Forex Market Update - page 7
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Weekly Forex Update
In the past week, the greenback ended mixed against its key peers, as prospects of a yet another reduction in the monthly asset purchases by the US Federal Reserve (Fed) when it meets for its policy meeting during this week was offset by a mixed bag of macroeconomic data.
New home sales in the US fell significantly in the last month, while the Markit manufacturing Purchasing Managers’ Index (PMI) deteriorated unexpectedly in April. Also, weekly initial jobless benefits disappointed market participants. However, durable goods orders rose more than expected in March, whereas the University of Michigan consumer sentiment improved in April.
In a key development, DBRS upgraded its outlook on the US economy’s “AAA” sovereign ranking to “stable” from “negative.” This week assumes much importance for the investors as the Fed’s policy meeting and the US nonfarm payrolls data would keep them on tenterhooks.
ECB President, Mario Draghi, drew attention to the rising strength of the shared currency and the persistent low inflation and added that these may be the reasons which might trigger the necessity to introduce a bond buying programme. Meanwhile, positive macroeconomic data from Germany and Euro-zone provided support to the Euro.
The Pound continued to trade higher against the USD, helped by upward revisions to the nation’s growth outlook by the Bank of England (BoE) and the Centre for Economics and Business Research (CEBR). Meanwhile, the minutes of the BoE’s latest policy meeting revealed that the policymakers were uncertain about the amount of economic slack in the UK.
The JPY found support, after a report indicated that Japanese inflation continued to inch closer towards the Bank of Japan’s (BoJ) 2% inflation target. Meanwhile, the BoJ Governor opined that nation’s consumer price inflation for the fiscal year ending March 2014 might have exceeded the central bank’s expectations. He reiterated that the central bank would not hesitate to adjust its monetary policy if risks emerge to its inflation target.
The Swiss National Bank (SNB) Chairperson, Thomas Jordan opined that the Swiss Franc still remains considerably strong and that its cap is an important tool to avoid the deflationary pressures in the country.
The Loonie lost ground after the Bank of Canada’s (BoC) Governor, Stephen Poloz stated that interest rates in the nation may remain low for years to come even after the Canadian economy returns to full capacity.
The Aussie inched lower, on the back of slower-than-expected rise in Australia’s consumer price inflation in the first quarter. Moreover, a fourth straight contraction in manufacturing activity in the country’s major trading partner, China, also weighed on the Aussie.
EUR USD
Last week, the EUR traded 0.15% higher against the USD and closed at 1.3834, as the release of encouraging macroeconomic data provided upbeat assessment for the growth prospects of the Euro bloc. Manufacturing and services activity in Eurozone and Germany improved in April, whereas consumer confidence in the Euro area and German IFO business climate indicator improved unexpectedly in the same period. However, comments by the ECB Chief, Mario Draghi which hinted that the strength in the Euro might compel the central to resort to additional easing measures limited the gains in the common currency. In a key development, the IMF lifted its growth outlook for Portugal. However, it also cautioned that the country still faces several economic challenges. During the week, the pair traded at a high of 1.3856 and a low of 1.3784. The pair is expected to find its first support at 1.3793, with the next support expected at 1.3753. The first resistance is at 1.3865, and the next at 1.3897.
Euro traders are expected to remain busy during this week amid a barrage of macroeconomic data from Germany, Euro-zone and its periphery economies.
GBP USD
In the last week, GBP traded 0.05% higher against the USD and closed at 1.6803, after the BoE and CEBR lifted their growth forecast for the UK. Positive sentiment was also fuelled after the Confederation of British Industry (CBI) reported a faster-than-expected rise in realized retail sales in April. Meanwhile, one of the leading executives of the CBI indicated that data suggests the presence of economic optimism in the UK. Furthermore, an unexpected rise in the UK’s retail sales data also provided support to the Sterling. The minutes of BoE’s latest policy meeting revealed no signs of a hike in interest rates in the foreseeable future, as policymakers remained divided about their views of the amount of slack in the economy and the near-term inflation. The pair traded at a high of 1.6840 and a low of 1.6762 in the previous week. GBPUSD is expected to find its first support at 1.6763, with the next at 1.6724. Resistance exists first at 1.6841, and then at 1.6880.
During this week, UK’s growth data would remain on the radar of market participants, as it would help them to gauge the grip of the economic recovery in the nation. Also, British consumer confidence and manufacturing activity data would help in determining the trend in the Sterling.
USD JPY
The USD traded 0.26% lower against the JPY over the past week, closing at 102.16. The JPY found support after the Japanese consumer price inflation inched closer towards the central bank’s threshold rate, highlighting continuous progress to achieve its 2% inflation target. During the week, the BoJ Governor opined that nation’s consumer price inflation for the fiscal year ending March 2014 might have exceeded the central bank’s expectations, and that the central bank remained steadfast on its path to achieve its price stability target. Separately, the central bank’s Deputy Governor stated that the nation was strong enough to withstand a rise in the sales tax. On the data front, trade deficit widened more than expected in March, whereas, the Japanese leading economic and coincident index deteriorated in February. The pair traded at a high of 102.74 and a low of 101.96. The pair is expected to find its first support at 101.83, with the next support expected at 101.51. The first resistance is at 102.61, and the next at 103.07.
Ahead in this week, Japan is expected to release its unemployment, housing, retail, industrial production and manufacturing activity data.
USD CHF
USD traded 0.19% lower against the CHF and closed at 0.8818 in the last week. On the economic front, the Swiss Federal Customs Administration reported that the nation’s trade surplus narrowed more than market expectations. SNB Chairman, Thomas Jordan, opined that the currency cap remained a crucial policy tool to check the strength of the currency and added that it would also help the nation to fend off a deflationary environment. During the period, the pair traded at a high of 0.8863 and a low of 0.8802. The first support is at 0.8792, and the next at 0.8767. Resistance exists first at 0.8853, and then at 0.8889.
Apart from the global macroeconomic data points, Swiss Franc traders are expected to keep a close tab on the Swiss manufacturing activity, leading indicator and consumption indicator data.
USD CAD
Last week, the USD traded 0.14% higher against the CAD and closed at 1.1039. The Loonie lost ground, after the BoC Governor, Stephen Poloz opined that the interest rates in the nation are expected to remain at low levels even after the Canadian economy shows concrete signs of improvements. Data released during the past week revealed that, wholesale sales and retail sales in Canada advanced higher than analysts’ expectations in February. USDCAD traded at a high of 1.1055 and a low of 1.0997 in the previous week. The first support is at 1.1006, with the next at 1.0972. The first resistance is at 1.1064, while the next is at 1.1088.
