crude oil

Daily Market Comment – Nasdaq conquers new heights as US infections slow down

Posted on August 4, 2020 at 8:15 am GMT

Stocks gain altitude on slowing contagion and encouraging data Most currencies trade in wide ranges, but go nowhere Overall, market focus remains on Congress, where little progress is apparently being made Nasdaq hits new records as tech keeps the dream alive Positive sentiment dominated financial markets at the onset of the new week, with global stock indices and risk-sensitive commodities like oil edging higher, powered by a persistent slowdown in US infections and some encouraging manufacturing numbers. America reported fewer [..]

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Technical Analysis – WTI futures lacks direction after the jump to almost 5-month high

Posted on July 28, 2020 at 8:50 am GMT

WTI crude oil futures have been on a sideline move after they reached an almost five-month peak around 42.50 in the preceding week. The price is flirting with the upper surface of the Ichimoku cloud and the short-term simple moving averages (SMAs) in the 4-hour chart. Looking at the technical indicators, the RSI is holding near the 50 level, while the MACD is moving with weak momentum near its trigger and zero lines, both confirming the recent neutral trend. In case the price [..]

Daily Market Comment – Virus acceleration and politics upset markets

Posted on July 10, 2020 at 8:10 am GMT

Wall Street loses altitude, dollar regains ground on US virus spike, Biden remarks But Nasdaq defies gravity, hits new records on relentless ‘defensive tech’ demand In the bigger picture, most charts have gone nowhere for a month now – blame the Fed? Flood of distressing news overpowers stimulus hopes Risk aversion made a comeback on Thursday as a flurry of alarming headlines led investors to cut their exposure to riskier assets, in fear that the avalanche of stimulus globally may [..]

Daily Market Comment – Markets lose altitude as virus fears escalate

Posted on June 25, 2020 at 8:42 am GMT

Reality bites stock markets as US virus spike accelerates, dollar recovers Threats of new US tariffs against EU and dire IMF forecasts not helping mood Fed balance sheet reduction may be playing a role too Daily virus numbers will continue to dictate sentiment Acceleration in infections hampers recovery prospects Risk aversion gripped global markets once again on Wednesday after several American states reported another worrisome spike in virus cases and hospitalizations, pouring cold water on the cheerful narrative of a [..]

Daily Market Comment – Nasdaq charges higher, pound feels heat of negative rates

Posted on May 21, 2020 at 8:23 am GMT

Stocks defy economic gravity; Nasdaq closes in on record highs But markets more cautious Thursday, after Trump’s twitter storm vs China Pound rebound falters as BoE Governor doesn’t rule out negative rates Dollar finds its footing ahead of speeches by Fed’s top echelon Nasdaq approaches all-time high, but futures retreat Close your eyes and you wouldn’t know we are in the middle of a deep recession. At least not by looking at the Nasdaq 100 (+2%), which closed less than [..]

Daily Market Comment – Vaccine hopes power markets higher, can Powell add more fuel?

Posted on May 19, 2020 at 8:28 am GMT

Vaccine headlines, Fed stimulus bets, and EU recovery package propel stocks higher Yen, dollar, and franc suffer as euro and commodity currencies cheer Fed chief testifies before US Senate today (14:00 GMT), can he keep the ‘party’ going? Perfect storm for stocks Risk appetite returned with a vengeance to global markets on Monday, with the S&P 500 (+3.15%) having its best day in weeks amid a perfect storm of news around a virus vaccine, more Fed stimulus, and a European [..]

Daily Market Comment – Stocks and gold climb as Fed hopes overpower trade fears

Posted on May 18, 2020 at 8:34 am GMT

US equities set to open higher, gold soars after Fed chief’s ‘whatever it takes’ moment But escalating US-China tensions & second wave fears lurking in the background Pound sinks as investors brace for Brexit talks to fall apart Powell turbocharges gold, lifts stocks Global markets are in a good mood on Monday, with commodity currencies recovering and Wall Street set for a ~1.5% higher open, following a ‘whatever it takes’ moment from Fed Chairman Powell. In remarks published over the [..]

Daily Market Comment – Yen smiles as stocks struggle for direction

Posted on May 7, 2020 at 8:48 am GMT

Yen and dollar shine amid dire US and EU data, trade tensions, bankruptcy fears Stocks close lower, but solid Chinese trade numbers lift futures and aussie Pound perks up after BoE keeps stimulus powder dry, but risks linger US jobless claims on the menu today; can equities continue to defy gravity? Yen and dollar stand tall as traders weigh risks Stock markets have been partying like central bankers invented a virus vaccine in recent weeks, but some realism may be [..]

Daily Market Comment – German ultimatum sinks euro, yen capitalizes

Posted on May 6, 2020 at 8:29 am GMT

Euro crumbles after German courts challenge ECB stimulus Outlook still bleak, this is the last thing the fragile Eurozone needs Stocks trim gains on Fed gloom and Congressional ‘pause’, yen climbs Today: ADP data will give a taste of what’s on Friday’s NFP menu Euro falls apart as Germany challenges ECB The single currency came under heavy fire yesterday, after Germany’s top court ruled that the ECB’s asset purchases were unconstitutional. The judges gave the European Central Bank three months [..]

Daily Market Comment – Wall Street snaps back, but FX not convinced

Posted on May 5, 2020 at 8:48 am GMT

US stocks bounce back on medical headlines, rising oil prices, tech strength But FX market signals caution – yen and dollar hold strong, gold too Are investors piling into tech because of re-opening fears and US-China tensions? Euro suffers after German court decision on ECB asset purchases Stock markets storm higher Wall Street continues to defy economic gravity, with all three major US stock indices recouping early losses on Monday to close higher, brushing aside the simmering tensions between Washington [..]

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