Oil’s See-saw & Market Shenanigans

Following, Tuesday’s American Petroleum Institute (API) weekly report which revealed that Oil stockpiles increased to 4.854M barrels. WTI Crude oil prices slid nearly -0.43 % by 08:30 GMT ranging between 70.91 – 71.19 in bearish mode, ahead of Today’s Crude Oil Inventories report from the US Energy Information Administration (EIA). furthermore, The International Energy Agency Monthly Oil Market Report could shed more light on oil’s direction later in the day.

Other commodities such as Gold, Silver, Copper, Aluminium where on the upside finding support from the sudden GEO-Political changes brought on by N. Korea’s leader. Who suddenly announced his cancelation to pull out of the upcoming US –Korea summit. Which sent the US. Bond yields plummeting, pulling down the USD.

Gold was ranging between 1,289.40 – 1,296.30, Silver in a tight range of 16.250 – 16.345.

The USD pulled back from nearly 5- months highs as U.S bond Yields slipped giving a basket of major’s currencies the illusion of staging a comeback. GBP/USD lead the pack ranging between 1.3478 – 1.3521, while  EUR/USD was caught between 1.1816 – 1.1996 however upside is very limited ahead of EUR economic data dump. The JPY seems to be among the up against the USD. USD/JPY was seen 110.08 – 110.38 with all the US set to publish its housing stats later in the day volatility is  highly anticipated

Global stocks are mixed the Asian are bearish, EU stocks UK’s FTSE 100 tacked on gains of +013% by mid-day GMT. Upbeat to its highest in recent times. Ranging between 7,717.97 – 7,745.75. While DAX sailed up +0.44% traversing 12,958.94 – 13,029.62.

As Earnings Season winds down, Macy’s is set to release it earning reports which could surprise investors expectations to the upside.

Cryptocurrencies also slid from Tuesday’s gains. perhaps on news that Microsoft’s search engine intends to Ban Crypto related Ads by July overshadowing other happenings

 

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The Resurgence of the U.S Dollar.

The USD regains traction as the U.S. Bond Yields resurge with concessions in the making between US-China Trade talks. As China concedes to removing U.S tariffs on goods in exchange for assistance with ZTE.
Asian shares plummeted on disappointing Chinese’s Retail sales 9.4% vs a forecast of 10.0%.
During early Asian trading hours, almost all commodities were seen in a bearish mode with a few exceptions like Aluminium and Oil. The Later, Oil prices which continue to sway between, 70.80 – 71.18 range bound in small gains and losses on Geo-political sentiments amid increased U.S production output, coupled with OPEC cuts ahead of today’s American Petroleum Institute (API) report. Markets, expect abrupt break out in either direction.
With Asian down, EU shares were dragged into a bearish mode. The day ahead could be very interesting for markets with a deluge of economic reports set to be released both from the EU & US amid speeches from ECB and Fed representative’s volatility is like going to be centered around the basket of six major currencies vs the USD and the EU shares.
Meanwhile, the EUR/USD was seen between1.1911 – 1.1996 struggling to hold on to the 1.20 handle. GBP/USD around 1.3524 – 1.3572 with bearish undertones.
Cryptocurrencies, on the other hand, seemed to be in an upbeat mode. Investors sentiments were uplifted with news from the U.S. Florida County of Seminole, which announced, will be accepting payments for Taxes in BTC and BCH. Furthermore, Goldman Sachs & Morgan Stanley inclusion of Crypto Trading platforms to their investment tools is seen as a warm welcome for speed traders and investors.

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Monday Reversals and Corrections

The usual corrections and reversals could be spotted in full manifestation today, as  Global Markets digest the previous week’s cause and effects.

Oil dipped following Friday’s increase in U.S. Rig count as per the Baker Hughes Rig count, there were 10 new additional rigs, bringing the rig count from 834 to 844. Matters were further complicated when U.S. president Trump launched a tweet attack on OPEC. Accusing it of artificially inflating prices. Crude Oil lingers on politically between: 70.28 – 70.74 holding on to the $70bbL support levels.

Gold attempts a comeback as USD retreats from last week highs due to a drop in US yields. Gold was found ranging around 1,318.00 – 1,322.40. with little to no change.

Other commodities like Copper and Silver were oscillating between gains and losses, however mostly bearish.

Asian Markets woke up on the right foot with investors hopeful that US-China trade negotiations may pen out with some positive undertones. Naturally, EU stocks are also bullish with ongoing Earning reports to be released.

