2% around $67 Invest in yourself. See our forex education hub. It is tough to get too optimistic about oil prospects at the moment as omicron fears are still weighing quite heavily on the fundamental backdrop. But since the peak in October, oil is down by over 21% with the
Major indices close at session lows erasing solid gains in the process The major US stock indices snatched defeat from the jaws of victory. The stock market was digesting the second of testimony from Treasury Secretary Yellen and Fed chair Powell. However, a headline that the US had their first confirmed case of the omicorn
USD/JPY up close over 40 pips on the day to 113.55 currently The rebound today comes after buyers staved off a daily close below the 9 November low @ 112.73 as the greenback recovered some poise late on yesterday amid Fed chair Powell’s hawkish surprise. We are seeing buyers build on that in a push
Fed Chair shifts his bias The Fed Chair shifted his bias toward the hawkish side getting rid of the “inflation is transitory” statement and plugging for a faster taper as well. The major indices all fell sharply with the small-cap Russell 2000 and S&P index leading the way (although the Dow and NASDAQ were also hit hard). The final numbers are showing: Dow
10-year Treasury yields approaching a key technical crossroads US 10-year yields are now down over 10 bps on the day to 1.42% and that is bringing things closer to a key technical region around 1.415%. The November low and the 100-day moving average (purple line) resides at the level so a break below that could
NASDAQ index leads the way The major indices clawed back some of the losses from Friday’s trade with the NASDAQ index taking back the most. The Dow industrial average lagged. The final numbers are showing: Dow industrial average +236.47 points or 0.68% at 35135.99 S&P index +60.61 points or 1.32% at 4655.25 NASDAQ index up 291.19 points
Oil up 5% on the day after the 13% plunge on Friday Oil prices are back up in trading today as the risk trades are bouncing back after having been beaten up quite badly at the end of last week. Of note, WTI suffered its worst performance of the year in a massive drop below
10-year yields down 10 bps to below 1.55% on the day Invest in yourself. See our forex education hub. Fears surrounding the new COVID-19 variant is dominating markets at the moment and bonds are very much bid amid a flight to safety. The drop in 10-year yields today reverses all the hard work by bond
A big setback for USD/JPY buyers to end the week The pair is grinding to fresh lows on the day at 114.40 as sellers now seize back near-term control on a push below the key hourly moving averages: There is some minor support around 114.45-49 but below that, a drop towards 114.00 looks likely as
NZD/USD down 0.7% to 0.6810, nears the August lows of 0.6805-09 Invest in yourself. See our forex education hub. It is a big moment for NZD/USD buyers to step up and be counted here as we approach the August lows of 0.6805-09, which is a key support region for the pair. A break below that
AUD/USD down 1% to 0.7115 as the pressure mounts on risk trades The sentiment in the pair is very much similar to that of NZD/USD as outlined here earlier as sellers are eyeing a test of the August lows of 0.7106 now.Invest in yourself. See our forex education hub. A break below that leaves very
Oil down by nearly 6% and briefly clips below $74 Invest in yourself. See our forex education hub. US president Biden may get his wish of lower oil prices but it isn’t exactly how one might expect it to come about in trading this week. The SPR release news was underwhelming but oil is now
USD/JPY slid to a low of 113.66 and then rebounds back to 114.15 now Invest in yourself. See our forex education hub. The bounce isn’t suggestive of much as the pair is still down by 1% on the day but amid lighter trading conditions across the market, perhaps we are seeing some of the overextension
Dollar bulls still in charge of proceedings this week EUR/USD is down a touch and lingering at its lowest levels since July last year, seen around 1.1220-30 levels at the moment with little reprieve so far this week. Sellers are still aiming for a push towards 1.1200 and dollar sentiment as a whole is helping
The dollar continues to keep in a good spot technically The greenback is trading more mixed and a touch lower on the day but it isn’t anything that is too significant as compared to the changes in the past week, or even yesterday. EUR/USD dipped below 1.1200 for the first time since June 2020 in