During the week, the direction of the Loonie would be largely influenced by the nation’s gross domestic product report and its manufacturing activity data.
AUD USD
AUD traded 0.56% lower against the USD last week, and closed at 0.9281, as the Australian consumer price index rose at a slower pace in the first quarter. The Aussie also came under pressure, after the Chinese manufacturing activity data remained in contraction territory for four consecutive months. In other economic news, the Conference Board’s leading indicator in Australia perked up 0.3% in February. During the week, the pair traded at a high of 0.9380 and a low of 0.9250. The first support is at 0.9227, and the next at 0.9174. The first resistance is at 0.9357, and the next at 0.9434.
Aussie traders would focus on the nation’s housing market data to be released during the week. Moreover, the final Chinese manufacturing and services activity data would also attract market attention.
Gold
In the prior week, Gold traded 0.69% higher against the USD and closed at USD1303.20, as lingering geopolitical tensions in Ukraine provided support to the yellow metal. Moreover, physical buying in China coupled with discouraging US initial jobless claims and factory activity data also increased the demand for the safe haven asset. However, upbeat US consumer sentiment data and durable goods orders data kept the gains in the yellow metal under check. Separately, holdings in the largest gold-backed ETF, SPDR Gold Trust, continued to decline in the past week, signaling the persistent headwinds in the outlook for the yellow metal. The yellow metal traded at a high of 1305.07 and a low of 1268.67 in the previous week. Gold is expected to find support at 1279.56 and the next at 1255.91. The first resistance is at 1315.96, while the next is at 1328.71.
The Fed’s interest rate decision and its monetary policy statement are expected to be the key price determinants this week, as another reduction in the size of the bond purchases would further weigh on gold prices. Meanwhile, investors are also expected to keep a close watch on the developments in Ukraine.
Crude Oil
Oil prices traded 3.54% lower against the USD in the last week and closed at USD100.60, as release of mixed bag of domestic data in the US weighed on the demand prospects for the crude oil. Moreover, third straight contraction in Chinese manufacturing activity data also weighed on crude oil prices. The fall in the crude oil prices was also contributed by a report from the Energy Information Administration which indicated the fastest rise in the US crude oil inventories in more than eighty years during the week ended April 18. Separately, the American Petroleum Institute reported a 519,000 barrels rise in the US crude oil stockpile during the same period. However, persistent geopolitical tensions between Russia and Ukraine provided some support to the commodity’s price. Oil traded at a high of 104.77 and a low of 100.48 in the previous week. Oil has its first major support at 99.13, while the next support exists at 97.66. The first resistance is at 103.42, and the next at 106.24.
Going forward, crude oil traders would weigh the developments in Eastern Europe, to gauge the trend in the commodity. Moreover, US non-farm payrolls would also be a key report on traders’ radar.
Good trades.
Forex Market Update 29Abr14
This morning, the greenback is trading mostly lower against most of the major currencies, ahead of the commencement of the US Fed two-day policy meeting.
The EUR managed to withhold some of its initial gains against the USD even after data showed that economic confidence in the Euro-zone unexpectedly dropped for the first time since April 2013 this month; however consumer confidence improved to the highest level since November 2007, in April. Yesterday, the ECB President, Mario Draghi projected inflation in the Euro-zone economy to remain at current low level for some more time but at the same time also hinted that the central bank is still far from opting for QE to spur economic recovery in the region.
The GBP is trading higher against the USD, reversing its initial losses, triggered by a downbeat UK GDP data, which showed that UK economy grew slower than analysts’ expectation in the first quarter but faster compared to the previous quarter.
Demand for the NZD fell overnight after data showed that New Zealand’s trade surplus widened less than economists’ expectation to $920 million in March.
Yesterday, in the New York session, the greenback traded higher against the key currencies after data showed that pending home sales in the nation rose at the fastest pace since May 2011 in March and after the Dallas Fed reported a more-than-expected rise in manufacturing business index for April.
EUR USD
This morning at 9:40 GMT, the EUR is trading at 1.3869 against the USD, 0.13% higher from the New York close, benefited from data that showed consumer confidence in the Euro-zone improved to its highest level since November 2007 in April. However, economic sentiment indicator in the region unexpectedly fell for the first time since April 2013 this month. During the session, the pair traded at a high of 1.3879 and a low of 1.3852. Yesterday, the EUR traded 0.14% lower against the USD in the New York session, and closed at 1.3851.
The pair is expected to find its first support at 1.3846 and first resistance at 1.3886.
GBP USD
At 9:40 GMT, the GBP is trading at 1.6817 against the USD, 0.05% higher from the New York close. However, earlier the GBP declined for a brief period of time after data showed that UK economy grew by 0.8% (QoQ) in the first-quarter, less than market expectations for a growth of 0.9%. During the session, the pair traded at a high of 1.6848 and a low of 1.6806. Yesterday, the British Pound traded 0.22% lower versus the Dollar in the New York session, and closed at 1.6808.
The pair is expected to find its first support at 1.6787 and first resistance at 1.6853.
USD JPY
The USD is trading at 102.66 against the JPY at 9:40 GMT this morning, 0.16% higher from the New York close, in a holiday-thin trading session. During the session, the pair traded at a high of 102.69 and a low of 102.48. In the New York session yesterday, the USD traded 0.24% higher against the JPY, and closed at 102.49.
The pair is expected to find its first support at 102.36 and first resistance at 102.82.
USD CHF
This morning at 9:40 GMT, the USD is trading at 0.8796 against the Swiss Franc, 0.09% lower from the New York close. During the session, the pair traded at a high of 0.8806 and a low of 0.8792. In the New York session yesterday, the USD traded 0.31% higher against the CHF, and closed at 0.8804.
The pair is expected to find its first support at 0.8775 and first resistance at 0.8815.
USD CAD
At 9:40 GMT, the USD is trading at 1.0990 against the CAD, 0.34% lower from the New York close, ahead of a planned speech by the BoC Governor, Stephen Poloz. During the session, the pair traded at a high of 1.1030 and a low of 1.0989. Yesterday, the USD traded marginally higher against the CAD in the New York session, and closed at 1.1028.
The pair is expected to find its first support at 1.0969 and first resistance at 1.1026.
