All Articles Tagged - WTI

US Open Note – FX markets head south; stocks continue to drop

Posted on August 20, 2021 at 12:57 pm GMT

Dollar index rises slightly Watered-down expectations heading into Jackson Hole next week reveal more about the economy than the Fed’s plans to taper. If the Fed does not announce a taper soon, the fear is that they will not have the opportunity to do so if the US virus situation does not get better in the coming months. The US dollar index is surging to a new nine-month high of 93.67 today, posting the fifth consecutive green day. The greenback is flattening against the Japanese [..]

US Open Note – Riskier currencies plummet amid dollar strength

Posted on August 19, 2021 at 12:57 pm GMT

FOMC minutes drive dollar up Following the minutes from the latest FOMC meeting, the dollar index rose to 93.4 on Thursday, the highest closing level since November 2020. Numerous market participants now believe that the Fed will disclose a tapering timeline at the Jackson Hole Symposium next week. There will be less cash poured into the system if asset purchases are reduced. US stocks slid and are headed for a negative open today, while dollar/yen is heading south around 109.60. [..]

Technical Analysis – WTI futures plunge for the sixth straight day

Posted on August 19, 2021 at 9:19 am GMT

WTI crude oil futures plunged to a new three-month trough of 62.66 earlier today, creating the sixth straight bearish day. The MACD oscillator is falling further below its trigger and zero lines, while the RSI is touching the oversold territory. In trend indicators, the 20- and 40-day simple moving averages (SMAs) as well as the Ichimoku lines are sloping downwards. Immediate support could come from the 60.66 barrier, which overlaps with the 200-day SMA. More decreases could open the way for a longer-term [..]

US Open Note – US retail sales released with minor impact on dollar; kiwi tumbles

Posted on August 17, 2021 at 1:06 pm GMT

US retail sales miss is mild hit to dollar The recovery in the US dollar after Friday’s sell-off is continuing today, with only a minor market reaction after the retail sales release. Retail sales in the US rose by 1.1% m/m in July versus -0.3% that was the forecast and from an upwardly revised 0.7% in the previous month. The US dollar index is up two days in a row and has nearly retraced half of its previous day’s loss. Dollar/yen is recouping some of the losses of the previous days, trading above 109.00. US [..]

US Open Note – Yen surges due to risk-off factors; oil plunges

Posted on August 16, 2021 at 12:44 pm GMT

Dollar marginally up; Stocks ease The market is beginning the week on a cautious note. The US dollar index is ticking marginally up after a strong negative session, while US futures are suggesting a negative open after the S&P 500 and Dow Jones completed new record highs on Friday. Euro/dollar failed to surpass the 1.1800 psychological level on Friday and is moving lower, while pound/dollar is hovering around 1.3870. Yen shines; commodity currencies fall The yen has risen sharply because of several risk-off factors, all [..]

US Open Note – Dollar is marginally down; euro shines

Posted on August 13, 2021 at 12:32 pm GMT

Dollar eases before Fed releases minutes next week The dollar is dropping from four-month highs as traders are waiting next week for more clues about the Federal Reserve plans for how and when it will unravel its massive stimulus program. After scaling a high of 93.13 earlier in the week, the dollar index has been lingering around 92.95 since Wednesday, when it was driven down by CPI data. Dollar/yen is creating the third consecutive red day after the climb to 110.80. The euro rebounded against the greenback even after yesterday’s [..]

Technical Analysis – WTI futures slip after testing 69.00; bearish correction on cards

Posted on August 12, 2021 at 6:58 am GMT

WTI crude oil futures are struggling to gain positive momentum after their fast rebound stalled around 69.00 and within the Ichimoku cloud. The downside reversal in the RSI and the slowdown in the MACD justify the diminishing buying pressure, though both remain well below their neutral thresholds keeping the short-term risk skewed to the downside. Should selling forces strengthen, the 64.90 support level will come under the spotlight. The 60.66 barrier and the 200-day simple moving average currently at 59.85 could initially provide support [..]

US Open Note – Dollar pulls back after US CPI data release

Posted on August 11, 2021 at 1:04 pm GMT

US CPI data drives dollar lower All eyes were on the US CPI data release today. The US consumer price inflation rate remained at 5.4% in July, the same as the previous 13-year high and marginally above market predictions of 5.3%, mirroring the low base effect caused by the coronavirus crisis. There were not any surprises for the market; however, the dollar slipped from the five-week high of 110.80 versus the yen that was printed earlier today. The dollar index [..]

US Open Note – Dollar leads the way as euro falters; oil soars

Posted on August 10, 2021 at 1:04 pm GMT

Dollar heads up but faces some downside pressure; stocks unchanged The US dollar is broadly heading north today on predictions that the Federal Reserve will eventually reduce its stimulus program, but it has come under pressure versus some majors. Strong job numbers on Friday showed that the economy is still recovering. With markets nearing all-time highs because of the Fed’s exceptional stimulus measures, Bostic believes that another solid month or two of job growth should trigger the central bank to begin tapering its asset purchases, and that the Fed should proceed [..]

Technical Analysis – WTI futures battle with SMAs; still positive

Posted on July 29, 2021 at 6:05 am GMT

WTI crude oil futures had a strong battle with the 20- and 40-day simple moving averages (SMAs) near 72.30. A noteworthy jump above these lines would take the market towards the almost three-year high of 76.20 before meeting immediate resistance at 76.87. A bullish rollercoaster above this level could drive oil prices at the inside swing low of 86.39, registered in April 2013. Looking at the technical indicators, the MACD is gaining some ground in the negative territory, trying to [..]

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