Oil prices rebounded slightly on Friday but are still expected to show losses for the week due to concerns about slowing growth in the US and China. US crude futures rose 2.7% to $70.41 per barrel, while the Brent contract increased by 2.5% to $74.33 per barrel.
USD/JPY: upside looks limited
2020-12-18 • Updated
The USD has started the day on a positive footing and pushed USD/JPY upwards. Early in the morning the Bank of Japan held the last meeting this year and extended the Covid-19 relief program by the next 6 months. Elsewhere, Japan published core consumer prices, which were in line with market expectations, but still, they marked the largest drop since late 2010. As a result, the Japanese yen dipped and pushed USD/JPY upwards.
USD/JPY is trading in a downtrend, but today the pair has surged up. It is touching the 100-hour moving average and the upper line of the Bollinger Bands. That’s why we can assume it should pull back and start falling. It will meet the 50-hour moving average at 103.30 on its way down, which it’s unlikely to break by the first attempt. If it manages to cross it, it will plummet deeper to the key psychological mark of 103.00. Resistance levels are 103.75 and 104.00.
China's economy is rocketing. On the other hand OPEC+ countries take the decision to cut the production. What will be the impact on the oil price?
The past two years have seen the biggest swings in oil prices in 14 years, which have baffled markets, investors, and traders due to geopolitical tensions and the shift towards clean energy.
Let's dive into the world of gold. Currently, the price of gold, represented by XAUUSD, is stuck in indecision, hovering around the $1,975 mark. The market is anxiously awaiting two important factors: the release of the Federal Reserve's meeting minutes and the extension of the US debt ceiling.
Hey guys, this is the last full trading week in May, and many forward-looking individuals like myself are already preparing themselves to seize whatever opportunities June may have in store. On this note, I will review a few commodities that have satisfied my quest for swing-trading opportunities in the coming month. Follow me!
The Bank of England (BoE) has dramatically shifted its economic forecasts. They no longer expect a recession in the UK and have upgraded their growth projections. This year, the BoE predicts GDP growth of +0.25%, a significant improvement from previous expectations. Next year's forecast is even more optimistic, with a projected growth of 0.75%.