oil

Technical Analysis – US Oil Futures move into cloud; looking less bearish

Posted on February 23, 2016 at 3:00 pm GMT

US oil futures have been stuck in sideways movement since the January low despite the increased volatility. Prices look set to enter the Ichimoku cloud following the recent consolidation in a possible sign of the current neutral pattern extending into the near term. The 50-day moving average has been capping prices for the past week. A break above 35 is needed to take prices decisively above the 50-DMA and the January 28 high of 34.79. This would help shift the [..]

FX Daily Outlook| 23-02-16

Posted on February 23, 2016 at 9:33 am GMT

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European Session – Euro falls to near 3-year low versus yen, pound tumbles on Brexit fears

Posted on February 22, 2016 at 3:50 pm GMT

Sterling was one of the worst performing major currencies, along with the euro in today’s European Session. In commodities, oil rose while gold prices fell. The pound was definitely the main focus today after it reacted negatively to news over the weekend with regards to the UK’s referendum on whether to leave or stay in the EU. Sterling fell below its lowest level against the dollar since March 2009, just below $1.41 at one point. It reversed all of Friday’s [..]

FX Daily Outlook| 22-02-16

Posted on February 22, 2016 at 9:38 am GMT

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Asian Session – Pound tumbles on Brexit concerns; oil up on US rig count drop

Posted on February 22, 2016 at 8:49 am GMT

The pound was the biggest mover in Monday’s Asian session as Brexit concerns continue to plague the British currency. On Friday, UK Prime Minister David Cameron struck a deal with his EU partners to give the UK a special status in the EU. However, sterling received only a short-term boost following the successful negotiations as news that London Mayor Boris Johnson, a Conservative heavyweight, had chosen to campaign against the deal heightened fears of “Brexit”. The pound climbed to 1.4396 [..]

European Session – Sterling underperforms as all eyes on Brussels, oil rally ends

Posted on February 19, 2016 at 3:57 pm GMT

The currency markets reacted to risk-off sentiment in the usual fashion today. The US dollar strengthened against most majors except versus the safe haven yen. The global equity market rally from earlier this week fizzled out today. The sharp rally in oil prices since last Friday halted yesterday and prices fell back below $30 today. The biggest factor behind the plunge were comments from the Saudi oil minister who said on Thursday that Saudi Arabia isn’t ready to cut oil [..]

FX Daily Outlook| 19-02-16

Posted on February 19, 2016 at 10:18 am GMT

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Asian Session – Dollar steady after FOMC minutes and oil surge

Posted on February 18, 2016 at 9:26 am GMT

A late surge in oil prices yesterday helped global equities extend their gains on Wednesday and Thursday. US oil futures surged by 8% yesterday and were last trading at $31.16 a barrel. Prices were boosted after Iran voiced support to the latest deal between OPEC and Russia to freeze output at January levels. The yen was slightly firmer today despite disappointing trade data out of Japan. Exports from Japan slumped by 12.9% year-on-year in January, missing estimates of an 11.3% [..]

European Session – Dollar rises as US industrial production post big gain

Posted on February 17, 2016 at 3:47 pm GMT

Risk appetite was positive up today. This was evident as the yen, a safe haven currency, was weaker in European trading and resulted in the USD/JPY pair bouncing back above the 114 yen level from a low of 113.36. Oil also acted as a barometer of market sentiment. US oil rose steadily throughout the European session from $28.71 to breach the key $30 a barrel level. In afternoon trading it eased lower as skepticism builds over a deal with Iran [..]