2020-10-08 • Updated
The aussie has been climbing up for the second day amid the ongoing risk-on sentiment. Tomorrow the Reserve Bank of Australia will make a financial stability review. It’s released only twice a year, that’s why it will grab a lot of attention. More optimistic outlook will push the Australian dollar upwards, while more negative – downwards. The RBA has already shown its interest in lowering interest rates, which in turn will lead to the depreciation of the AUD. That’s why it’s significant to pay close attention to this release.
Besides, Chinese PMI will be out a little bit later and will impact not only the Chinese yuan, but also the aussie due to the close trade relationship between Australia and China. Better-than-expected reading will push AUD/USD higher, while worse-than-expected numbers will drive the pair lower.
AUD/USD has just broken through the 38.2% Fibonacci level of 0.7160 and pulled back to it. It should be just a natural short selling after the breakout. Therefore, it’s likely to bounce off this level and after that surge to the next resistance at the 50% Fibonacci retracement level of 0.7210. On the flip side, the move below this level will drive the price to the intraday low of 0.7130.
Brent crude futures is maintaining stability this Friday, with traders awaiting an OPEC+ meeting that might lead to further supply cuts. Brent crude was down 8 cents at $81.34 a barrel, following a 0.7% drop in the previous session.
China has issued new oil product export quotas to allow oil companies to send surplus barrels overseas, particularly Sinopec, which has the highest volume among quota holders. While the exact quota volume remains undisclosed, oil companies are forecasted to export approximately 3.5 million metric tons of clean oil products in September, a 10% increase from August.
Thanks to the incredible advancements in horizontal drilling and fracking technology, the United States has experienced a mind-blowing shale revolution. They've become the heavyweight champion of crude oil production, leaving Saudi Arabia and Russia in the dust. They even turned the tables and became net exporters of refined petroleum products in 2011.
Bitcoin's price remains stagnant despite the Fed's slightly less hawkish tone. In contrast, Bitcoin has outperformed other assets, doubling in price from $16K to nearly $38K this year. Improved fundamentals, including the resolution of Binance concerns...
Hey folks, it’s a wrap to yet another month in the 2023 calendar, and I’m guessing you know what that means - time for another episode in the “What To Trade” series. For December, I will be mapping out trade more cautiously as the market volatility often drops
Gold prices, reaching the highest since May 5, are consolidating as traders await the US PCE Price Index, a key inflation indicator. The upcoming data could impact the Fed's policy, influencing the demand for the US Dollar and providing direction for gold. The Greenback sees some repositioning, recovering modestly ahead of the data risk.
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Don’t waste your time – keep track of how NFP affects the US dollar and profit!
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