UKOIL(Brent crude) sinking lower
UKOIL(Brent crude) resumed the downward trend as prices continued to be weighed down by pressure from OPEC and global trade concerns. Producers agreed to boost output well above the expected amount. With the ongoing tariffs concerns, whilst energy imports remain unaffected, fears of a global trade war could slow economic growth and reduce fuel demand. 69.00 will be a fresh hurdle for sellers to overcome, with 78.00 acting as a fresh resistance.
EURUSD reaching for the next peak
Traders can’t escape the fact that the main fundamental news events consist of what new legislation will be implemented by the White House. Tariffs and emergent trade wars have undermined the Greenback’s status, as the pair hits multi-month highs. With inflation data this week expected to give an insight into the rest of the second quarter, it could be a bumpy ride for the pair. On the chart, 1.1040 is the closest support, and 1.1200 is the resistance ahead.
NAS 100 looking to regain composure
Wall Street experienced a dramatic downturn last week, which echoed the shock felt during the early days of the pandemic, as concerns mounted over President Trump’s latest tariffs. All major US indices felt the pain, but it was the Nasdaq which fell the most, over 6%. Rising inflation will be the main worry for the Fed, but this week’s CPI data is not expected to be too negative unless there are some surprises in the pipeline. The index is testing the next low around 18400, and 18800 remains a key target for buyers.