(Oil) UKOIL takes a step back
(Oil) UKOIL takes a breather from last week’s rally as tensions remain elevated in the Middle East.
- Brent remains above $100 for now as crude breaks back below.
- A global stock market rout deepened on concerns about higher energy prices.
- With heightened tensions in the Middle East, the black gold could be in for a rocky ride until the end of the year.
- An uptick in sentiment could trigger a rally towards 108.00, with 96.00 a fresh support.
GBPUSD remains pressured
Cable has had a nightmare start to September after failing to recoup the 150-pip loss from the end of last month.
- This week’s unemployment and inflation data will be in focus to prevent sterling from spiralling lower.
- The Bank of England’s rate decision could also prove pivotal, even though no surprises are expected.
- 1.3600 is the target higher and 1.3470 the closest support.
SPX 500 looking for a record
The US stock market looks to cover the recent gap and head for a fresh peak.
- Some economists worry that the correction is far from over.
- Traders are expecting a hike in this week’s rate decision.
- Inflation remains high from the previous reading, putting overwhelming pressure on the Fed to act.
- The index is looking to break 7700, with 7500 the first support as we head towards the final quarter.
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