AUD USD
The AUD is trading at 0.9261 against the USD, at 9:40 GMT this morning, tad higher from the New York close. During the session, the pair traded at a high of 0.9271 and a low of 0.9237. AUD traded 0.22% lower against the USD in the New York session, and closed at 0.9260, hurt by a fall in iron-ore prices due to stricter Chinese rule over its use in financing deals.
The pair is expected to find its first support at 0.9226 and first resistance at 0.9295.
Gold
At 9:40 GMT, Gold is trading at $1290.40 per ounce, 0.49% lower from the New York close. This morning, Gold traded at a high of $1297.10 and a low of $1286.10 per ounce. In the New York session yesterday, the yellow metal traded 0.51% lower, and closed at $1296.70, as improving economic-outlook of the US economy and a decline in net flow of physical gold in China from Hong Kong weighed on the demand prospect of the commodity.
Gold has its first support at $1283.03 and first resistance at $1300.83.
Silver
Silver is trading at $19.43 per ounce, 0.94% lower from the New York close, at 9:40 GMT this morning. This morning, Silver traded at a high of $19.63 and a low of $19.34. Silver traded 0.63% lower against the USD in the New York session, and closed at $19.61, amid broad gains in the US Dollar.
Silver has its first support at $19.26 and first resistance at $19.68.
Crude Oil
At 9:40 GMT, Oil is trading at $101.37 per barrel, 0.50% higher from the New York close. This morning, Oil traded at a high of $101.40 and a low of $100.81. Yesterday, Oil traded 0.37% lower in the New York session, and closed at $100.86, as concerns on the supply outlook of the commodity eased after reports showed that Libya lifted force majeure at an eastern oil port of Zueitina. However, imposition of new sanctions on Russian by the Western powers limited the gains in the crude prices.
It has its first support at $100.67 and first resistance at $101.74.
Economic Snapshot
UK GDP rose less than anticipated in Q1 2014
On an annual basis, preliminary GDP in UK rose 3.1% in the Q1 2014, less than market expectation of a 3.2% rise and following a 2.7% rise recorded in the previous quarter.
Euro-zone final consumer confidence rose more than the preliminary estimate in April
The final consumer confidence index in the Euro-zone rose to a level of -8.6 in April, higher than the preliminary estimate of a level of -8.7 and compared to a reading of -8.7 reported in the previous month.
Euro-zone business climate indicator fell in April
The business climate indicator in the Euro-zone dropped to a level of 0.27 in April, compared to a revised reading of 0.40 reported in the previous month. Meanwhile, the industrial confidence indicator in the Euro-zone fell to a level of -3.6 in April, compared to a reading of -3.3 reported in the previous month. The economic sentiment indicator in the Euro-zone eased to a level of 102.0 in April, compared to a revised reading of 102.5 reported in the previous month. The services sentiment indicator in the Euro-zone dropped to a level of 3.5 in April, compared to a revised reading of 4.5 reported in the previous month.
German Gfk consumer confidence remained steady in May
The GfK consumer confidence index in Germany remained steady at a level of 8.5 in May compared to the previous month, in line with market expectations.
France consumer confidence fell unexpectedly in April
The consumer confidence index in France declined to a level of 85.0 in April, compared to a reading of 88.0 reported in the previous month. Markets had expected the consumer confidence index to remain unchanged in April.
Italy retail sales fell in February
On an annual basis, non-seasonally adjusted retail sales in Italy fell 1.0% in February, compared to a 0.9% fall in the previous month.
Italy business confidence rose more than market estimate in April
The business confidence index in Italy rose to a level of 99.9 in April, higher than market expectation of a level of 99.5 and compared to a reading of 99.3 reported in the previous month.
Spain unemployment rate rose more than market expectation in Q1 2014
The unemployment rate in Spain rose to 25.93% in Q1 2014, compared to a revised rate of 25.73% recorded in the previous quarter. Markets were expecting the unemployment rate to rise to 25.85% in Q1 2014.
Good trades.
Forex Market Update 30Abr14
This morning, the greenback is trading mostly lower against most of the major currencies, ahead of the US GDP numbers and the Fed’s decision on the US monetary policy.
The EUR is trading higher against the USD benefited from upbeat German employment data. However, the gains in the shared currency were capped after Euro-zone’s inflation rate disappointed market expectations for April and after the ECB’s Christian Noyer highlighted his preference for additional stimulus measures to boost economic recovery in the region.
Earlier in Japan, the BoJ refrained from altering its monetary policy at its April meeting while projecting the nation to achieve its 2.0% inflation around the middle of the projection period. However, the BoJ Governor, Haruhiko Kuroda, disclosed that three policymaker were not in favor of the central bank’s upbeat view on inflation.
Late Yesterday, the BOE Governor, expressed optimistic view on the UK economy by stating that economic recovery is starting to broaden and is showing early signs of sustainability. Also, separately, BoE’s Ian McCafferty opined that the “chances of a fully sustained recovery” in the UK economy were at the “highest” while suggesting that the BoE should not wait till the UK economy starts operating at full capacity for raising its interest rate.
In a noteworthy event, Moody’s rating agency upgraded its view on Greek banks to “Stable” from “Negative.”
EUR USD
This morning at 9:40 GMT, the EUR is trading at 1.3825 against the USD, 0.09% higher from the New York close. On the economic front, consumer inflation rate in the Euro-zone economy rose in April but still missed economists' predictions. However, the number of unemployed people in Germany fell for the fifth month in April while unemployment rate came in unchanged at previous month’s level of 6.7% in this month. During the session, the pair traded at a high of 1.3834 and a low of 1.3797. Yesterday, the EUR traded 0.12% lower against the USD in the New York session, and closed at 1.3812.
The pair is expected to find its first support at 1.3774 and first resistance at 1.3873.
GBP USD
At 9:40 GMT, the GBP is trading at 1.6816 against the USD, marginally lower from the New York close. Data released overnight showed that Gfk consumer confidence in the UK economy improved further in March and reached its highest level since June 2007. During the session, the pair traded at a high of 1.6830 and a low of 1.6812. Yesterday, the British Pound traded marginally lower versus the Dollar in the New York session, and closed at 1.6824. Late Tuesday, the BoE Governor, Mark Carney, opined that the broadening economic recovery in Britain is showing early signs of sustainability.
The pair is expected to find its first support at 1.6795 and first resistance at 1.6843.
