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Oil Rebounds As Stocks Slide: Market Update

Oil Rebounds As Stocks Slide: Market Update

Forex

EUR

The euro is clutching onto highs at $1.14 against the dollar. The weaker dollar has helped elevate the euro. Additionally, European Central Bank President Mario Draghi’s hawkish comments caused investors to speculate higher interest rates for 2018.

The single currency is at its highest level since the Brexit vote last June.

USD

US inflation will be brought into focus later today. The core PCE Price Index will be released, the Fed’s favourite inflation measure. Economists predict that inflation will come in lower than last month’s 0.2%, at 0.1%. Annually the figure is at 1.4%.

EURUSD

Resistance can be found at 1.144 and support is at 1.139. The upward sloping momentum curve suggests a bullish sentiment in the coming hours.

EUR/USD Chart

JPY

Safe havens rallied thanks to falling equity prices, the Japanese yen is 0.3% higher against the dollar as investors seek refuge from risker assets.

The weaker dollar is sending most major currencies higher.

USDJPY

Possible bearish movements supported by a downward sloping moving average curve.

USD/JPY Chart

GBP

Volatility for sterling has pared off slightly. The pound has risen for the eighth consecutive day, up 5.5% in the last six months.

GBPUSD

GBP/USD Chart

Commodities

Gold

As investors veer towards safer bets, gold boosted 0.3%. However, the precious metal is gearing up for its first monthly decline this year as equity valuations swell.

Possible bullish movement thanks to an upward sloping momentum curve. Resistance lies at 1245.05 and support is at 1244.01. Gold will likely trade in a tight range until today’s US inflation results are released.

Gold Chart

Oil

Crude oil rose 0.7% today as investors scramble to find a new equilibrium for the commodity. Oil has risen a total of 5% this week as US gasoline storages showed a drop in supplies.

US Equities

Technology stocks lead declines in equity markets. US banks are higher on the prospect of higher interest rates. However, investors are concerned that the economy will not be able to withstand the higher US interest rates. US stock investors have lifted equities higher on the hope of robust earnings as the economy emerges from the perils of the financial crisis, mostly shrugging off geopolitical risks and the flurry of drama from Washington.

European Equities

Meanwhile, European stocks are inching higher this morning, as investors shake off the sell-off of Asian and US stocks in yesterday and last night’s trading sessions. Tensions are easing in the eurozone which has helped lift equity markets.

With the French and Dutch elections behind us, and Germany’s risk parameter remaining low, Italy’s upcoming election seems the riskiest of looming events.

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