Crude Oil Inventories Report, USD Firms & Lira Parks

Wednesday the market is teaming up with several uncorrelated events which are driving market sentiments and market trends. Today US Crude Oil Inventories are on tap, as well as a deluge of UK’s Consumer Price Index (CPI), Producers Price Index (PPI), US Core Retail Sales and Industrial Production reports. Lace with Earning reports from 46 companies. Including Macy’s Inc. (M) Analysts are under the impression today’s reports are likely to boost the US 30.

Global Stocks:

Global Shares were in search of supportive data as losses from emerging markets weighed. However, EU Share seemed to have pondered on the effect for a few hours and then resorted to ignoring the gloom. The Strong countries on the bloc witnessed stocks tacking on gains.

  • Germany 30: By the time of print 08:55 had managed to rally, 0.28% ranging between 12,369.08 – 12,426.02 with possible upside in view.
  • UK100: was not out of the woods yet, plummeting -0.11% oscillating between 7,600.50 – 7,632.50.
  • Italy 40: Got unfortunate with the Highway Bridge in Genoa which is reported to have killed some 20 people in counting and disrupting business for a few hours. The Italy 40 was down 0.04% trending from   21,125.00 –  20,835.00.
  • France 40: Turned bullish up 0.01% at 5,403.78, however, oscillates between small gains and losses, in a  5,400.32 – 5,417.19

Currencies:

Are lined up in classical correlation and inverse correlation. With the USD above its 56-day average. The DXY, rallied 0.10% ranging from 96.66 – 96.87.

  • EUR/USD With the Dollar up 14 months high, the EUR plummeted. The pair was seen trading between 1.1317 – 1.1350 down 0.19%.
  • USD/JPY The Safe heaven Yen lost some of its lusters. Given way to the USD to climb further ahead of today’s reports. The Pair were spotted trending from 110.60 – 111.43.
  • AUD/USD  could not recover from it fall yesterday down 0.15% ranging from 0.7203 – 0.7244 in reverse mode.
  • GBP/USD has been cringing waiting for a lifeline. Albeit a drop of 0.06% trading between 1.2692 – 1.2735.

Commodities:

  • Commodities were pinned down, as the USD gained.
  • XAU/USD:  Was seen down trotting between 1,185.06 – 1,194.74 a drop of -0.63%
  • While the Gold Spot fell by 0.62% to trade between 1,191.90 – 1,201.70.
  • Oil prices have been dropping ahead of today’s crude oil inventories report, shedding 1.01% to trade from 66.03 – 66.89

Cryptocurrencies;

Cryptocurrencies are highly volatile.  BTC/USD was trading between a range of 5,980.9 – 6,289. Up 2.58% with possible upsides.

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A Sigh Of Optimism for Markets As Lira Recovers

On Monday the Markets were churning with the demise of the Turkish Lira the worlds 17th economy. However, after almost 15 hours President Erdoğan and the Turkish Central Bank provide a band-Aid to avert the crisis, temporally the Lira surges to early Tuesday bringing some optimism back to the markets. President Trump and President Junker’s agreement to conclude on a Fairtrade with possible zero tariffs also seems to soothe investors well.

Global Stocks:

Global Markets were mixed to the upside. Except for the Chinese market which hit a snag prompted by a drop in Real Estate, Services, and Tech Earnings. Other markets were fairly bullish. European Markets are rallying with the Turkish crisis halted. There also a batch of 118 companies delivering their reports today.

  • Germany 30: Rose by 0.60% by 0815 GMT. To 12,431.79. and ranging from 12,419.56 – 12,460.90.
  • UK100: Was up 0.24% at 7,661.25 Oscillating between  7,646.25 – 7,668.15.
  • Italy 40:  Is rallying, found 0.58% increase trending  from 21,045.00 – 21,125.00.
  • France 40: Chimed in the hawkish momentum rising up 0.47% at the time of print 08:15 GMT. To 5,437.68 with highs current capped at 5,447.93 -5,427.04

Currencies:

A sigh of relief for Emerging Markets as currencies calibrates in tandem with the throng of events due today, on the docket are GDP reports from Germany, EU as well as The US. Ahead of the economic reports, EUR was seen rallying.

  • EUR/USD Was up earlier ranging between  1.1365 – 1.1433 with a 0.07% rise Analysts suggest uptrends may be capped should any of the economic releases today disappoint expectation.
  •  USD/JPY  has been stuck between the 110-111 ranges for several days with the JPY up. However today The USD is bullish vs the Yen as investors move to riskier assets away from the safe heavens. The pair were found trading between 110.60 – 111.15 up 0.23%
  • AUD/USD  Is bearish ranging from 0.7253 – 0.7283 and down 0.17%
  • GBP/USD Rebounds however still below the 1.28 threshold. Investors remain skeptical on the Brexit saga. Meanwhile, the pair is bullish oscillating between 1.2754 – 1.2827. With an increase of 0.05% Should the economic reports on claimant Count change, employment Change, and average earnings disappoint the GBP may reverse gains.

