Forex Trading Library

Oil Ends Its Losing Streak

orbex market flash

0 452

US Retail Sales on Watch

The US dollar has softened a little over the final European morning of the week, continuing to pull back from recent highs of 99. Despite the softness so far today, the dollar ends the week firmly higher. CPI data yesterday came in a little weaker than expected at 0.1% on the month vs 0.2% expected. However, in light of recent data strength, the figure hasn’t detracted from positive USD sentiment. Retail sales released later today will be the final key US data of the week.

Test your strategy on how the USD will fare with Orbex - Open Your Account Now. 

EUR Slide Hits 2017 Levels

EURUSD has been a little firmer over the session so far today, rallying on the back of weakness in the dollar. However, the outlook remains firmly bearish for EUR in light of the heavy sell-off this week which has seen prices breaking down to their lowest level since early 2017. Both coronavirus fears and Brexit trade-deal uncertainty weigh on the currency. EURUSD trades 1.0845 last.

GBP Ends Week Higher

GBPUSD has been a little lower today with price pulling back from recent highs of 1.3060s to trade 1.3030s last. Despite the pull-back, GBPUSD is ending the week in the green. Better GDP data earlier in the week has helped lift sentiment for the UK currency.

SPX500 Softens Near Highs

Risk assets have had a more muted end to the week today with the SPX500 softening from recent highs following a breakout earlier in the week to new record highs. Despite the ongoing spread of the coronavirus, risk sentiment has been firmly resilient this week with markets seemingly shrugging off the risks to focus on better global data recently.

Safe Havens Gain

Safe havens have been a little firmer today in light of the softening seen in equities markets. Both JPY and gold have rallied against USD today with gold prices, in particular, starting to gather momentum. XAUUSD trades 1576.88 last, heading back up towards recent highs. USDJPY trades 109.79 last, recovering from earlier losses on the day.

Crude Ends The Week Higher

Oil prices have been a little subdued today with price continuing to sustain the tight consolidation seen over recent days. However, price is currently on course to end the week in the green, putting an end to the six consecutive weeks of downside seen. The improvement in risk appetite this week has helped oil prices rally despite a bearish report from the EIA. Crude trades 51.80 last.

Loonie Looking Lower

USDCAD has been a little lower again today as price is weighed on by the recovery in crude over the week, which has helped CAD. USDCAD trades 1.3247 last as the bearish move below the 1.33 level continues.

Aussie Congestion Continues

AUDUSD has been a little weaker so far today with price trading .6723 last. Flows in the Aussie have been fairly congested over recent days with price maintaining the range between .67 lows and .6730 highs as the market awaits fresh drivers.

Test your strategy on how the AUD will fare with Orbex - Open Your Account Now. 

Leave A Reply

Your email address will not be published.