Germany 30 (DAX 30) is set on a path of 12,951.91 – 13,014.24,

France’s CAC 40 range bound between 5,529.70 – 5,540.49, while Uk’s  FTSE 100 jumps in and out of gains between 7,714.50 – 7,727.81.

USA 30 (DOW 30) 24,717.50 – 24,868.65 and Nasdaq swinging 6,960.00 – 6,994.25.

Cryptocurrencies are hopeful on news developments for the adoption of the blockchain in several sectors. Positive remarks from Ex -Trumps’ advisor Gary Cohn backs the claim.  Bitcoin was seen trending at $8,424.0 around 04:02GMT with further upside.

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Pre-Weekend Profit-Taking & Market shake up

Asian Markets opened positively with the Hang Seng leading the way. Motivating the EU markets to be hopeful, however with profit taking lurking reversals and corrections are inevitable for the day.

Assets are likely, going to be oscillating between gains and losses.

Germany 30(DAX30) is probably going to be ranging between (13,016.18 – 13,031.90), with UK’s FTSE 100 traversing 7,695.22 – 7,714.67. Meanwhile, France CAC 40 paves through 5,531.70 – 5,540.03 naturally any break out either in their support or resistant levels will prompt short-term actions in accordance.

Despite the USD slight pull back from 4-month highs due to Thursdays disappointing Inflation data. Geopolitical events render it support for innate abrupt surges.

  • Commodity prices were subdued likely due to profit taking Gold shed -0.26% to 1,320.1 with some possible uptrends
  • Crude Oil has been spotted between 71.14 – 71.62
  • EUR/USD jumping in and out of losses, in a tight range of 1.1892 – 1.1925
  • GBP/USD stages a small come back in between 1.3502 – 3535, following the BOE’s decision to stay pat on interest hiking.
  • AUD & NZD are likely to remain bearish trending low

Later in the day, the US Baker Hughes rig count report is expected to show an increase in activities which might not dampen Oil Bulls sentiment.

Cryptocurrencies’ shed gains from Thursday. Despite upbeat news that Korona coin seeks to address unpinning issues with Bitcoin & Etherum in Europe. Meanwhile, Huawei launches Bitcoin Wallet App.

 

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A Brave New Day For Global Markets

Global markets where in good moods today. The Asian Market remained bullish throughout, initially propelled by soaring Oil prices followed by upbeat earnings reports from the Japnese Glass, Fishery, and Banking sectors.

EU stocks joined the party, Germany’s DAX was ranging between 12,928.44 – 13,034.51 up 0.33%  UK’s FTSE climbed 0.32 %  seen  between (7,629.75 – 7,688.04).

Wall Street came in strong, with NASDAQ surging  6,888.75 – 6,943.25, the Dow Jones extended gains by  0.61%  to 24,692.21 as NVIDIA stocks jumped 1.07%.

USD took a breathe ahead of PCE inflation data allowing other majors to stage a mini-comeback.GBP/USD ahead UK’s construction Output & Industrial Production reports surged only to dip as markets released, the BOE was likely to postpone its interest rate decision and the results were disappointing.

Global oil prices continued the upstream bolstered by Wednesday’s crude oil inventories report which indicated a draw of – 2.197M amid the US. imposition of the sanctions on Iran after withdrawing from the Joint Comprehensive Plan of Action aka Iranian Nuclear Deal. Gold, Silver, and copper also rose,

Markets expect further upside for the USD as investors continue to weight the US impact of US pullout.

 

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Oil Surges, U.S. Exits Iranian Nuclear deal

 

Once again Oil prices have been bolstered back to it’s 3 and half year highs, following the withdrawal of the U.S. from the Iranian nuclear deal, ahead of today’s Crude Oil inventories report by the Energy Information Administration. (EIA). Crude Oil was seen ranging between $69.85 – $71.16 with further upside till the report is released.

Other commodities like Gold, Silver, and Copper have been lingering to the downside, as the USD, (Greenback) gained momentum to 4 months highs as yields climb up.

Global stocks began the day on a rocky footing, after digesting the news of Donald Trumps’s exit from the Iranian deal. However, EU share surged lead by UK’s FTSE  upbeat corporate earnings reports from companies like Voda phone and Royal Dutch Shell.

The day will be teaming with opportunities for trading as the day’s events unfold.

USD  Stocks are expected to rise.

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