USD JPY
The USD is trading at 102.54 against the JPY at 9:40 GMT this morning, 0.09% lower from the New York close. Earlier today, the BoJ kept its monetary policy intact and, in its semi-annual report, projected inflation rate to accelerate and stay at 2% for at least two years from the middle of 2015. However, the BoJ Governor, Kuroda disclosed that three policymaker dissented to the central bank’s view on the inflation growth. During the session, the pair traded at a high of 102.67 and a low of 102.34. In the New York session yesterday, the USD traded 0.08% lower against the JPY, and closed at 102.63.
The pair is expected to find its first support at 102.28 and first resistance at 102.80.
USD CHF
This morning at 9:40 GMT, the USD is trading at 0.8821 against the Swiss Franc, 0.16% lower from the New York close. In economic news, the UBS consumption indicator in Switzerland rose to a reading of 1.84 in March while the KOF leading indicator declined for the second consecutive month to its lowest reading since June 2013 in April. During the session, the pair traded at a high of 0.8852 and a low of 0.8823. In the New York session yesterday, the USD traded 0.11% higher against the CHF, and closed at 0.8835.
The pair is expected to find its first support at 0.8793 and first resistance at 0.8851.
USD CAD
At 9:40 GMT, the USD is trading at 1.0962 against the CAD, 0.13% higher from the New York close, ahead of Canada’s February GDP data. During the session, the pair traded at a high of 1.0966 and a low of 1.0948. Yesterday, the USD traded 0.25% lower against the CAD in the New York session, and closed at 1.0948. Late Tuesday, the BoC Governor, Stephen Poloz, projected the recent weakness in Canada’s export sector to continue for years.
The pair is expected to find its first support at 1.0938 and first resistance at 1.0989.
AUD USD
The AUD is trading at 0.9274 against the USD, at 9:40 GMT this morning, 0.12% higher from the New York close. Early morning, the RBA reported that, on a monthly basis, total credit to Australia’s private sector continued to grow at a steady pace of 0.4% in March. During the session, the pair traded at a high of 0.9298 and a low of 0.9266. AUD traded tad lower against the USD in the New York session, and closed at 0.9263.
The pair is expected to find its first support at 0.9255 and first resistance at 0.9296.
Gold
At 9:40 GMT, Gold is trading at $1292.00 per ounce, 0.29% lower from the New York close, as traders await the US Fed’s decision on its monetary policy. This morning, Gold traded at a high of $1296.80 and a low of $1289.40 per ounce. In the New York session yesterday, the yellow metal traded marginally lower, and closed at $1295.70, as a rally in the world equity markets dimmed the safe-haven appeal of the metal.
Gold has its first support at $1286.33 and first resistance at $1299.83.
Silver
Silver is trading at $19.41 per ounce, 0.41% lower from the New York close, at 9:40 GMT this morning. This morning, Silver traded at a high of $19.51 and a low of $19.34. Silver traded 0.10% higher against the USD in the New York session, and closed at $19.49. However, a leading research firm projected a 14% drop in silver prices in 2014 due to rising supply and weaker investment demand for the commodity.
Silver has its first support at $19.31 and first resistance at $19.54.
Crude Oil
At 9:40 GMT, Oil is trading at $100.31 per barrel, 0.40% lower from the New York close, ahead of a government weekly report on the US crude stockpiles. This morning, Oil traded at a high of $100.72 and a low of $100.10. Yesterday, Oil traded 0.56% lower in the New York session, and closed at $100.70. However, fresh violent outburst in Ukraine and Libya underpinned the losses in the commodity. Meanwhile, the API reported a 3.0 million barrels rise in the US crude supplies last week.
It has its first support at $99.54 and first resistance at $101.64.
Economic Snapshot
Euro-zone consumer price index rose less than market estimate in April
On an annual basis, the preliminary consumer price index in the Euro-zone rose 0.7% in April, compared to a 0.5% rise recorded in the month. Markets were expecting the consumer price index to rise 0.8% in April.
German retail sales dropped unexpectedly in March
On an annual basis, retail sales in Germany dropped 1.9% in March, following a revised increase of 1.9% recorded in the preceding month. Markets were expecting retail sales to rise 1.6% in March.
Germany unemployment rate remained steady in April
On a seasonally adjusted basis, unemployment rate in Germany remained unchanged at 6.7% in April compared to the previous month, in line with market expectations. Meanwhile, the number of people unemployed in Germany dropped by 25.0K in April, compared to a revised drop of 14.0K reported in the previous month.
Italy preliminary consumer price index rose more than market estimate in April
On an annual basis, the preliminary consumer price index in Italy rose 0.6% in April, compared to a 0.4% rise recorded in the previous month. Markets were expecting the preliminary consumer price index to rise 0.5% in April.
Spain GDP rose in line with market consensus in Q1 2014
On a quarterly basis, the preliminary gross domestic product (GDP) in Spain rose 0.4% in the Q1 2014, in line with market estimates and compared to a rise of 0.2% recorded in the Q4 2013.
Switzerland UBS consumption indicator rose in March
The UBS consumption indicator in Switzerland climbed to 1.84 in March, compared to a revised reading of 1.52 in the previous month.
BoJ kept its key interest rate and monetary policy unchanged
The Bank of Japan (BoJ) in its latest monetary policy statement stated that it has held its key interest rate steady at 0.10% and has maintained its ultra-loose monetary policy.
BoJ maintained its inflation outlook, while lowered growth forecast for the fiscal 2014
The Bank of Japan (BoJ), in its latest semi-annual outlook report on prices and growth, indicated that the nation remains on track to achieve its 2% inflation target in 2015. However, the central bank downgraded its FY2014 growth estimate to 1.1% from 1.4% reported in January 2014.
Good trades.
Very informative
Happy pips.
Forex Market Update 01Mai14
This morning, the greenback is trading mostly lower against most of the major currencies, ahead of the US ISM manufacturing PMI data and a planned speech from the Fed Chief, Janet Yellen.
The GBP is trading higher taking cues from the latest batch of strong economic releases from the UK economy. Yesterday, in a testimony before lawmakers, BoE’s Andrew Haldane opined that policymaker’s estimates on Britain’s economic slackness seemed reasonable while adding that expectations for a gradual interest rate hike remained the most important element in the BoE's forward guidance.
Earlier during the day, the AUD gained ground after data showed that import and export prices in Australia rose more than market expectations for the first quarter. However, the AiG performance of manufacturing index in Australia fell to its lowest level since July 2013 in April.
