The Oil prices are recovering along with the global equity market

20 September, 2016

The Oil prices are recovering along with the global equity market

The US Dollar loses ground on Monday as the bearish sentiments on the currency start to grow ahead of the FOMC decision. Futures on the rate hike have a slim chance as the FED tightening has fueled the Dollar selloff even further.The DXY ebbs from key 96.00 level after the upbeat CPI data released on Friday, the trading lowers near a 95.80 areawith biggest losses against the British Pound and Japanese Yen.

On Friday, the official US government data showed that the CPI rose by 2.3% in August, 0.1% higher than medium projection.

Gold rises due to the dollars slack and FED-related uncertainty looming large, XAU/USD +0.59%.

On the currency market, the EUR/USD rose slightly, while the GBP/USD shows rebound after a steep decrease on Friday. The Australian dollar soared along with other commodity currencies against its American peer, as they were propelled by the upturn of the energy markets.

Crude Oil prices recovered after a bearish week, which was fueled by the by Venezuela president Nicolas Maduro statement saying that the OPEC members are close to reaching an agreement on the output freeze. The OPEC general secretary Mohammed Barkindo also leans towards the idea of a production kerb which could be achieved soon.

The European equities buoyed on Monday with the UK 100 index soaring at 1.47%, anticipating that there will be no change in the FED policy. Meanwhile, the German DAX index gained 0.78%. EM stocks rose as well, with the biggest gains at Russian RTS.


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