CRUDE OIL FORECAST:Oil prices fall for the fourth straight week, a sign bears remain at the steering wheelGrowing recession risks, together with the U.S. debt ceiling impasse are likely to weigh on energy markets in the near termThis article looks at key tech levels...
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WTI crude oil futures settle at $70.04
WTI crude all features are settling the day and the week at $70.04. The price is down -$0.83 or -1.17%. The low price reached $69.93. The high price reached $71.78.For the trading week crude oil prices are down $1.28 or -1.79%. That is the 4th down week in a row. From...
The USDJPY Story: What the 4-hour chart tells traders about the trading bias
The USDJPY traded up and down this week with clearly defined support and resistance levels. When a break higher failed earlier this week, the price rotated lower. However, the low found support against a key MA level, giving the buyers the go-ahead to re-probe the...
BRITISH POUND (GBP) WEEKLY FORECAST: GBP Bulls Eye Fresh Catalyst with UK Employment Data
GBP KEY POINTS: Recommended by Zain Vawda Get Your Free GBP Forecast Get My Guide READ MORE: GBP Breaking News: UK Economy Expands 0.1% in Q1 of 2023, GBP/USD BidBoE MEETING AND UK GDP IMPACTThe GBP selloff continued following Thursdays BoE meeting and gathered pace...
White House: Debt ceiling meetings over last few days have been productive
White House is saying:Debt ceiling meetings over last few days have been productivePres. Biden will meet with lawmakers on debt ceiling early next weekTypical commentary as the negotiating process continues. This article was written by Greg Michalowski at...
Bakers Hughes oil rigs fall 2 to 586
Baker Hughes weekly rig count data is out:Oil rigs -2 to 586Gas rigs -16 to 141Total rigs -17 to 731Big fall in gas rigs. Is it an expected demand thing? The price of crude oil is trading near lows at $70, but Natural gas is pushing higher and now trades up over 6% on...
Fed’s Goolsbee: Inflation is still too high but at least it is coming down
Fed's Goolsbee is speaking to PBS.Inflation is too high, but at least it is coming downhopes inflation can ease without a recessionRecall on Monday, Goolsbee said:Fed must be data dependent and watch credit conditionsGetting vibes at a credit squeeze is...
EURUSD trades to a new session low as selling/bearish bias increases
The EURUSD is trading to new session lows as a selling/bearish bias increases. In trading this week, the pair broke outside of a 4 – 5 week trading range. What was key was a corrective high back to that breakout level, and found willing sellers. That gave sellers the...
European indices hang onto gains for the day
The major European indices are closing the day with gains across the board:German DAX rose 0.50%Frances CAC rose 0.45%UK's FTSE 100 rose 0.31%Spain's Ibex rose 0.56%Italy's FTSE MIB +1.0%For the trading week:German DAX fell -0.30%Frances CAC fell -0.24%UK FTSE 100...
Dollar index (DXY) breaks higher
The DXY is making a break for it today. Looking at the DXY hourly chart above, the price has moved above the swing high from May 2 at 102.40 and is breaking outside of an up-and-down trading range mostly between 101.00 to 102.40 (see red box on the chart above). On...
CBO: Treasury to face cash crunch in the first 2 weeks of June.
The Congressional Budget Office is out with treasury information as the debt limit negotiations continue. US faces a significant risk of payment default in the 1st 2 weeks of June without a debt limit increaseability to fund government operations will remain uncertain...
Biden: Nominate Jefferson to be Vice Chair
Pres Biden has:Nominated Federal Reserve Gov. Philip Jefferson to the position of vice chairNominates US World Bank representative Adriana Kugler the Federal Reserve BoardNominates Lisa Cook to serve 2nd full term on the Federal Reserve BoardJefferson was confirmed 91...
Market Update – May 12 – USD Holds on to Gains, Stocks Mixed
The USDIndex rallied to 101.95 as the cooler PPI (3.2% vs 3.4%) and Weekly Claims (264k vs. 245k) readings yesterday added to talk that the FED is done but the persistent threat of slow down/recession also gave the USD a safe haven bid. Yields ticked lower and US...
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US Dollar, Japanese Yen Gain as US Jobless Claims Spook Markets. AUD/USD at Risk
US Dollar, DXY, Jobless Claims, Risk Aversion – Briefing: Recommended by Daniel Dubrovsky Get Your Free USD Forecast Get My Guide US Jobless Claims Creeped Higher as Sentiment SouredThe anti-risk US Dollar and Japanese Yen outperformed their major counterparts on...