The West Texas Intermediate remains above the gap in bullish territory. The OPEC+ cartel shocked the market by reducing output by 1.1 million barrels per day in order to stabilize prices.West Texas Intermediate WTI crude oil increased 6.3% on Monday and is currently trading at $80.44. The day’s high was …
Read More »Is this week’s 15% pullback for Bitcoin likely?
With the beginning of the new trading week’s Asian trading session, the price of bitcoin is not displaying any strong momentum. If BTC loses its crucial support level at $26,555, the current consolidation will develop into a selling frenzy.The bearish thesis would be refuted if the psychological threshold of $30,000 …
Read More »USD/CHF falls on softer Swiss inflation data post US Manufacturing PMIs
As the US economy tightened, the S&P Global and ISN Manufacturing PMIs dipped into the recessionary range. Following weak US manufacturing data, the yields on US Treasury bonds and the Dollar both plunge.After reaching a daily high of 0.9196, the USD/CHF fell by 0.17% due to lower-than-expected inflation in Switzerland. …
Read More »USD/CAD declines as CAD strengthens on weaker USD, OPEC’s decision
The Canadian Dollar strengthened as a result of a lack of oil supply and a weak US Dollar, pushing the USD/CAD pair south of the 100-day EMA. After reaching a daily high of 1.3536, the USD/CAD is currently trading at 1.3450. the pair is down by 0.68 and is trading …
Read More »EUR/USD slides after hitting fresh highs post US ISM Manufacturing PMI
Following the release of US economic statistics, the EUR/USD increased even further, printing a new daily high at 1.0916. The price then dropped to 1.0885. Due to risk appetite and declining yields, the US dollar is under pressure.The US Dollar Index is dropping 0.50% and is poised to challenge the …
Read More »Crude oil soars on surprise OPEC+ output cut; mounting demand worries?
After a surprising agreement by OPEC+ to reduce additional output, oil prices soared on Monday, registering their largest daily increase in over a year. After reaching its highest price in a month at $86.44, Brent crude was up $4.91, or 6.2%, to $84.80 a barrel as of 12:15 GMT. After …
Read More »Oil surges as OPEC+ surprise output target cuts shake markets
After a surprising agreement by OPEC+ to reduce additional output, oil prices soared on Monday, registering their largest daily increase in over a year. After reaching its highest price in a month at $86.44, Brent crude was up $4.64, or 5.8%, to $84.53 a barrel as of 11:15 GMT. After …
Read More »Indicator: Turkey’s manufacturing sector continued to grow in March
Turkish factory activity continued to grow in March, with both new orders and production increasing despite the continuing repercussions of the devastating earthquakes that hit the country in February on the sector. According to the Istanbul Chamber of Industry and Standard & Poor’s Global, the purchasing managers’ index in the …
Read More »Dollar rises as inflation fears return after the OPEC + surprise
The dollar rose on Monday as fears about inflation returned after the surprise announcement by major oil producers to cut production further. The announcement by the Organization of the Petroleum Exporting Countries and its allies, in what is known as the OPEC + group, came after data showed on Friday …
Read More »Gold fell as fears of raising US interest rates worsened after the OPEC+ surprise
Gold prices fell on Monday after a surprise announcement by OPEC+ to cut oil production raised concerns about inflation and increased bets on a rate hike at the next Federal Reserve meeting in May. Spot gold prices fell 0.8 percent to $1951.37 an ounce by 0401 GMT, the lowest level …
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