oil

Forex Market Review (Asian Session) – Safe-haven assets gain on escalating US-North Korea geopolitical turmoil

Posted on August 9, 2017 at 7:44 am GMT

Geopolitical woes between the US and North Korea escalated overnight following announcements by the presidents of both countries. In response, safe-haven assets such as the yen, Swiss franc and gold strengthened overnight. The dollar index was moderately down ahead of European trading. The escalating situation commanded the news flow during the Asian session, overshadowing other economic developments of significance for forex markets. North Korea announced that its leader Kim Jong Un was weighing a possibility to strike the US Pacific territory of Guam [..]

Forex Market Review (European Session) – Dollar touches 1½ week- high as Job openings hit a record high; oil pares gains amid ongoing oversupply

Posted on August 8, 2017 at 3:54 pm GMT

With political uncertainties in the US in the background and tensions between North- Korea and the US increasing, the dollar managed to recover from yesterday’s losses as US job vacancies reached a record-high in June and drove the currency to a 1½ week- high. Meanwhile, in the commodity markets, oil could not sustain its gains arising from Saudi Arabia’s willingness to cut its oil supplies by more than it pledged, as global oil production does not show any signs of [..]

Technical Analysis – WTI oil futures neutral in near-term after recent rally; market consolidates below key 50 level

Posted on August 8, 2017 at 9:04 am GMT

WTI oil futures maintain a neutral bias on the 4-hour chart after a strong rally that took place between the July 24 low of 45.38 to the August 1 high of 50.40. Prices have been moving sideways in a range between 48.50 and 50.00 during the past one week as upside momentum faded when the market became overextended. This was indicated by the RSI which rose above 70 into overbought territory. The RSI has not shown any clear sense of [..]

Forex Market Review (European session) – Euro struggles to rise after German industrial production; oil bounces as Libya’s largest oilfield is disrupted

Posted on August 7, 2017 at 3:23 pm GMT

As the economic calendar was lacking important data, the European session was quiet with the markets digesting the release of the German industrial production and the Halifax house price index, the only closely watched indicators of the day. Moreover, while investors were focused to catch any hints from the two-day OPEC/non-OPEC meeting launched today, energy prices initially edged higher before backtracking later in the day. The dollar was more or less steady against its rivals during European trading, with the [..]

Forex Market Review (Asian Session) – Dollar weakens on start of quiet week as other majors up; oil pressured

Posted on August 7, 2017 at 7:33 am GMT

Forex markets have started the week on a relatively quiet note regarding economic releases. During the Asian session, New Zealand inflation expectations and German industrial output in June were the main figures of interest. The dollar gave up on some of Friday’s gains against most majors, including the yen and the euro. The greenback weakened modestly against most majors during Asian trading, following its surge on Friday amid a better-than-expected jobs report. The report pointed to a healthy and growing labor market, as 209K new jobs were created last [..]

Week Ahead – US CPI; RBNZ meeting; OPEC/non-OPEC to monitor cuts

Posted on August 4, 2017 at 4:04 pm GMT

Next week will be calmer in terms of data releases relative to this one, though certain figures from major economies will definitely grab the markets participants’ attention. In terms of central bank meetings, the Reserve Bank of New Zealand will meet to set monetary policy, while oil prices may experience added volatility given that a meeting to monitor compliance with output cuts will be taking place in Abu Dhabi. RBNZ decision on monetary policy The Reserve Bank of New Zealand [..]

Forex Market Review (European Session) – Dollar’s weekly losses cut down by solid employment report

Posted on August 4, 2017 at 2:48 pm GMT

The July employment report provided much-needed relief to the beleaguered greenback on Friday, while the pound continued to lose ground on fears the Bank of England would keep rates near record lows for longer. The main highlight of the day was the July jobs numbers out of the United States. The market is keeping a close eye on US economic numbers as they will likely determine whether an additional Fed rate hike will take place by the end of the [..]

Forex Market Review (European Session) – Pound slumps after BoE lowers UK outlook; dollar slips on weak ISM

Posted on August 3, 2017 at 3:00 pm GMT

The pound was the worst performing major currency in forex markets during today’s European session as it tumbled after the Bank of England downgraded its growth and inflation forecasts. The euro was steady against the US dollar but surged against the pound, while the greenback came under pressure from a weak ISM PMI. The Bank of England decided to hold rates unchanged at 0.25% at the end of its two-day policy meeting today. But the 6-2 vote was less hawkish [..]

Forex Market Review (European Session) – Sterling at fresh 10½-month high ahead of BoE; dollar close to 15-month lows

Posted on August 2, 2017 at 3:04 pm GMT

Today’s European session was a rather quiet one in terms of data, with forex market participants focusing on the number of jobs added by the US private sector in the preceding month, July construction PMI numbers for the UK and June eurozone producer prices. The dollar remained close to the multi-month lows from previous sessions. In the US, the ADP report showed private employers adding 178,000 positions in the economy during July. This negatively compares to expectations for 185,000 additions, [..]

Forex Market Review (Asian Session) – Asian currencies weaken against dollar as euro, sterling firm up; oil under pressure

Posted on August 2, 2017 at 7:26 am GMT

As traders in Europe were about to start the day, the dollar managed to retrace some of its losses against Asian currencies. However, the dollar index was moderately down at 93.01 as the euro and sterling strengthened. A weak labor market drove the New Zealand dollar lower during the Asian session, as the figures curbed the possibility of a shift in the central bank’s neutral guidance on monetary policy. Change in employment fell 0.2% in the second quarter, faring worse than the expected 0.7% expansion and well [..]

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