Commodities:

  • Most of the commodities were hawkish Tuesday morning. Even Gold rallied 0.21% to 1201.40 in a range from 1,199.20 – 1,203.00.
  • XAU/USD: was spotted between 1,192.53 – 1,196.22 up 0.07% with further upside standing at 1,194.72.
  • WTI Oil also rose ahead of today’s API Oil Stockpile report. Rumors suggest a decline which could affect prices negatively.  Crude Oil was found up 0.95%  in a range of  67.34 – 68.00 at 67.84 at the time of print.

Cryptocurrencies;

Once again the Cryptos are experiencing “market diarrhea” in selloff mood.  Reflecting on previous posts. It can’t be helped but to assume CEO of Bitmex, knew something when he stated BTC may drop to 5k before surging to $50k by the end of the year.  Currently, BTC is down -8.02% at 5,995.2. Oscillating between 5,858.6 – 6,499.0

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Dollar on Fire, Commodities Sink, Wall Street Disarray.

The Turkish Lira continues to wallow with minor correction as the Turkish Central Bank issues assurance to provide enough liquidity to pass through the storm.  Meanwhile prudent investors trading on the momentum of the market opted to buy the USD.

The USD has thus gained considerable wings. The US Dollar Index (DXY), which measures the strengthening of the USD vs a basket of other Major currencies was up 0.07% at 96.43 by the time of print 08:45 GMT. Although there are some 111 companies delivering their Q2 Earnings it is unlikely they would have much of a positive effect on wall street.

Global Stocks:

The Stock Markets were gloomy Monday Morning. It seems the Turkish saga has morphed into all sectors. European Markets were reported to have dropped to levels seen 3 weeks ago.

  • Germany 30: was already down 0.55% by 08:45GMT ranging from 12,380.39 – 12,323.33 with further downside anticipated.
  • UK100: The UK shares plummeted by 0.51% to trade between  7,613.25 – 7,654.78.
  • Italy 40:  Had shed 0.60% by the time of print and moving aimlessly up and down in a tight range from 20,884.11 – 21,004.50
  • France 40: Stood at -0.25%  at 5,400 between 5,385.19 – 5,410.56 and looking south.

Currencies:

Reflecting on Friday’s post. The Status quo prevails. The USD is officially strong and Investors, as well as day traders seeking to capitalize on some short-term, are flocking to the USD. Safe havens currencies like The Japanese Yen and Swiss Franc where resilient towards the Dollar.

  • USD/JPY since Friday the USD lost more ground to the JPY. The Pair were trading -0.36% down between 110.11 – 110.75.
  • NZD/USD  NZD found favor amongst investors last week when Interest rates were left unchanged. The pair were at 0.06% trending between 0.6563 – 0.6594.
  • GBP/USD The continues to linger on bearishly between 1.2731 – 1.2780. down 0.17%.
  • EUR/USD Was hit on the head shedding -0.25% down from 1.1412-1.1365 with further downside in view

Commodities:

Commodities had not recovered from last week, currently plagued by US Trade tariffs woes and the plight of the Turkish Lira which is giving support to the USD, thus with the USD up it makes commodity prices expensive.

Oil Price was in contraction mode. With future global demand, supply uncertainties and sanctions on Russia, Iran, and others to come weighing. Crude Oil WTI was caught down 0.35% at 67.39 by midday 12:00GMT it is expected to be down at least by 0.50% taking a breather to determine new support and resistance. Possibly a small correction before heading down again. In a range from 67.25 – 67.94.Amid OPEC Monthly meeting today. With Saudi Arabia claiming it did not over-pump to avoid creating another oversupplied situation. Hence daily production rose by only 41,000 barrels. that makes the daily production 32.32milliom bdp.

Gold Prices were left in disarray, seen trading between 1,206.10 – 1,221.40 with a potential of shedding 1.00%-1.50% by midday GMT.

Cryptocurrencies;

The Cryptocurrencies arena is mixed in the early Asian Market hours most of all the major tokens were down trotting. However, the expectation is for a slight positive correction as some “Anti Dollar” Traders opted to the Cryptos for some early banking. Meanwhile reports suggest Crypto mining specifically for BTC rose to record levels of nearly 52 million TH/s

Despite the upbeat news, BTC is still struggling below the 6500k mark. Trading from 6,190.0 – 6,548.3

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GBP Plummets Vs USD Russian Ruble & Turkish Lira in limbo

The EUR fell as the USD rose to almost 1-year highs. The Turkish Lira and Russian ruble continue to slide. As members of the Russian government dubbed it an Economic War which they will respond to via other means.

Global Stocks:

Global Stocks were in a fix. The Chinese stocks upheld gains till Market close with the Shanghai Composite sitting at 0.038%. The Upbeat mood may have been too limited to reach the EU shares early Friday EU market morning.  However, with about 24 companies set to announce their earnings before the weekend surprises could not be ruled out.

