CME Group’s flash data for crude oil futures markets noted open interest increased by around 12.7K contracts after four consecutive daily pullbacks. In the same line, volume reverses three drops in a row and rose by just 950 contracts. WTI faces some consolidation near term Monday’s negative price action in WTI was accompanied by rising
FX
After confirming that coronavirus-related restrictions will be eased further as planned on July 19, British Prime Minister Boris Johnson noted that the pandemic is not over and urged people to proceed with caution, as reported by Reuters. “We cannot simply go instantly to life as it was before COVID,” Johnson told a news conference and asked
In opinion of FX Strategists at UOB Group, EUR/USD is now expected to navigate between 1.1790 and 1.1895 for the next weeks. Key Quotes 24-hour view: “EUR traded between 1.1823 and 1.1881 last Friday, slightly higher than our expected range of 1.1820/1.1875. Upward momentum has improved a tad and EUR could edge higher to test
The European Central Bank’s (ECB) new strategy on inflation targeting allows more flexibility and preparedness for a future crisis, the central bank’s policymaker Yannis Stournaras said in an opinion column in Greece’s Kathimerini newspaper. Additional comments “I express the belief that we are better prepared to face any future economic turmoil.” “Compared to the current
Gold price books third straight weekly gain, 200-DMA remains in sight. Daily closing above 21-DMA reignites bullish interest, as RSI recovers to 50.00. Gold Price Weekly Forecast: XAU/USD bulls bet on Golden Cross pattern, uptrend support, lower yields. Thursday’s Doji candlestick doesn’t seem to have discouraged the bulls, as gold price staged an impressive bounce
Commenting on the inflation outlook, the European Central Bank (ECB) executive board member Isabel Schnabel said Saturday that she is very confident that Eurozone will not experience ‘excessively high inflation.” Key quotes “Our medium-term inflation projection is subdued: only 1.4% in 2023. Though that is surrounded by uncertainty, I am sure that we will not experience excessively
AUD/USD consolidates the stellar recovery below 0.7500 The aussie resistance aligns around 0.7490 where key averages coincide. Hourly RSI has turned flat below the overbought region. AUD/USD is consolidating its robust recovery from seven-month lows below 0.7500, as the bulls take a breather before the next push higher. Looking at the hourly chart, the aussie’s
GBP/USD outlook: Bulls regain traction but more evidence needed to signal reversal Cable regained traction on Friday after negative tone prevailed during this week, with three-day drop ending with a hammer candle that generated initial bullish signal. Fresh advance nearly fully reversed losses of this week but needs lift above pivotal barriers at 1.3887/97 (falling
USD/INR extends pullback from weekly top, refreshes intraday low of late. India covid recovery rate risen 97.19% amid record infections, death tolls elsewhere in Asia-Pacific. Fitch cuts India growth forecast, India–UK negotiations on free trade agreement will begin during late 2021. Risk-off mood backs US dollar amid a light calendar, virus updates are the key.
According to analysts at Wells Fargo, the US Dollar could remain strong in the short term supported by Federal Reserve policy expectations. They see the greenback weakening over the medium-term. Key Quotes: “We see a period of U.S. dollar resilience for now given the Fed’s “hawkish” surprise at its June meeting. We still expect a
US T-bond yields steady around multi-day low, two-day downtrend probed. UK registers highest infections since January, Thailand marks record virus-led deaths. FOMC minutes reiterate cautious optimism, Fed’s Bostic cites Delta variant risk for US economy. ECB Special Meeting, US Jobless Claims to decorate calendar but risk catalysts are the key. US bond bears test the
The US Energy Information Administration (EIA) announced on Wednesday that it lowered its forecast for 2021 world oil demand growth by 80,000 barrels per day (bpd) to an annual increase of 5.33 million bpd, as reported by Reuters. On a positive note, the EIA also noted that it raised the forecast for 2022 world oil demand
Sheng Songcheng, a former Director of the People’s Bank of China’s (PBOC) statistics department, called for a moderate rate cut in the second half of 2021, in order to ward off any risks from a potential economic slowdown and US rate hikes. Key quotes “China’s monetary policy should remain stable with a tilt to looser
USD/CAD gains almost two hundred pips from European session lows. Loonie among worst G10 performers, hit by reversal in crude oil prices. The USD/CAD rose further and reached at 1.2494 the highest intraday level since April 23. The combination of a stronger US dollar and the decline in crude oil prices boosted the pair. Sharp
The Reserve Bank of Australia (RBA) board members announced a no change to the official cash rate (OCR), leaving it at a record low of 0.10% at their July monetary policy meeting, more to come … About RBA rate decision RBA Interest Rate Decision is announced by the Reserve Bank of Australia. If the RBA is hawkish about
The Consumer Price Index rose by 1.94% in June in Turkey surpassing expectations; the annual rate reached 17.53%. Analysts at BBVA expect inflation to hover around 18.5% till November and end the year at near 16% with base effects. Key Quotes: “Core inflation reflected the continuing exchange rate pass-thru impact and strengthening supply-side factors after
The rising trend in Eurozone’s inflation may not be temporary, the European Central Bank (ECB) Governing Council member and Dutch central bank President Klaas Knot said in an interview published in NRC Handelsblad on Sunday. Key quotes “We should not over-estimate our ability to determine what is temporary inflation and what is not.” If that
CareDx, CrowdStrike, Fate, Therapeutics, HDFC Bank, Spotify Elliott Wave Technical Analysis: Elliottician is Alessio Barretta TradingLounge CareDx Inc.,CDNA: Daily Chart, We were expecting an incoming wave 4. CrowdStrike Inc.,CRWD: Daily Chart, we were expecting further upside to continue wave iii) Fate Therapeutics IncFATE: Daily Chart, We were expecting a resumption of the trend to start wave iii) HDFC