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Citigroup Economic Surprise Indices across the different regions (except for Latin America) on average are suggesting lackluster economic growth. US crude oil inventories (excluding SPR) are showing signs of a build-up. Technical factors are suggesting further potential weakness for WTI crude oil below US$80.30 key medium-term resistance. Since its high of US$84.74 printed on 5 […]

The post WTI Oil: At the Risk of Further Drop to Retest Major Range Support of US$73.15-71.35/Barrel appeared first on Action Forex.

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02/08/2024

GBP/USD Outlook: Remains in Red But Bears Face Headwinds from Daily Cloud Top

Cable remains in red in early Friday, following Thursday’s 0.9% drop (the biggest daily loss since Apr 10) as fresh risk aversion deflated sterling. Bears extended to one-month low but find a footstep at 1.2706 (top of thick ascending daily cloud) and may pause here, as daily studies are becoming oversold and strong negative momentum […]
27/07/2024

Markets Weekly Outlook: Central Banks and US Earnings. Will BoJ Hike Rates?

Global markets experienced a volatile week, influenced by a tech selloff, China growth concerns, and anticipation of central bank decisions and US earnings reports Despite the volatility and tech led selloff, US equity funds saw inflows. Central bank meetings, particularly the FOMC and BoJ, and US NFP data will be key drivers of market sentiment […]
20/05/2024

Oil Shows Weakness

Oil is losing about 0.75% of its peak on Monday, having hit a strengthening sell-off as it attempts to climb above $80/bbl WTI and $84/bbl Brent. Interestingly, oil is declining despite the death of Iran’s president, which should reinforce the risk premium, and despite a strong rally in metals and other commodities in response to […]