Daily Market Comment – Risk-on back in play as Fed goes overkill with stimulus

Posted on June 16, 2020 at 8:28 am GMT

Sell-off cut short as markets reminded Fed not done yet with stimulus Possible $1 trillion infrastructure plan by Trump further fuels stocks But will Powell spoil the party again as softer dollar eyes Fed chief’s testimony Pound outperforms after UK and EU agree to intensify Brexit talks Second wave, what second wave? It was a dramatic turnaround for Wall Street on Monday, with all three main indices wiping out earlier sharp losses to close with solid gains, as investors brushed [..]

Daily Market Comment – Stocks slide again on second wave fears; Pound skids ahead of Brexit talks

Posted on June 15, 2020 at 8:42 am GMT

A resurgence of coronavirus cases sends stocks into a tailspin again Aussie takes a beating, yen and franc up, but gold unable to capitalize Pound extends losses as Johnson tries to kickstart stalled Brexit talks End of the risk rally? The unstoppable risk rally that’s pushed global stocks close to erasing their virus-led losses is in danger of faltering as fears of a second wave of infections intensify. Several states in America have seen a large increase in the number [..]

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After incredible rally, oil outlook still uncertain as virus casts shadow over demand – Special Report

Posted on June 11, 2020 at 9:45 am GMT

Few would argue that 2020 has been a good year for oil after the market turmoil sparked by the coronavirus crisis sent WTI prices crashing into negative territory for the first time in the US benchmark’s history. But just as the unexplainable recovery of global equities, oil is looking bullish once again, at least in the medium-term timeframe. The encouraging signs of rebounding economic activity as businesses emerge from the virus shutdowns bode well for oil and other commodities. But [..]

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Technical Analysis – WTI dipping under mid-Bollinger band; positive picture intact

Posted on June 9, 2020 at 8:13 am GMT

WTI oil futures presently appear to be retracing under the mid Bollinger band around 38.23, heading towards the 50-period simple moving average (SMA) at 35.88. The commodity’s one-and-a-half month hike from the 6.62 bottom pivoted back down just before filling the gap from early March at 41.28. Nevertheless, the SMAs continue to back the positive picture for the commodity. The short-term oscillators at the moment reflect conflicting signals in directional momentum. The MACD, in the positive region, has marginally dipped [..]

Daily Market Comment – Euro soars after ECB’s surprise; dollar extends slide ahead of NFP

Posted on June 5, 2020 at 8:30 am GMT

Euro skyrockets after ECB increases pandemic stimulus by more than expected Dollar stuck in a downward spiral, unlikely to be saved by US jobs report Oil clings on to gains despite OPEC confusion ECB takes out the bazooka again The resurgent euro, which has been rallying on the back of recovery hopes for the Eurozone economy, got another shot in the arm on Thursday after the European Central Bank delivered a bigger-than-expected stimulus. The ECB boosted its pandemic emergency purchase [..]

Technical Analysis – WTI builds confidence above Ichimoku cloud

Posted on June 4, 2020 at 8:37 am GMT

WTI oil futures pierced above the 100-day simple moving average (SMA) located at the 36.10 level, that being the 50.0% Fibonacci retracement of the down leg from 65.61 to 6.62. The commodity’s correction from the 6.62 bottom has breached the Ichimoku cloud and looks to be preparing to accelerate above a critical limiting region. Additionally, the rising Ichimoku lines and the turn up in the 50-day SMA may further assist this short-term view. The short-term oscillators presently seem to maintain [..]

Daily Market Comment – Dollar steadies as stocks pause rally; euro eyes ECB stimulus

Posted on June 4, 2020 at 8:33 am GMT

Dollar regains some positive footing as risk rally eases Euro takes a breather ahead of ECB decision Oil pulls back amid doubts about OPEC+ extending output cuts Dollar fights to end losing streak as stocks lose steam The US dollar fought back on Thursday to retain its reign over FX markets, which has come under threat over the past week as rising optimism about the global economy recovering from the pandemic has revived risk assets. The dollar index, which measures [..]

Daily Market Comment – Dollar slumps as recovery hopes gather pace

Posted on June 3, 2020 at 8:37 am GMT

Increasing optimism of strong economic recovery pummel the dollar Yen loses shine too, but gold holds within range as US and China risks linger Loonie nears 3-month high as BoC and OPEC+ decisions eyed Markets shrug off US unrest, look to recovery After a brief scare on Tuesday, it didn’t take long for risk appetite to get back into full mode as investors largely ignored growing unrest in the United States to instead focus on the increasing signs that a [..]

Daily Market Comment – US protests rage on, start to weigh on dollar

Posted on June 2, 2020 at 8:28 am GMT

Trump inflames protests, threatens martial law as US stocks begin to take notice Dollar extends slide as recovery hopes keep positive sentiment intact Aussie flirts with $0.68 after RBA, pound shoots above $1.25 despite Brexit risks Oil steady ahead of OPEC+ meeting Market unease as protests ravage US cities Mass protests continue for a seventh day across major cities in the United States, causing widespread damage and looting in what is another blow for businesses already crippled by the shutdowns [..]

Technical Analysis – WTI oil futures lose some shine but uptrend still intact

Posted on May 28, 2020 at 7:32 am GMT

WTI crude oil futures for July delivery inched down on Wednesday after failing to lift the strong ceiling around 34.63 and jump above the Ichimoku cloud. The price is now looking for support at April’s highs around 31.00 in order to pick up steam, though the weakening RSI and the slowing MACD are currently discouraging any upside move but not ruling it out as long as the former holds above its 50 neutral mark and the latter above its red [..]

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