The upcoming CPI and the earnings season are the main events in the focus of traders next week. Check out more!
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!
The market sentiment is risk-off. Stocks are falling, while the safe-haven US dollar is edging higher. Meanwhile, oil advanced after the OPEC meeting.
Stocks dropped at the start of the week as investors are worried over rising costs, supply-chain issues, and inflationary pressures as they can slow down the economic growth.
Last week was full of surprises! Stock indices have shown significant growth…
The US dollar is heading to close the seventh day in the red as it remains under selling pressure. The US data at 15:30 GMT+3 (jobless claims and Philly Fed Manufacturing Index) may support the greenback if it's strong.
Canada will publish the Retail Sales and Core Retail Sales on October 22, at 15:30 MT time (GMT+3).