
Yes, oil prices are burning right now, and inflation is getting hotter along with it worldwide. However, the oil's bullish momentum is under threat.
2019-11-11 • Updated
The Canadian dollar is the major beneficiary in FX markets after the Bank of Canada raised its rates by 0.25% to 0.75% and slightly upgraded its growth forecasts. There was not even a hint for dovishness. So, the loonie surged on the rate announcement. USD/CAD was down 1.2676 from Wednesday’s opening of 1.2913. Not it trades a little bit higher from yesterday’s low at 1.2743. On the upside, there is solid resistance at 1.2820. The odds for a drop to lower levels are not high. It seems that pair is entering into the consolidation phase.
US yields and the dollar were generally lower after Janet Yellen said the Fed won’t rush to tighten monetary policy while testifying to the Congress. Markets noted that Yellen is now less sure that inflation on track towards the Fed’s target. She doesn’t know how inflation will further respond to the Fed’s tightening measures. The Fed’s concerns about the current inflation rates suggest that there were downside risks to its forward guidance.
The euro was one of the few currencies that lost out yesterday against the USD. It dipped to 1.1390. In Tokyo morning, EUR/USD managed to recoup some of its earlier losses having risen to 1.1440. In the meanwhile, it will likely continue to trade choppily within the range of 1.1320 – 1.1490.
USD/JPY was a great mover in the past few sessions. After rising briefly above 113.50 dropped harshly below 113. While the immediate bias is tilted to downside we don’t expect significant downfall from the current levels. Most likely, the pair will be trading sideways.
Aussie was one of the standout winners of yesterday’s session. It spiked to 0.7685. In the Asian session, it extended its gains to 0.7695.
Sterling rose to 1.2895, notwithstanding the exit stage left of Scottish tennis player from Wimbledon, due to the stronger-than expected unemployment rate (jobless rate is up from 1.8) and earning data.
Oil prices skipped some points overnight as OPEC said its expected demand for its crude will likely decline next year as its rivals increase their production despite the efforts to curb oil glut.
Yes, oil prices are burning right now, and inflation is getting hotter along with it worldwide. However, the oil's bullish momentum is under threat.
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Amazon announced the company is going to make a 1 – 20 stock split on June 3 after the trading session close (23:30 GMT+3).
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