Author: FX
OIL PRICE FORECAST:Most Read: What is OPEC and What is Their Role in Global Markets?Oil prices failed to maintain its momentum this week with a sharp selloff yesterday continuing through the Asian and European sessions today. US stockpile numbers released yesterday evening from the American Petroleum Institute (API) showed a buildup of 1.837 million barrels compared to 0.939 million barrels last week. Is the growth in inventory growth an indication of a possible slowdown in demand as well? Recommended by Zain Vawda How to Trade Oil RED SEA SUPPLY INTERRUPTIONSThe tensions around the Red Sea shipping corridor have seen mixed…
Share: WTI Oil drops back below $74, under important support. API overnight print was double the previous build. The DXY US Dollar Index sells off further and snaps below 101. Oil prices are dropping near 1% during European trading hours on Thursday. The slide comes on the back of another build in US Stockpile numbers published overnight from the American Petroleum Institute (API). With a build of 1.837 million barrels against 0.939 million last week, the US seems to be plumbing Black Gold at an elevated pace. The US Dollar (USD) gapped lower this Thursday at the start…
Prior month -0.2%Wholesale Inventories for November:End-of-month level at $895.7 billionDecrease from October 2023: -0.2% (±0.2%)*Year-over-year change from November 2022: Down -3.1% (±1.1%)Revision for September to October 2023 change: From down -0.4% to down -0.3% (±0.4%)*Advance Retail Inventories for November:End-of-month level at $794.9 billionDecrease from October 2023: -0.1% (±0.2%)*Year-over-year change from November 2022: Up 5.1% (±0.7%)September to October 2023 change: Unrevised at down -0.1% (±0.4%)*Retail inventories ex auto for November -0.8% versus -1.1% last month (revised from -0.9%) This article was written by Greg Michalowski at www.forexlive.com. Source link
In the fast-paced world of financial markets, traders are constantly seeking innovative ways to gain an edge. One such tool that has gained popularity among traders is the Renko MT5 indicator. In this article, we will delve into the details of this powerful trading tool, exploring its features, benefits, and how it can be effectively used in the ever-changing landscape of the financial markets. Understanding Renko Charts Before we dive into the Renko MT5 indicator, it’s essential to understand the foundation it builds upon – Renko charts. Renko charts are a type of technical charting tool that focuses solely on…
niphon Foreign investors are unwinding a $33B bet in China equities as doubts grow that the government can fight flagging growth. Foreign investment in China-listed stocks (NYSEARCA:FXI) (NASDAQ:MCHI) is down 87% to 30.7B renminbi ($4.35B) since peaking at 235B renminbi in August, the Financial Times reported. “The confidence issue goes beyond real estate, although real estate is key,” Wang Qi, CIO for wealth management at UOB Kay Hian in Hong Kong, told the FT. “I’m referring to consumer confidence, business confidence and investor confidence – both from domestic and foreign investors.” China has trailed broader global markets of late. Since…
By Andrew Osborn MOSCOW (Reuters) – A rapper who attended a celebrity party with only a sock to hide his modesty has been jailed for 15 days, sponsors of some of Russia’s best known entertainers have torn up their contracts, and President Vladimir Putin is reported to be unamused. An “almost naked” party at a Moscow nightclub held at a time when Russia is engaged in a war with Ukraine and the authorities are pushing an increasingly conservative social agenda, has provoked an unusually swift and powerful backlash. A video clip of Putin’s spokesperson listening to an explanation from one…
Written by Axel Rudolph, Senior Market Analyst at IG Trade Smarter – Sign up for the DailyFX Newsletter Receive timely and compelling market commentary from the DailyFX team Subscribe to Newsletter S&P 500 nears its January 2022 all-time record highThe S&P continues to grind higher and is on track for its ninth consecutive week of gains and fifth straight positive day as Wednesday’s US Treasury auction went well and pushed yields lower and rate cut expectations forward to March of next year.The index is getting ever closer to its all-time record high, made in January 2022 at 4,817, despite being…
Share: Economists at ANZ Bank analyze Indian Rupee’s (INR) and Indonesian Rupiah’s (IDR) outlook for the next year. RBI to keep the Rupee within a narrow trading range India is benefiting from a structural increase in foreign direct investment inflows. Bond index inclusion from 2024 will see consistent foreign buying of Indian government bonds by asset managers. However, this is unlikely to benefit the INR, as we expect the RBI to absorb those inflows and continue to keep the currency within a narrow trading range. IDR is among the better performers in the region so far in 2023,…
The dollar’s own vulnerabilities this week is also contributing to the drop in the pair but so far in trading today, it is more about the Japanese yen. The pair is now down to 140.87 with the yen up 0.7% against the dollar. Other major currencies are not doing a whole lot in comparison for the most part.The drop here sees USD/JPY now at its lowest since the end of July and may look towards a test of 140.00 as sellers exert further control.As for the outlook going into next year, I shared some thoughts earlier this week: The Japanese…
Consolidation has been the name of the game for most asset classes lately, but can gold still go for one more breakout before the year ends? And which way might it go? Here’s what I’m watching on the 4-hour time frame. Gold (XAU/USD) 4-hour Chart by TV Risk-on flows and anti-dollar sentiment propped gold prices higher during the latter half of December. However, thin liquidity in the past week kept big moves in check. The precious metal has formed higher lows and slightly higher highs to consolidate inside a rising wedge pattern visible on its 4-hour chart. A breakout seems…