Today, two events will shake the US dollar. First, at 16:45 GMT+2, Markit, a statistical company, will release the US Flash Services PMI. Moreover, at 21:00 GMT+2, the Federal Reserve will release its meeting minutes.
Oil is at 13-month high due to deep freeze in Texas
- Stocks are rallying up further amid the ongoing global recovery. S&P 500 set a record high at 3 956, Nasdaq – at 13 884. Japan’s Nikkei 225 rose above 30 000.
- Oil prices surged to 13-month highs as oil production stopped in Texas because of extremely cold weather. Besides, such a deep freeze boosted power demand. Rising oil prices pushed up commodity-sensitive currencies such as the Canadian dollar.
- Ten-year Treasury yields soared above 1.24%, marking the highest level in almost a year. It may press gold down.
- Bitcoin skyrocketed to another record, approaching the milestone of $50 000.
- “Continued monetary stimulus and bursts of fiscal support maintain a strong foundation for risk assets, compensating for the slower than expected vaccine rollout,” said Principal Global Investors.
EUR/USD has been trading back and forth just below the 50-day moving average at 1.2150. If it manages to break it, the way up to the high of January 22 at 1.2190 will be open. On the flip side, the move below the low of February 12 at 1.2090 will drive the pair down to the next support of 1.2030.
GBP/USD jumped to the psychological mark of 1.3950 but failed to cross it. If it breaks it on the second try, the doors towards the next resistance of 1.4000 will be open. Support levels are at yesterday’s low of 1.3900 and at the low of February 12 at 1.3840.
USD/JPY has soared to the 200-day moving average of 105.60. If it manages to break it, the way up to November’s high of 106.00 will be open. On the flip side, if it fails to break it again, it may drop to the support of 105.00.
WTI oil is trading just above the $60.00 level. The way up to yesterday’s high of $61.00 is clear. Support levels are $59.00 and $57.50. Current oil CFDs: WTI-21H expires on February 19, WTI-21J expires on March 19.
This Wednesday will be heaven for day traders. A considerable number of events will make the market volatile. Don't miss it!
The G20 summit and the US PPI release gave us a lot of volatility to trade on. Luckily, today’s markets may be even more volatile with new vital releases and geopolitical decisions. The daily news report will surely help you!
Good morning, dear traders! Hope you’re doing great! Let’s talk about the news that is worth following today! Key market events: 15:30 MT, CAD GDP m/m 17:00 MT, GBP BOE Gov Bailey Speaks Oil is tensed again Oil rose as China refined its approach…
Happy Friday, traders! Are you ready to trade at the end of the week? Here’s what you need to know before you start:
Hello, dear traders! We hope you have a great day! Let’s see what news is worth following today! Market closing US stock exchanges will be closed due to the Thanksgiving holiday…