Today traders await the European Central Bank to make a policy statement at 14:45 MT (GMT+3).
OIL: long time no see
We got so used to seeing WTI at the rages of $10-15 its confident march to $23 appears now as something extraordinary. What’s happening?
In short, observers see that the glut is probably at its peak globally and starts to diminish. Supply cuts finally started bringing positive effects. Therefore, what used to be the story of the day for weeks in the oil market, now is seen as a short-term obstacle for oil prices to stabilize at a higher level. Most observers expect that level to be around $40 to $50 per barrel, so if no major problem (such as another US-China confrontation) arises, you may start your strategic preparations to welcome bulls back to the oil market. Long time!
Oil dropped to the lows unseen since late May. Bitcoin has dropped below $30,000, while gold has reversed up from a dip under $1,800.
The Bank of Canada will publish a rate statement and update on the interest rate on Wednesday, at 17:00 MT time.
What events to follow and how to trade during the week of July 2-6?
EUR/USD retraced to 1.1870 after breaking out this level. It should be just a natural sell-off ahead of the further rally up.
The Fed held a much-awaited meeting yesterday. The bank hasn’t made any policy changes. As a result, the USD weakened and EUR/USD rocketed. Jump in to know all the latest news!