In Yesterday’s New York session, the greenback traded mostly lower against the key currencies, after the US GDP registered its slowest quarterly growth since the end of 2012 in the first quarter. However, upbeat ADP employment data and the Fed’s decision to taper its stimulus package by $10 billion, kept the currency’s losses in check.
In the Euro-zone, Italy’s Finance Minister, Pier Carlo Padoan, opined that he did not expect a strong fall in the Euro currency in the foreseeable future but added that he supported a weak Euro for the betterment of the economy’s growth.
EUR USD
This morning at 9:40 GMT, the EUR is trading at 1.3882 against the USD, 0.10% higher from the New York close, in a subdued trading session on account of a Labor Day public holiday in most of the Euro-zone’s member nations.During the session, the pair traded at a high of 1.3890 and a low of 1.3868. Yesterday, the EUR traded 0.06% higher against the USD in the New York session, and closed at 1.3868. Late Wednesday, Italy’s Finance Minister, Padoan, played down speculations for a strong depreciation in the Euro but also advocated a softer Euro for Euro-zone’s economic development.
The pair is expected to find its first support at 1.3838 and first resistance at 1.3908.
GBP USD
At 9:40 GMT, the GBP is trading at 1.6904 against the USD, 0.17% higher from the New York close, after the UK Markit manufacturing PMI rose to a 5-month high reading in April and after the Nationwide house prices rose at the fastest pace since June 2007 in March. However, UK mortgage approvals fell in March while consumer lending posted its biggest increase since September 2012. During the session, the pair traded at a high of 1.6923 and a low of 1.6874. Yesterday, the British Pound traded 0.16% higher versus the Dollar in the New York session, and closed at 1.6875.
The pair is expected to find its first support at 1.6836 and first resistance at 1.6948.
USD JPY
The USD is trading at 102.21 against the JPY at 9:40 GMT this morning, tad lower from the New York close, ahead of Japan’s unemployment and household spending data for March. Earlier today, data showed that vehicle sales in Japan, Asia’s second-largest auto market, fell to the lowest since December 2012 in April, as a hike in the nation’s sale tax weighed on demand. During the session, the pair traded at a high of 102.32 and a low of 102.19. In the New York session yesterday, the USD traded 0.08% lower against the JPY, and closed at 102.22.
The pair is expected to find its first support at 101.93 and first resistance at 102.58.
USD CHF
This morning at 9:40 GMT, the USD is trading at 0.8788 against the Swiss Franc, 0.15% lower from the New York close, in a holiday-thin trading session. During the session, the pair traded at a high of 0.8804 and a low of 0.8787. In the New York session yesterday, the USD finished flat against the CHF, and closed at 0.8801.
The pair is expected to find its first support at 0.8771 and first resistance at 0.8815.
USD CAD
At 9:40 GMT, the USD is trading at 1.0974 against the CAD, 0.09% higher from the New York close. During the session, the pair traded at a high of 1.0977 and a low of 1.0963. Yesterday, the USD traded 0.07% higher against the CAD in the New York session, and closed at 1.0964. In economic news, official data confirmed that the Canadian economy expanded in-line with economists’ expectations for February while Canada’s raw material price index and industrial product prices fell short of analysts’ projections for March.
The pair is expected to find its first support at 1.0950 and first resistance at 1.0990.
AUD USD
The AUD is trading at 0.9284 against the USD, at 9:40 GMT this morning, flat from the New York close. Overnight, the AiG performance of manufacturing index in Australia fell to its lowest level since July 2013 in April while Australia export and import price indices surpassed market expectation in the first quarter. Separately, China’s NBS manufacturing PMI ticked up for the second consecutive month in April but the rise was less than analysts’ call. During the session, the pair traded at a high of 0.9315 and a low of 0.9284. AUD traded tad higher against the USD in the New York session, and closed at 0.9284.
The pair is expected to find its first support at 0.9252 and first resistance at 0.9316.
Gold
At 9:40 GMT, Gold is trading at $1283.50 per ounce, 0.60% lower from the New York close, as most of the markets in Europe and Asia, including Chinese and Indian markets, remained closed for observing a Labor Day public holiday. This morning, Gold traded at a high of $1293.00 and a low of $1281.80 per ounce. In the New York session yesterday, the yellow metal traded 0.18% lower, and closed at $1291.20, after the Fed trimmed the size of its QE measure by $10 billion.
Gold has its first support at $1277.40 and first resistance at $1294.00.
Silver
Silver is trading at $19.12 per ounce, 0.36% lower from the New York close, at 9:40 GMT this morning. This morning, Silver traded at a high of $19.25 and a low of $19.03. Silver traded 0.65% lower against the USD in the New York session, and closed at $19.19, amid a broad decline in the prices of industrial metals.
Silver has its first support at $18.95 and first resistance at $19.37.
Crude Oil
At 9:40 GMT, Oil is trading at $99.28 per barrel, 0.40% lower from the New York close. This morning, Oil traded at a high of $99.78 and a low of $99.20. Yesterday, Oil traded 0.58% lower in the New York session, and closed at $99.72, after the EIA indicated that US crude oil stockpiles rose by 1.7 million barrels and recorded a fresh record high last week. Oil prices also came under pressure after reports showed that Libya’s Zueitina oil port resumed operations after 10 months of closure.
It has its first support at $98.81 and first resistance at $100.14.
Economic Snapshot
UK Markit manufacturing PMI climbed unexpectedly in April
Markit Economics reported that its manufacturing Purchasing Managers’ Index (PMI) for UK surprisingly climbed to a reading of 57.3 in April, from a revised reading of 55.8 in the previous month. Market had expected the index to ease to a reading of 55.4 in April.
UK consumer credit rose more than expected in March
Net consumer credit in the UK rose by £1.13 billion in March, following a revised rise of £0.58 billion recorded in the prior month. Markets were expecting net consumer credit to rise by £0.60 billion in March.
UK net lending to individuals rose in March
Net lending to individuals in the UK climbed by £2.9 billion in March, compared to a £2.1 billion increase in the previous month. Additionally, net lending secured on dwellings increased by £1.8 billion in March, compared to a revised rise of £1.6 billion recorded in the previous month.
UK mortgage approvals declined unexpectedly in March
The number of mortgage approvals for house purchases in the UK dropped to a level of 67.13K in March, compared to revised 69.59K approvals reported in the previous month. Market had expected mortgage approvals to rise to 71.05K in March.
