UKOIL rallies as stocks decline
Oil prices continued the bullish sentiment as supplies from OPEC members tightened while oil stocks fell last week. An expansion in economic activity pointed to a consequent growth in oil demand, which is hoped to continue into this quarter. In addition, Russia’s oil output for December was below the country’s target, which could be another catalyst for another bull market run. 74.00 is a critical floor to prevent a steep sell-off, and 80.00 is the closest resistance.
EURUSD switches sentiment after NFP numbers
The dollar (USD) entered 2025 on a bearish note after most of the final quarter of last year saw the dollar (USD) progress against its competitors. With the Fed weighing up how many rate cuts it will make this year, this week’s CPI data needs to drop close to 2% for a decisive decision to be made. Retail sales could also be a catalyst, especially if the data falls into a negative reading. After hitting resistance at 1.0440, the price could look for support around 1.0200.
SPX 500 attempts recovery to record peak
The S&P struggled to push higher so far, falling back from 6000 last week. With the recent Fed comments about worrying inflation targets, traders will feel anxious about further tariffs imposed by the new Trump administration, followed by a potential trade war. The next set of CPI prints will be key in sustaining the climb above 6100 and towards a fresh all-time high, potentially fueling the return of the bull market. 5800 would be the first support.