HFM information and reviews
HFM
96%
Octa information and reviews
Octa
94%
FXCC information and reviews
FXCC
92%
FxPro information and reviews
FxPro
89%
FBS information and reviews
FBS
88%
Vantage information and reviews
Vantage
85%

Trump Knocks Down Oil Prices


29 April 2019

The first quarter GDP report released by the Department of Commerce rose 3.2% unexpectedly. This was a higher pace of increase in the GDP comparing to the last quarter of 2018 where the US economy rose just 2.2%. The upbeat data pushed the greenback to a new one and a half-year high. But the markets closed mixed amid profit-taking across the board.

Euro Manages to Close with Modest Gains


The euro was seen trading somewhat choppy on Friday. Prices initially fell to new lows of 1.1110 before recovering. By Friday’s close, the currency closed in the positive. A string of strong economic reports from the US was in stark contrast to the weakening fundamentals from Europe. Despite the small gains from Friday, the euro still remains weak.

Can EURUSD Maintain the Recovery?


After slipping to a fresh two-year low, the EURUSD closed with an outside bar on Friday. On the intraday charts, the currency pair closed above the support of 1.1140. If this support holds, we expect price to possibly retrace higher. The initial target to the upside is seen at 1.1226 where resistance could form, keeping the gains in check.

Trump Knocks Down Oil Prices


Oil prices were down 2.9% on Friday. The declines came after news sources cited that Trump told OPEC to tame fuel costs. The sharp declines in oil prices came after crude oil surged earlier in the week. The import waivers to eight countries came to an end, cutting off Iran from the international oil markets. The supply concerns lead to higher oil prices.

Can WTI Crude Oil Recover from Friday’s Losses?


WTI Crude oil fell to a three-week low by Friday’s session, closing at $62.83. Price broke past the initial support at 64.55. The declines to $62.83 coincide with the minor resistance formed around April 3rd. There is scope for oil prices to rebound off this level and possibly maintain a sideways trend for a short period. Watch for a retest of $64.55 where resistance could form.

Gold Rebounds on Profit-Taking


Gold prices surged the most last week on Friday, closing with 0.70% gains. The rebound in gold came just after the US preliminary GDP report was released. Despite a strong upside surprise in the GDP, gold managed to jump higher, erasing the losses from earlier in the week.

Can XAUUSD Maintain this Upside?


Price closed at the 1285 handle on Friday. This is a level that we have been closely watching. Further upside could push gold to as high as 1290 levels. However, for the moment, it is best to remain on the sidelines. Price needs to reverse around the current levels to maintain the downside. But a failure to do so could see the precious metal reversing course and pushing higher above 1290.

Share: Tweet this or Share on Facebook


Related

Yen stabilizes as Japan ramps up intervention warning
Yen stabilizes as Japan ramps up intervention warning

Threats of FX intervention help yen to stabilize near three-decade lows. Dollar and stocks take a step back, Bitcoin jumps in anticipation of halving. Shortage of liquidity could be an important market theme this week.

26 Mar 2024

Stocks at fresh records even as dollar bounces back
Stocks at fresh records even as dollar bounces back

Wall Street leads rally in equity markets, fuelled by rate cut optimism. US dollar stages surprise rebound amid US exceptionalism. Pound slides on BoE's dovish tilt, yen steadies, PBOC loosens grip on yuan.

22 Mar 2024

Dollar rises as Fed enters spotlight, yen plummets
Dollar rises as Fed enters spotlight, yen plummets

US dollar gains as traders brace for hawkish Fed. Yen tumbles despite BoJ's historic decision. Loonie slides on cooler than expected Canadian inflation. Wall Street gains ahead of Fed, oil extends advance.

20 Mar 2024

BoJ hikes, scraps yield curve control, but yen slumps

BoJ ends negative rates and yield curve control in historic move, but yen can't catch a break as Ueda signals ongoing accommodative stance.

19 Mar 2024

Dollar recovers, equities stall after US data releases
Dollar recovers, equities stall after US data releases

Dollar stages comeback as US data fuels speculation of fewer Fed cuts. Stocks and Bitcoin take a step back, oil climbs after Ukraine drone attacks. Yen traders play the guessing game ahead of next week's rate decision.

15 Mar 2024

US PPI and retail sales data enter the limelight
US PPI and retail sales data enter the limelight

After hot CPI inflation, dollar awaits PPI and retail sales data. Yen on the back foot as BoJ March hike bets decrease - S&P 500 and Nasdaq pull back, gold rebounds

14 Mar 2024


Forex Forecasts

MultiBank Group information and reviews
MultiBank Group
84%
XM information and reviews
XM
82%
FP Markets information and reviews
FP Markets
81%
FXTM information and reviews
FXTM
80%
AMarkets information and reviews
AMarkets
79%
BlackBull information and reviews
BlackBull
78%

© 2006-2024 Forex-Ratings.com

The usage of this website constitutes acceptance of the following legal information.
Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website (reviews, brokers' news, comments, analysis, quotes, forecasts or other information materials provided by Forex Ratings, as well as information provided by the partners), including graphical information about the forex companies, brokers and dealing desks, is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Forex Ratings shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about the forex companies. The entire responsibility for the contents rests with the commentators. Reprint of the materials is available only with the permission of the editorial staff.
We use cookies to improve your experience and to make your stay with us more comfortable. By using Forex-Ratings.com website you agree to the cookies policy.