UK Nationwide house price index rose more than forecast in April
On an annual basis, Nationwide house price index in the UK rose 10.9% in April, more than market expectation of a 10.0% increase and compared to a 9.5% rise recorded in the previous month.
Japan’s vehicle sales declined sharply in April
On an annual basis, Japanese vehicle sales dropped 11.4% in April, following an increase of 14.5% recorded in the preceding month.
Australia import and export price indices rose in the Q1 2014
On a quarterly basis, the import price index in Australia climbed 3.2% in Q1 2014, compared to a 0.6% fall recorded in Q4 2013. Meanwhile, on a quarterly basis, the export price index in Australia rose 3.6% in Q1 2014, compared to a decrease of 0.5% reported in the Q4 2013.
Australia RBA commodity price index declined further in April
Commodity price index in Australian dollar terms fell to 100.2 in April, compared to a revised level of 104.2 reported in the previous month.
China official manufacturing PMI rose less than expected in April
The official manufacturing Purchasing Managers’ Index (PMI) in China rose to a level of 50.4 in April, from a reading of 50.3 in the previous month. Market had expected the index to rise to 50.5 in April.
Good trades.
Forex Market Update 02Abr14
This morning, the greenback is trading mostly higher against most of the major currencies, ahead of the crucial non-farm payrolls and unemployment numbers from the US.
The GBP is trading lower against the USD, after the construction activity in the UK lost momentum and fell to a six-month low level in April.
Earlier in the day, data released indicated that the Germany's manufacturing activity grew for a tenth consecutive month in April, however slightly below the flash reading. Furthermore, the manufacturing PMI across the Euro-zone continued to rise in April while unemployment in the region held steady at 11.8%, better than expectation in March.
This morning, the Japanese Prime Minister, Shinzo Abe stated that in order to overcome deflation in the nation, it is extremely important for wages and employment to register an upward trend. He further added that at present his sole objective is to spur Japan’s growth along with reinstating fiscal soundness. Another top government spokesman Yoshihide Suga noted that the employment conditions are “improving steadily” and is in sync with the government's expectations so far.
The greenback traded mixed in the New York session yesterday, against the key currencies, as the optimism from upbeat ISM manufacturing PMI and consumer spending in the US was offset by a report which indicated that jobless claims climbed to a nine-week high last week and the US manufacturing PMI eased more than estimates in April.
EUR USD
This morning at 9:40 GMT, the EUR is trading at 1.3861 against the USD, 0.06% lower from the New York close, after the manufacturing PMI from Germany for April came in below expectations. However, the manufacturing PMI of the Euro-zone topped estimates. Meanwhile, the unemployment rate in the region remained unchanged at previous month’s level in March. During the session, the pair traded at a high of 1.3872 and a low of 1.3856. Yesterday, the EUR traded marginally lower against the USD in the New York session, and closed at 1.3869, in a quiet holiday trading session.
The pair is expected to find its first support at 1.3846 and first resistance at 1.3881.
GBP USD
At 9:40 GMT, the GBP is trading at 1.6881 against the USD, 0.05% lower from the New York close, after the UK construction PMI deteriorated to a 6-month low level in April. During the session, the pair traded at a high of 1.6896 and a low of 1.6884. Yesterday, the British Pound traded tad higher versus the Dollar in the New York session, and closed at 1.6890.
The pair is expected to find its first support at 1.6865 and first resistance at 1.6906.
USD JPY
The USD is trading at 102.49 against the JPY at 9:40 GMT this morning, 0.17% higher from the New York close. On the macro front, the unemployment rate in the nation stood steady while job creation accelerated to 520,000 in March from a year earlier. Additionally, overall household spending rebounded in March and monetary base in the nation climbed less than expectation in April. During the session, the pair traded at a high of 102.52 and a low of 102.30. In the New York session yesterday, the USD finished flat against the JPY, and closed at 102.32.
The pair is expected to find its first support at 102.26 and first resistance at 102.62.
USD CHF
This morning at 9:40 GMT, the USD is trading at 0.8795 against the Swiss Franc, marginally higher from the New York close. The Swiss Franc received support for a brief period of time after the SVME manufacturing in Switzerland advanced more than expected to a reading of 55.8 in April from a reading of 54.4 reported in the previous month. During the session, the pair traded at a high of 0.8808 and a low of 0.8794. In the New York session yesterday, the USD traded 0.06% higher against the CHF, and closed at 0.8793.
The pair is expected to find its first support at 0.8783 and first resistance at 0.8808.
USD CAD
At 9:40 GMT, the USD is trading at 1.0975 against the CAD, 0.11% higher from the New York close. During the session, the pair traded at a high of 1.0978 and a low of 1.0959. Yesterday, the USD traded 0.25% lower against the CAD in the New York session, and closed at 1.0963. The RBC Canadian manufacturing PMI decelerated in April while its employment measure rose to its highest level since November.
The pair is expected to find its first support at 1.0952 and first resistance at 1.0998.
AUD USD
The AUD is trading at 0.9267 against the USD, at 9:40 GMT this morning, tad higher from the New York close, despite data indicating that producer price index in Australia came in more than expectations in the first quarter. During the session, the pair traded at a high of 0.9282 and a low of 0.9268. AUD traded slightly higher against the USD in the New York session, and closed at 0.9266.
The pair is expected to find its first support at 0.9254 and first resistance at 0.9285.
Gold
At 9:40 GMT, Gold is trading at $1285 per ounce, marginally higher from the New York close. This morning, Gold traded at a high of $1285.5 and a low of $1281.6 per ounce. In the New York session yesterday, the yellow metal traded 0.31% higher, and closed at $1284.50. However, gains were limited as the latest batch of buoyant US releases weighed on the safe-haven appeal of the metal. Additionally, a decline in the holding of SPDR Gold Trust to its lowest level since January 2009, further weighed on the gold prices.
Gold has its first support at $1278.37 and first resistance at $1290.57.
Silver
Silver is trading at $19.17 per ounce, 0.55% higher from the New York close, at 9:40 GMT this morning. This morning, Silver traded at a high of $19.18 and a low of $18.98. Silver traded 0.79% higher against the USD in the New York session, and closed at $19.06.
Silver has its first support at $18.83 and first resistance at $19.36.
