UKOIL falls further
After Oil prices spiked earlier this month, Geopolitical risks have pulled back, and so has price action. With tensions still simmering, traders are still curious about the black gold as the target of $100 by the end of the year is still plausible. Economists have shifted focus to fundamentals as an oil surplus is expected next year. With that being said, the worry of retaliations is not over yet, and oil could spike higher at any moment. The price could probe the support at 72.00 with 76.00 as a potential target.
EURUSD collapses to August’s low
As the dollar’s dominance continues across the board, there is none more significant than against its main competitor. As the Euro sheds over 300 pips in recent sessions, it’s the turn of the ECB to shore up its defence. With Eurozone inflation slowing, traders are beginning to price in more rate cuts by the ECB toward the end of the year. With this being the reality, 1.0800 is the closest support in case of a bounce, with 1.0940 the first level to the upside.
SPX 500 remains steady at a record high
The S&P500 reached another record high amid optimism over a strong earnings season report and another rally in tech stocks. With the Fed expected to maintain its hawkish approach to rate cutting, equities in general seem unfazed. As the index powers towards 6000 for the first time, any chance of a pullback would see 5700 as the first support. Corporate earnings will be a significant guide on just how far the S&P can go in the next month.