  • Germany 30: Has been lingering since Thursday in and out of gains. By the time of print 07:15 GMT, it was down 0.76% between 12,525.26 – 12,588.38
  • UK100: With ongoing uncertainties surround the Brexit Stocks have been seen wavering today it shed 0.51% to ranging down from 7,714.79-7,700.31 Perhaps the deluge of economic data set to be released at 08:30 GMT on GDP, Exports, and Industrial production may induce a short-term correction to the upside. Yet remains to be seen.
  • Italy 40: Continued plummeting  down -1.14 with more downwind possibly to  21,310.50 and beyond from 21,447.00
  • France 40: has been confined to a bearish trend trending from 5,433.21 – 5,466.67 down 0.93% with more drag than flight.

Currencies:

As some investors bank and closed positions in a quasi, profit–taking mode the USD extended gains. In that, the USD, remained broadly strong over most of the six major except JPY.

  • USD/JPY was bearish as Japan tweaks its economy to withstand any turbulence i.e. keeping cordial relations with the US and avoiding and ping pong of Trade wars. The dollar dropped 0.30% to the Yen from 111.17 -110.61
  • NZD/USD  Oscillates between 0.6571 – 0.6622 down 0.35%
  • GBP/USD Has not recovered market participants hope the reports on GDP and Industrial Production could revitalize sentiment. For now, the pair a lock in a downward spiral ranging between 1.2736 – 1.2912 yesterday’s resistance level has still not been breached.
  • EUR/USD Following our post yesterday, in which we stated that the “EUR lost its’s Center bot”. we could safely say it still has not found it.  The EUR sagged even further down 0.51% with more down winds before any major corrections, for now, the pair could be spotted trading from 1.1537 -1.1432 down 0.64%

Commodities: Where cringing as the USD gained Gold fell gold prices dipped 0.38% range bound from, 1,213.20 – 1,220.90.  XAU/USD indicated a plummet of 0.35% range bound between 1,205.82 – 1,213.39.

 

  • Oil prices got a slap in the face. As investors are sensitive to developments in the heating trade disputes between the US and China which could halt economic increment and a healthy demand for fuel.
  • Ahead of today’s Baker Hughes Rig Count Oil contracted dropping from 66.91-66.16 steep decline of 0.55%

 

Cryptocurrencies;

  • Unlike Thursday when about 88 of the 100 major Token were bullish the number of Bullish tokens today have dropped BTC /USD are 1.30% up hover still struggling to hold onto the 6500 handle perhaps the corrections will come in during the weekend.

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Russian Ruble Tumbles On Trump Sanctions Amid Earnings Report

The Russian ruble and the Turkish Lira plummeted, as the US dished Russia with sanctions for the poisoning of spy agents. Markets were generally optimistic on several fronts. Following Wednesday’s gloomy outlook. Today some 260 earnings reports are due to be released. While the US and Japan meet for their first bilateral meeting to avoid exaggerated trade tariffs.

Global Stocks:

The stock market was left dull yesterday with Wall Street down. However early Asian Market open, China lifted Asian shares. Likely the upbeat mood will be transferred to the EU pushing shares up. US shares are then possibly going to rally as the earning reports are delivered.

  • Germany 30: Was down 0.12% at 12,633.54 by 07:40GMT and ranging from 12,586.23 -12,704.58. Market participants believe the DE 30 will raise during the day.
  • UK100: Was the odd one out bullish this morning with gains of 0.75% which is believed could be shed by end of the day to close dovish.
  • Italy 40: Has been pressed down ranging from 21,555.00 – 21,797.50
  • France 40: Is lingering in bearish mood between 5,468.64 – 5,499.19 perhaps when wall street opens France 40 may catch some positive winds is yet to be determined.

Currencies:

The USD lost some ground to the JPY as China’s Yuan also gathered some steam against the dollar. USD/JPY were trending from 111.44-110.71. Further downside is viewed as the expectation for today’s US jobless claims are likely to be negative, while the JPY gets a boost from a possible upbeat GDP.

 

  • NZD/USD is bearish as the RBNZ gives a dovish outlook on Interest rates, which was left unchanged at 1.75% The pair were spotted between 0.6633 – 0.6763 down 0.51% with further downside in view.
  • GBP/USD has not been able to recover from the sell-off mode in a tight range of
  • 1.2842 – 1.2912
  • EUR/USD lost its center bot and was down 0.11% at 1.159.7 ranging between 1.1576 – 1.1619.

Commodities:

Another green day for commodities Gold edges up as the USD shrinks. The Gold spot was up 0.05% trending between 1,218.40 – 1,225.10. while XAU/USD extended gains by 0.03% range bound between 1,210.87 – 1,217.34

  • Oil prices rose after falling on Wednesday on Supply concerns, even though there was a draw of nearly 1.5million barrels market participants were disappointed prices dropped to 66.36 before climbing up 0.08% to trade between 66.50 – 67.41 further upside beyond this range is unlikely to occur today.

Cryptocurrencies;

After several tough days for the Cryptocurrencies. 88 out of the popular 100 tokens are bullish. BTC/USD was climbing, up 0.14% to range from 6,128.2 – 6,549.3 with further upside likely to be a challenge. Investors are waiting to see if BTC could hold on to 6500 as resistance after fall more than 4 days straight.

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