Crude Oil
At 9:40 GMT, Oil is trading at $99.88 per barrel, 0.70% higher from the New York close. This morning, Oil traded at a high of $100.09 and a low of $99.2. Yesterday, Oil traded 0.36% higher in the New York session, and closed at $99.22, on the back of robust US economic releases that strengthened the recovery prospect of the world’s largest economy. However, oil prices lost ground during the day following downbeat Chinese manufacturing PMI data and easing supply concerns in the US and Libya.
It has its first support at $99.05 and first resistance at $100.40.
Economic Snapshot
UK Markit construction PMI declined more than anticipated in April
The Chartered Institute of Purchasing & Supply and Markit Economics reported that the construction purchasing managers’ index (PMI) in UK dropped to a reading of 60.8 in April, following a reading of 62.5 in the previous month. Markets had expected the index to ease to a reading of 62.2 in April.
Eurozone final manufacturing PMI advanced more than the preliminary estimate in April
Markit Economics reported that the final manufacturing purchasing managers’ index (PMI) in the Eurozone increased to a level of 53.4 in April, more than the preliminary estimate of 53.3 and compared to a reading of 53.0 reported in the previous month.
Eurozone unemployment rate remained unexpectedly steady in March
Eurostat reported that the unemployment rate in the Eurozone remained unchanged at 11.8% in March, compared to a revised similar rate reported in the previous month. Markets were expecting the unemployment rate to rise to 11.9% in March.
Germany manufacturing PMI rose less than the preliminary estimate in April
Markit Economics reported that the final manufacturing purchasing managers’ index (PMI) in Germany rose to a reading of 54.1 in April, less than the preliminary estimate of a level of 54.2 and compared to a reading of 53.7 reported in the previous month.
France manufacturing PMI fell less than the preliminary estimate in April
Markit Economics reported that the final manufacturing purchasing managers’ index (PMI) in France dropped to a reading of 51.2 in April, less than the preliminary estimate of a level of 50.9 and compared to a reading of 52.1 reported in the preceding month.
Italy manufacturing PMI climbed more than expected in April
Markit Economics reported that the manufacturing Purchasing Managers’ Index (PMI) in Italy increased to a level of 54.0 in April compared to a reading of 52.4 reported in the previous month. Market had expected the index to rise to a level of 52.9 in April.
Spain manufacturing PMI dropped unexpectedly in April
Markit Economics reported that the manufacturing Purchasing Managers’ Index (PMI) in Spain fell marginally to a level of 52.7 in April, compared to a level of 52.8 reported in the previous month. Market had expected the index to rise to a level of 53.4 in April.
Swiss manufacturing PMI rose than expected in April
The SVME and Credit Suisse reported that the SVME manufacturing Purchasing Managers’ Index (PMI) in Switzerland rose to a level of 55.8 in April, more than market expectations and compared to a level of 54.4 reported in the previous month.
Australia HIA new home sales rose at a slower pace in March
The Housing Industry Association (HIA) reported that on a monthly basis, new home sales in Australia rose 0.2% in March, compared to a 4.6% rise in the previous month.
Australia producer price index advanced more than anticipated in Q1 2014
The Australian Bureau of Statistics reported that on a quarterly basis, the producer price index in Australia rose 0.9% in Q12014, following a rise of 0.2% recorded in the preceding quarter. Markets were expecting the producer price index to rise 0.6% in Q1 2014.
Good trades.
Weekly Forex Update
During the past week, the greenback traded mostly lower against its key peers, as investors shunned the USD, following the release of disappointing US gross domestic product data and after the US Federal Reserve indicated that benchmark rates in the nation are expected to remain at current levels even after its bond buying programme comes to an end.
The decision of a fourth straight reduction in the size of the monthly asset purchases by the US Fed at its recently concluded policy meeting and encouraging US nonfarm payrolls report, ADP jobs and jobless rate data failed to provide support to the greenback.
Other key data released in the past week revealed that weekly initial jobless claims rose unexpectedly in the US while consumer confidence among the Americans fell at a quicker pace in April. Markit manufacturing PMI eased unexpectedly in April, while the Institute of Supply Management reported that the manufacturing PMI in the US improved at a faster pace in the similar period. Separately, personal spending inched higher in March.
The Euro edged higher against the USD, after the European Central Bank (ECB) President, Mario Draghi, indicated that the central bank is still a long way off from unveiling its bond buying measures in the Euro-zone. Over the weekend, news emerged that Portugal might exit its bailout programme by this month.
The GBP found support against the USD, as the Bank of England (BoE) Governor, Mark Carney, opined that the British economy is now showing sustainable evidence of recovery, triggering speculations of a rate hike on the horizon. Moreover, data indicated that the UK economy grew 0.8% during the first quarter of 2014.
The Bank of Japan (BoJ) lowered its growth outlook for Japan for 2015 at its policy meeting, after leaving its monetary tools unaltered and reiterating that the nation would hit its inflation target in the middle of the next year. Separately, the Japanese Prime Minister, Shinzo Abe, opined that the impact of the sales tax hike in the past month was lower than expectations.
The Loonie found support after data showed that the Canadian economy expanded by 0.2% in February, translating to an annual expansion of 2.5%. However, the comments from the Bank of Canada’s (BoC), Stephen Poloz, that door for a rate cut are still open capped the gains in the CAD. The Aussie lost ground, after a report revealed that manufacturing activity in its largest trading partner, China, rose at a slower pace in the past month.
Ahead this week, central banks from the UK, Euro-zone and Australia would announce their policy decisions.
EUR USD
Last week, the EUR traded 0.25% higher against the USD and closed at 1.3869, as the ECB Chief, Mario Draghi, stated that the central bank might not introduce its bond buying programme in the foreseeable future, as he does not expect any harm to the Euro region’s economy due to falling prices. He further echoed that low inflationary pressures are expected to persist in the Euro region for quite some time. Domestic macroeconomic data released during the week also supported the Euro. The German unemployment change dropped at a quicker pace in April. Meanwhile, consumer confidence in the Euro-zone rose more than the preliminary estimate in April, while manufacturing PMI and jobless rate in the bloc also came in better-than-expected. Sentiments were also boosted as data indicated that inflation in the Euro-zone accelerated in April. In a noteworthy development, the IMF and European Commission approved Portugal’s seeking total exit from its three year bailout programme later this month. During the week, the pair traded at a high of 1.3890 and a low of 1.3772. The pair is expected to find its first support at 1.3797, with the next support expected at 1.3726. The first resistance is at 1.3915, and the next at 1.3962.
