US crude oil futures prices continue to achieve gains, supported by several factors that support prices, most notably the approval of OPEC members to reduce production by 2M bpd next month, to post $93.62 per barrel. Technically, the current movements are witnessing a bearish tendency as a result of profit-taking …
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The prices of the yellow metal suffer from the continued rise of the US dollar, forcing the price to trade again below the $1700 level per ounce, recording $1,661, its lowest price in almost a week. On the technical side today, the simple moving averages still constitute an obstacle to …
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Negative trading dominated the euro’s movements against the US dollar at the beginning of this week’s trading, recording its lowest level at 0.9680. Technically and carefully looking at the 240-minute chart, we notice the continuation of the negative pressure coming from the simple moving averages that support the bearish price …
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The prevalent negative market sentiment on Monday coincided with broader Russian attacks on Ukraine, firing multiple missiles that targeted communication and energy targets in and around Kyiv.Economic Data The economic calendar featured no significant economic data during the US session. Other Developments The US dollar extended last week’s momentum and …
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Germany has no plans to back a joint European Union debt issuance according to a government source. This statement comes to reject prior news from the European session, so, according to the source, Germany does not support joint EU debt to encounter the looming energy crisis.The government source told Reuters …
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US Stocks closed lower on Monday. Nasdaq Composite index hit lowest level in two years as tech shares were the hardest blow in the market because of thwarting interest rates exposing the high valuations of such shares and raise their cost of capital.The declines came as JPMorgan CEO Jamie Dimon …
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As the US dollar hits one-week high at 1.3780 lower oil prices persist and hawkish Fed hopes are undermining the CAD, the USD/CAD pair is rallying to 1.40 before dropping to 1.32. The US dollar remains dominant across the board, with the market pricing in another aggressive rate hike by …
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As US CPI data is eyed, gold prices dropped significantly lower on Monday. Not only did the price take out $1,675, but it has also made a low of $1,665.77, taking on a key support area as the markets remain focused on the hawkish stance of the Fed.Gold dropped from …
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Oil prices retreated by 1% on Monday as investors are concerned about economic storm clouds that could foretell a looming global recession and erosion of fuel demand amid probable tight supply .Brent crude futures fell 96 cents, or 1%, to $96.96 a barrel by 11:31 a.m. EDT (1531 GMT). West …
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The US dollar’s performance undoubtedly attracts investors to favour it above most financial assets and rival currencies. This seems natural as most foreign currencies are now weak. Over the passage of several months in 2022, markets have noticed that European companies underperformed US peers by a significant margin. The same …
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