February 2016

The barrel of West Texas Intermediate is returning to the $33.00 neighbourhood after the bull run lost momentum near $33.50.

WTI firmer on comments by Saudi officials

Prices for the black gold have strengthened further on Monday after Saudi officials have advocated for further stability in oil markets. Officials have also favoured further cooperation with other oil producers in order to limit the ongoing volatility in the oil market.

In the meantime, the barrel of WTI has started its third consecutive week with gains, returning to levels above the $33.00 handle and leaving the door open for a test of last week’s tops at $34.69 (Friday).

WTI levels to consider

At the moment the barrel of WTI is up 1.71% at $33.34 and a break above $34.82 (high Jan.28) would expose $35.48 (76.4% Fibo of $38.39-$26.05$) and finally 37.08 (100-day sma). On the other hand, the immediate support aligns at $32.07 (55-day sma) ahead of $30.52 (20-day sma) and then $28.97 (23.6% Fibo of $38.39-$26.05).

The barrel of West Texas Intermediate is returning to the $33.00 neighbourhood after the bull run lost momentum near $33.50…

(Market News Provided by FXstreet)

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OverviewThe gold price retested the 1,212.34 level and traded steadily above it. This keeps our bullish overview valid and active, waiting to resume the bearish wave that targets 1,263.23 followed by 1,300.00 mainly. We remind you that holding above 1…

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The European Central Bank (ECB) purchased €12.15 billion of government and agency bonds under its quantitative-easing program last week.

The ECB bought €1.83 billion of covered bonds, and €13 million of asset-backed securities.

The ECB President Mario Draghi hinted at a press conference in January that the central bank may add further stimulus measures at its meeting in March as downside risks rose.

February’s consumer price inflation data from the Eurozone (-0.2% year-on-year) added to speculation that the ECB could add further stimulus measures.

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OverviewOn the last Friday, the silver price traded with strong negativity trying to break the key support at 15.00 and exit the sideways range that dominated the recent trading. The price headed towards the 14.67 level in order to test it. This activa…

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The National Association of Realtors (NAR) released its pending home sales figures for the U.S. on Monday. Pending home sales in the U.S. slid 2.5% in January, missing expectations for a 0.5% gain, after a 0.9% increase in December. December’s figure w…

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After a brief knee-jerk to the 98.10 area, the US Dollar Index – which tracks the greenback vs. its main rivals – has managed to recover the 98.30 region so far.

US Dollar extends the upside above 98.00

The greenback has started the week on a positive note despite the US docket showed poor results from the Chicago PM index and Pending Home Sales during January, prolonging its upside momentum for the third week in a row.

The index has regained the 98.00 mark and beyond, as expectations of a Fed’s rate hike have found renewed traction as of late, especially after the auspicious results from the PCE seen last Friday.

Furthermore, the GDPNow model forecast tracked by the Atlanta Fed now sees the economy expanding at a seasonally adjusted annual rate of 2.1% during Q1’16.

US Dollar relevant levels

The index is up 0.21% at 98.34 facing the next hurdle at 98.85 (76.4% Fibo of 99.95-95.28) followed by 99.75 (high Jan.6) and finally 99.95 (high Jan.21). On the other hand, a breach of 97.61 (50% Fibo of 99.95-95.28) would target 97.10 (200-day sma) en route to 96.90 (20-day sma).

After a brief knee-jerk to the 98.10 area, the US Dollar Index – which tracks the greenback vs. its main rivals – has managed to recover the 98.30 region so far…

(Market News Provided by FXstreet)

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US stocks traded in the sideways manner on Monday as China rate cut lacked its usual shine, while investor remain cautious due to increased prospect of Fed rate hike.

At the time of writing, the Dow Jones Industrial Average (DJIA) was down 18 points or 0.10%. The S&P 500 index and the Nasdaq index were largely unchanged on the day.

The People’s Bank of China announced a 50 basis point cut in bank’s reserve ratio, but received a lukewarm response from the riskier assets across Europe. Moreover, back-to-back rate cuts in China and devaluation of Yuan are being read as signs of a sharp slowdown in the world’s second largest economy.

Furthermore, Asian markets closed lower today, with the Shanghai Composite Index closing down 2.9% near its lowest level in 14 months.

US stocks traded in the sideways manner on Monday as China rate cut lacked its usual shine, while investor remain cautious due to increased prospect of Fed rate hike.

(Market News Provided by FXstreet)

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EUR/USD remained little changed near daily lows following the release of a string of disappointing US data.Chicago PMI came in at 47.6, below the 53.0 expected while showing poor results from the employment and prices components. Meanwhile, pending hom…

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