The outcome of the ECB’s policy meeting would be the most crucial event this week. Also, the release of economic growth forecast for the region by the European Commission would influence the trend in the Euro during the week.
GBP USD
In the last week, GBP traded 0.40% higher against the USD and closed at 1.6870, as comments from the BoE Governor, Mark Carney, that the UK’s economic recovery is showing some concrete signs of sustainability stoked speculations that the central bank might hike its interest rates in the near future. Macroeconomic data also provided support to the Sterling. Manufacturing activity and consumer confidence in the UK improved more than analysts’ expectations. The Nationwide house prices rose in March, while the UK economy grew at a faster pace in the first quarter of 2014. The pair traded at a high of 1.6923 and a low of 1.6777 in the previous week. GBPUSD is expected to find its first support at 1.6790, with the next at 1.6711. Resistance exists first at 1.6936, and then at 1.7003.
Going forward, traders in the Pound are expected to keep a close eye on the Bank of England’s interest rate decision, followed by the UK’s growth forecast report from the National Institute of Economic & Social Research.
USD JPY
The USD traded marginally higher against the JPY over the past week, closing at 102.20. The Yen lost ground after the BoJ slashed its growth forecast for Japan for the fiscal year 2015. During the week, the central bank at its interest rate decision left its monetary tools unchanged and reiterated its previous stance that the nation remains on track to achieve its 2% inflation target by the middle of 2015. The Japanese Prime Minister, Shinzo Abe, stated that wages and employment in the nation need to improve in order to substantially shrug-off deflationary risks. He further indicated that the recent sales tax hike did not have much impact on the nation’s spending pattern. On the data front, unemployment rate in Japan remained steady in March, whereas industrial production rebounded at a slower pace in the similar period. Housing starts and construction orders declined in March. The pair traded at a high of 102.89 and a low of 102.03. The pair is expected to find its first support at 101.85, with the next support expected at 101.51. The first resistance is at 102.72, and the next at 103.24.
The minutes of the BoJ’s latest policy meeting would remain on the radar of market participants this week. Separately, a series of macroeconomic data from Japan would also be watched by Yen investors.
USD CHF
USD traded 0.43% lower against the CHF and closed at 0.8780 in the last week. The Swissy inched higher, on the back of encouraging domestic data. The Swiss KOF leading indicator and manufacturing activity improved in April. Also, UBS consumption indicator inched higher in March. Moreover, the Swiss National Bank (SNB) President, Thomas Jordan, indicated that the Swiss Franc’s safe haven status has kept the currency highly valued. He further added that the central bank will continue with its ceiling on the Swiss Franc against the Euro and will take additional measures if necessary to counter the threat of deflation in the nation. During the period, the pair traded at a high of 0.8852 and a low of 0.8769. The first support is at 0.8749, and the next at 0.8717. Resistance exists first at 0.8832, and then at 0.8883.
Ahead in the week, investors are expected to closely track the Swiss consumer price inflation data. Separately, the nation’s jobless rate would also act as a catalyst in determining the direction of the Swiss Franc.
USD CAD
Last week, the USD traded 0.61% lower against the CAD and closed at 1.0972. In Canada, data showed that the economy grew by 0.2% in February, in line with market expectations, after a growth of 0.5% in January. During the week, the BoC Governor, Stephen Poloz, hinted at the possibility of a rate cut despite his belief that the Canadian economic recovery is picking up steam and that disinflationary pressures appear to be waning. He further indicated that the Canadian Dollar was still high in historical terms. USDCAD traded at a high of 1.1041 and a low of 1.0936 in the previous week. The first support is at 1.0925, with the next at 1.0878. The first resistance is at 1.1030, while the next is at 1.1088.
Loonie traders are expected to keep a close tab on the nation’s jobs, housing, trade and manufacturing data during this week.
AUD USD
AUD traded marginally lower against the USD last week, and closed at 0.9277, as disappointing services PMI data from Australia’s key trading partner, China weighed on the Aussie. In Australia, export prices rose 3.6% on the quarter in the first quarter of 2014. The AiG performance of manufacturing index fell to a nine-month low at 44.8 in April, from 47.9 in March. The Housing Industry Association reported that total number of new home sales rose 0.2% in March, following the 4.6% jump in February. During the week, the pair traded at a high of 0.9319 and a low of 0.9210. The first support is at 0.9218, and the next at 0.9160. The first resistance is at 0.9327, and the next at 0.9378.
Aussie traders are expected to experience a busy week ahead, as Australia’s employment, retail sales and trade data would keep them on their toes. Moreover, they would also remain watchful about the Reserve Bank of Australia’s interest rate decision.
Gold
In the prior week, Gold traded 0.27% lower against the USD and closed at USD1299.62, as a fourth consecutive downward revision to the US Fed’s pace of the monthly asset purchases and robust nonfarm payrolls data confirmed speculations that the US economy is gaining steam. The yellow metal’s prices also lost ground, after gold holdings in the largest bullion-backed exchange traded fund, SPDR Gold Trust, touched multi-year low levels in the past week. However, mounting war-like tensions in Ukraine provided some relief to gold prices, capping losses. Furthermore, Fed’s statement that interest rates in the US are expected to remain at the current near zero levels, weighed on the greenback. The yellow metal traded at a high of 1306.77 and a low of 1277.35 in the previous week. Gold is expected to find support at 1282.39 and the next at 1265.16. The first resistance is at 1311.81, while the next is at 1324.00.
In this week, investors would monitor macroeconomic data from the US. Also, developments in Ukraine and Russia would play a key role in determining the near term trend in the yellow metal prices.
Crude Oil
Oil prices traded 0.83% lower against the USD in the last week and closed at USD99.76, as slower-than-expected rise in the US growth and Chinese services activity data dampened the demand prospects for the crude oil from two of its largest consumers. Moreover, reports regarding the resumption of the Libyan crude oil exports in the global markets also eased supply concerns. Furthermore, a larger-than-expected rise in the US crude oil stockpiles, reported by the Energy Information Administration, triggered speculations of reduced demand for crude oil. However, mounting geopolitical unrest between Russia and Ukraine kept losses in check. Oil traded at a high of 102.20 and a low of 98.74 in the previous week. Oil has its first major support at 98.27, while the next support exists at 96.77. The first resistance is at 101.73, and the next at 103.69.
Moving forward, investors are expected to track the global economic news for placing their bets in the commodity. Moreover, oil traders would continue to monitor escalating tensions in Ukraine.
Good trades.