crude oil

Daily Market Comment – ‘King dollar’ continues its reign after solid jobs data

Posted on February 10, 2020 at 10:16 am GMT

Dollar cruises higher after strong payrolls push back expected timing of Fed cuts Yet, stocks struggle for altitude, yen climbs as virus fears remain in play Aussie breaks 11-year low, but quickly bounces back The world’s reserve currency shined once again on Friday, after US payrolls for January exceeded estimates, prompting traders to push back the expected timing of the next Fed rate cut. Nonfarm payrolls rose by 225k, smashing the forecast for a 160k increase and signaling that the [..]

Technical Analysis – WTI oil futures bounce on 1-year trough; outlook remains bearish

Posted on February 4, 2020 at 10:41 am GMT

WTI futures recorded a fresh one-year low of 49.64 earlier today before turning higher, approaching the descending trend line, which has been holding since January 8. Looking at the momentum oscillators on the 4-hour chart though, they suggest further increases may be on the cards in the short-term. The RSI has started to slope north again, while the stochastic oscillator is also heading up after it posted a bullish crossover within the %K and D% lines. Should oil breach the descending trendline, the next resistance could come the 52.00 handle and the 40-period SMA at 52.46. [..]

Daily Market Comment – Chinese stocks fall apart, but currencies take a breather

Posted on February 3, 2020 at 10:04 am GMT

Equities in China fall ~8%, but broader market stabilizes after Friday’s selloff Recession fears reignite, pushing dollar down as Fed rate cuts are priced in Pound drops as Boris ‘talks tough’ – prelude of things to come? US Democratic primary begins, will Bernie Sanders spook stocks? Chinese equities disintegrate, despite PBoC rate cut The coronavirus theme continues to torment financial markets, with Chinese stocks closing lower by almost 8% today, on their first day back from holidays. The losses [..]

Daily Market Comment – Close call if BoE will cut today; Risk aversion revives

Posted on January 30, 2020 at 10:02 am GMT

All eyes on BoE meeting, markets view prospect of a rate cut as a coin toss On balance, decent PMIs give BoE breathing room to wait – if so, pound might spike higher Yen advances, stocks stumble as virus fears revive risk aversion Dollar ticks lower as Fed adopts a slightly more cautious tone, but quickly recovers BoE rate decision: To cut, or not to cut? The main event today will be the Bank of England’s (BoE) policy decision at [..]

Daily Market Comment – Fed to stand pat; risk appetite roller-coaster rolls on

Posted on January 29, 2020 at 1:29 pm GMT

Fed to stay on hold today, but adopt a slightly more cautious tone? Yen retreats, stocks rebound as risk sentiment recovers However, bond and stock markets are not on the same page today Barrage of corporate earnings coming up: Microsoft, Facebook, Tesla, Boeing No action from Fed, but perhaps a more dovish take Investors may finally divert their attention away from the deadly coronavirus today, when the Federal Reserve concludes its policy meeting at 19:00 GMT. There’s virtually no chance [..]

Daily Market Comment – Risk sentiment stabilizes as virus worries calm, but caution lingers

Posted on January 28, 2020 at 9:51 am GMT

Wall Street futures signal a rebound, even without any ‘good news’ However, pockets of stress still evident in the market Japanese stocks decline further, aussie and kiwi can’t get off the floor Today: US durable goods, earnings bonanza begins with Apple Risk aversion takes a breather as virus nerves calm, for now The virus-related uncertainty that plagued global markets in recent days started to abate on Tuesday, with the safe-haven Japanese yen unable to extend its recent gains and futures [..]

Daily Market Comment – Safe havens climb, stocks slide as virus fears deepen

Posted on January 27, 2020 at 10:33 am GMT

Worries that new virus is turning into an epidemic push yen and gold higher Stocks fall alongside oil prices as investors reassess potential economic hit Question now is how long this havoc will last, and whether it gets worse from here Risk sentiment takes a hit as virus death toll soars Risk aversion is the name of the game in global markets on Monday, as investors grapple with concerns about how rapidly the deadly coronavirus is spreading and its potential [..]

Technical Analysis – WTI futures may have more weakness in store in short term

Posted on January 22, 2020 at 1:19 pm GMT

WTI crude oil futures with delivery in March, are declining below the three-month ascending trend line, creating a bearish-to-neutral view. Momentum indicators are pointing to a negative bias in the short term with the RSI just below 50 and the stochastic oscillator is heading towards the bearish territory. The MACD oscillator is strengthening its downward movement below the trigger and zero line. In addition, the 40-day simple moving average (SMA) is pointing down and approaching the 20-SMA for a possible [..]

Daily Market Comment – Dollar grinds higher, Wall Street hits new records

Posted on January 20, 2020 at 9:43 am GMT

Greenback outperforms as incoming data reaffirm strength of US economy Pound crumbles after soft retail sales enhance case for a BoE rate cut next week Bank of Japan rate decision coming up; supply disruptions boost oil Solid US data lift dollar, catapult US stocks to fresh records The dollar was the star performer in the FX market on Friday, advancing across the board after the latest batch of US data beat forecasts, feeding the narrative that the American economy continues [..]

Daily Market Comment – US stocks carve out new highs ahead of Nonfarm Payrolls

Posted on January 10, 2020 at 10:10 am GMT

Wall Street hits new records and US jobs data today may add fuel to the rally Canada’s employment figures also due – asymmetric risk for loonie? Pound drops on dovish BoE comments and may still have some way to go Nonfarm payrolls: More fuel for stocks? The main event today will be the US employment report for December. Nonfarm payrolls (NFP) are forecast to clock in at 164k, less than the astounding 266k in November, but still a solid number [..]

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