In its latest monthly report, OPEC has revised its global economic growth forecasts upward for 2024 and 2025, projecting a more optimistic outlook with expectations set at 2.7% and 2.9% respectively. On the oil front, OPEC maintains a steady outlook for global oil demand growth, with projections holding firm at …

The dollar stands firm this Tuesday, holding its ground ahead of the eagerly anticipated US Consumer Price Index (CPI) figures. Traders are cautious, refraining from selling the dollar as recent adjustments by the US Administration to refine inflation metrics suggest potential underestimation of current CPI expectations. The National Federation of …

European stocks experienced a slight decline on Tuesday as investors adopted a cautious stance in anticipation of the release of US consumer price data, a critical determinant of the US Federal Reserve’s interest rate trajectory. The European STOXX 600 index edged 0.2% lower from its two-year peak as investors assessed …

The dollar edged closer to the psychologically significant level of 150 yen on Tuesday, maintaining stability as markets anticipated the release of crucial US inflation data later in the day. Meanwhile, Bitcoin continued its steady hold above the $50,000 mark for the second consecutive day. Trading activity in Asia remained …

Oil prices rose slightly on Tuesday amid concerns that tension in the Middle East could disrupt supplies, but uncertainty about the pace of potential US interest rate cuts and the impact on fuel demand limited gains. By 0420 GMT, Brent crude futures rose seven cents, or 0.1 percent, to $82.07 …

Encountering Strong Resistance The Canadian dollar experienced negative trading in the initial sessions of the week, encountering robust resistance around 1.3480. Technical Indicators Signal Negativity Today’s technical analysis leans towards negativity, as evidenced by the negative intersection of simple moving averages pressuring the price from above. Additionally, the 14-day momentum …

japanese-yen

Oil, Crude, trading

Record Highs and Technical Optimism In the previous trading session, US crude oil futures soared, reaching a peak of $77.08 per barrel. Technically, a positive outlook prevails, supported by consistent movement within an ascending price channel depicted on the 4-hour chart, alongside encouraging signals from the simple moving averages. Preferred …

Resilience Above Support Despite previous attempts to break the main 2016 support level, gold showcased resilience in the recent trading session, stabilizing above the critical threshold. Technical Insights Examining the 4-hour timeframe chart, the price is consolidating above the 2016 38.20% Fibonacci retracement, with the Stochastic indicator indicating potential upward …