Market updates on June 11

Market updates on June 11

On Tuesday, the improved market sentiment supported risky assets such as stocks, emerging-market currencies, and crude oil.  

  • Oil benchmarks have been trying to recover on the improved market sentiment. Talks that OPEC and its allies would continue its program of oil output cuts supported the oil market. However, the effect was limited. WTI moved up but with small gains. Up to now, the oil benchmark has been trading near 53.60. The resistance is located at 54.48. However, the downward pressure is high. If the benchmark is not able to break above 54.48. We will see a decline to 51.70. Brent rose less than WTI. The benchmark reached a high at 62.86. However, bears were stronger and Brent moved down. The support is located at 60.60.

 

  • The Chinese yuan succeeds to appreciate against the USD. On Friday, USD/CNH reached the highest level of the year at 6.9613. However, the improved sentiment encouraged Chinese currency. Up to now, the pair has been trading near 6.9242 moving to the support at 6.9165. A close below this level will lead to the further appreciation of the CNH. The next level to touch is 6.90. In the case of risk aversion, USD/CNH will turn around and will move towards 6.9470 targeting the top near 6.9614.

 

  • The Mexican peso keeps gaining strength against the US dollar. USD/MXN has been moving down for the 3 days in a row. If bears manage to pull the pair below 50-day simple MA at 19.08, we will see a further decline to 19.02. If the pair rebounds, we may anticipate a rise towards 19.24. The next resistance is at 19.3120.

 

Similar

Latest news

Gold Rises as Central Banks Buy More
Gold Rises as Central Banks Buy More

About 24% of global central banks intend to increase gold reserves in 2023. Rising inflation, geopolitical turmoil, and worries about interest rates are reasons to increase gold reserves.

US Evades Default This Time
US Evades Default This Time

Greetings to a brand new week full of events, economic releases and US debt frictions. We are here to tell you everything you need to know!

USD Gains Momentum
USD Gains Momentum

The US dollar index breaks one resistance after another. Read the report to learn the next target for the US dollar index!

Deposit with your local payment systems

Feel the Team Spirit

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera