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11.04.2024
Oil prices are facing downward pressure this
week, with Brent crude dropping by 0.4% to $90.28 per barrel. On Wednesday,
prices dipped even further to $89.00 per barrel amidst significant geopolitical
tensions, particularly concerning potential missile strikes from Iran on
Israeli military and government facilities. Despite these concerns, investors
are skeptical about the likelihood of such an escalation and are withdrawing
capital from crude assets. Last week, $103.8 million was pulled out of the
United States Oil Fund (USO), followed by another $49.
09.04.2024
The U.S. Dollar index (DXY) experienced a
slight decline of 0.1% to 103.95 points this week, prompting the EURUSD to
retreat by 0.3% to 1.08700. The market is bracing for the release of U.S.
inflation data on April 10.
Last week, the EURUSD flirted with the
possibility of dipping below 1.07000 but found support around 1.07250 before
rallying to 1.08760 ahead of the Nonfarm Payrolls data release. Now, if the
pair manages to surpass 1.08700, it could potentially continue its ascent
towards 1.10000. However, it's likely to hover around 1.
04.04.2024
Gold prices surged by 2.7% to reach $2293 per
troy ounce this week, marking a new all-time high at $2305, where a formidable
resistance level resides, suggesting a challenging breakthrough.
The precious metal has exhibited remarkable performance,
with a 12.5% increase since the onset of March. This rapid ascent echoes the
trajectory seen during the outbreak of the war in Ukraine in February 2022 when
gold prices soared by 15.0% to $2070 within six weeks.
02.04.2024
The U.S. Dollar index (DXY) surged by 0.5% to
reach 104.84 this week, marking its highest reading since February 14. In
contrast, the EURUSD experienced a decline of 0.5%, falling to 1.07240. This
unexpected rise in the Dollar followed a report of slowing inflation published
the previous Friday.
Despite expectations of a weaker Dollar, the
WisdomTree Bloomberg U.S. Dollar Bullish Fund (USDU) reported net capital
outflows of $3.9 million after maintaining a near-zero balance for two
consecutive weeks. This indicates that bets on a weaker Dollar have begun to
emerge. However, U.S.
28.03.2024
Brent crude prices
have seen a modest 0.7% increase, reaching $86.35 per barrel. Despite attempts to test the resistance zone at $87.00-92.00 per barrel
earlier in the week, similar to mid-March, they fell short. This pattern
suggests a potential period of heightened volatility ahead, signaling caution
for oil markets.
This anticipated period of volatility could
persist until mid-May, potentially leading to a precarious downside scenario
with prices possibly plunging to $50 per barrel.
26.03.2024
The U.S. Dollar index (DXY) saw a decline of
0.3% this week, settling at 104.12 points. Conversely, the EURUSD pair
experienced a 0.4% rise, reaching 1.08500. The notable volatility originated
from China, where the Chinese offshore Yuan (CNH) unexpectedly plummeted last
Friday. As a result, the USDCNH surged by 0.8% to 7.2800, marking its highest
level since November 2023.
This sudden movement caught investors off
guard, especially considering the USDCNH had been trading within a narrow range
of 7.1800-7.2200, closely monitored by China's central bank.
21.03.2024
Gold prices surged by 2.4% to reach $2205 per
troy ounce, reaching a new all-time high of $2222. This upward momentum
followed a consolidation period around $2150 for ten days. Investors closely
monitored the Federal Reserve's monetary policy decisions, interest rate
projections, and economic forecasts.
With higher inflation in the United States and
a mild cooling of the labor market in January and February, expectations
aligned with the December interest rate outlook, which projected three interest
rate cuts in 2024.
19.03.2024
The U.S. Dollar index (DXY) has gained 0.5% to
103.93 points this week, signaling continued strength amid expectations of
extended monetary tightening by the Federal Reserve (Fed), which is set to meet
this Wednesday.
The EURUSD pair declined by 0.4% to 1.08450 as
the Greenback strengthened. This movement comes in response to the recent
inflation data for February in the United States, which showed an unexpected
increase to 3.2% YoY, up from 3.1% YoY in January. Additionally, the producer
price index surged to 1.
14.03.2024
Brent crude prices have seen a 3.2% increase
this week, reaching $85.05 per barrel, which is very close to the 4-month high
of $85.09. This level has acted as a robust resistance for the past two weeks.
Maintaining prices above the $81.00-83.00 resistance since March 13 has paved
the way for a target range of $87.00-92.00 per barrel. This upward trend has
now become the primary scenario. However, before reaching this target, prices
must surpass the significant obstacle at $85.09.
Investor sentiment appears optimistic
regarding this upward trajectory, as evidenced by the $51.
12.03.2024
The Greenback is trading neutrally this week,
with the U.S. Dollar index (DXY) adding 0.1% to reach 102.83 points. The EURUSD
has risen at the same pace to 1.09320, indicating good market synchronization.
Last Friday, the Dollar experienced a 1.3% loss as the EURUSD peaked at
1.09810, the highest level since January 12. Despite a subsequent retreat, no
reversal formations have been detected, suggesting a potential further decline
of the Dollar.
The primary reason for the Dollar's weakening
is the cooling labor market in the United States.
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