EURUSD reversing the trend
The Dollar has had a few months to forget, after hitting continuous lows against the Euro, the pair has seen over 500 pips wiped off its value. However, the tides are starting to turn as progressive jobs data and decent inflation readings have seen America get back on track. This week’s FOMC minutes could provide further indications of the Fed’s path, with 1.1800 as a firm support and a possible test of the recent peak at 1.2050.
UKOIL hits a fresh high
Oil prices pushed to a multi-month high as investors remain focused on rising U.S.-Iran tensions. A huge buildup in stockpiles hasn’t helped the situation, as the cold-weather season is also a general factor in prices. With America looking to increase its presence in the Middle East, this could be the time when oil spirals out of control. 75.00 is the immediate target ahead, and 68.00 is a crucial support to defend.
SPX 500 AI fears return
The stock market remains bullish, as a decent earnings season has led big tech companies to move higher. Driving most of the gains was a combination of cooler-than-expected inflation data and a progressive outlook for most sectors. However, fears are always around the corner, and some investors are awaiting further market corrections as the AI bubble hovers overhead. 7000 is the next step higher, with 6750 a critical support.
