25.07.2024
Brent crude prices declined by 1.8% to $81.18
per barrel this week, hitting a low of $80.63 per barrel, the lowest level
since June 10. The decline halted at the support range of $80.00-82.00 per
barrel. Investors are now waiting for further clues to direct prices, which may
either fall towards the next support at $70.00-72.00 per barrel or recover to
$88.00-90.00 per barrel. Both scenarios have equal chances of materializing,
with prices swinging in a wide range between $80.00 and $90.00 per barrel.
23.07.2024
The U.S. Dollar index (DXY) is losing 0.1% to
104.33 this week, while the EURUSD is declining by 0.1% to 1.08700. Major
currencies are mixed, with commodity-driven currencies like the Australian, New
Zealand, and Canadian Dollars weakening against the Greenback by 0.3-0.8% due
to deteriorating commodity prices. The Euro and the British Pound are more
stable relative to the Dollar, while the Yen is rising by 1.1%. Interestingly,
investors are increasing demand for the Japanese currency without any support from
the Bank of Japan. This may signal rising risks in the financial market.
18.07.2024
Gold prices rose by 2.6% to $2473 per troy
ounce this week, reaching a new all-time high of $2483 on July 17, after
starting the week at $2450 on July 16. This surge was influenced by an
assassination attempt on Donald Trump and unexpected dovish signals from
Federal Reserve (Fed) Chair Jerome Powell.
The assassination attempt had a mixed impact
on gold prices. On one hand, Trump's potential increase in fiscal spending and
trade tariffs could push inflation up, necessitating higher interest rates for
longer, which is typically unfavorable for gold.
16.07.2024
The U.S. Dollar index (DXY) is rising by 0.3%
to 104.40 points this week, while the EURUSD is up by 0.2% to 1.08830. The
American currency is exhibiting less volatility than expected.
Federal Reserve (Fed) Chair Jerome Powell
recently expressed greater confidence in achieving the 2.0% inflation target,
citing a series of declining inflation data from April to June. This marks a
significant shift from his previous week's cautious rhetoric in Congress, where
he was more hawkish.
11.07.2024
Brent crude prices dropped by 1.7% to $86.00
per barrel this week, which is above the dip at $84.45 on July 10. Brent prices
jumped to two-month highs at $88.52 on July 5. However, June unemployment in
the United States unexpectedly rose to 4.1%, putting pressure on oil prices.
Consequently, Brent prices retreated by 0.7% to $87.06 on the same day.
The pressure continued this week amid fears of
severe oil infrastructure damage in the Gulf of Mexico. However, the actual
damage caused by Hurricane Beryl was much less than feared, meaning that U.S.
09.07.2024
The U.S. Dollar Index (DXY) is rising by 0.1%
to 105.05 points, while the EURUSD is down by 0.1% to 1.08210. This mirrors the
market situation from last Tuesday, although the Dollar is weaker by 1.0% now.
Last week, the Greenback was recovering
following the first round results of the French parliamentary election. The
American currency lost another 0.7% to 1.08160 on weak Nonfarm Payrolls by ADP
and a U.S. Services PMI that fell to 49.6 points, indicating a contraction of
the sector.
04.07.2024
Gold prices are rising by 1.4% to $2360 per
troy ounce. The yellow metal jumped by 1.5% to $2364 per ounce on Wednesday,
marking a two-week high. The Head and Shoulders pattern failed to materialize
after an unsuccessful attempt to break the "neck" line of the
pattern, and gold prices bounced from $2300 per ounce. Declining inflation in
the U.S. also supported gold prices and pushed the Dollar down.
Key economic indicators contributed to this
movement. The ISM Manufacturing PMI dropped to 48.2 points from 48.7 points.
02.07.2024
The U.S. Dollar index (DXY) is marginally up
by 0.1% to 105.98, while the EURUSD is down by 0.1% to 1.07230. Despite the
apparent market tranquility, significant turbulence looms beneath the surface.
The May PCE Index in the United States, indicating a continuous slowdown, was
largely ignored by investors. Instead, the market's focus has shifted to
political developments.
Last Friday, U.S. 10-year Treasury yields
surged to 4.40%, a move driven by chaos within the Democratic party.
27.06.2024
Brent crude oil is experiencing a marginal
growth of 0.5%, bringing prices to $85.50 per barrel. This modest increase
comes as prices continue to move sideways within a narrow range, fluctuating
1.7% in either direction since June 19. Such dynamics suggest that oil prices
are poised for a significant movement.
Investor sentiment is divided, with some
anticipating a continuation towards $90.00 per barrel, while others foresee a
retreat to $80.00 per barrel. Over the past two months, prices have been
constrained between these levels, reflecting a tug of war in the market.
25.06.2024
The U.S. Dollar index
(DXY) is experiencing a slight decline of 0.3% to 105.46 points, while the
EURUSD pair has risen by 0.4% to 1.07340. This movement appears to be more of a
standard technical retreat rather than a response to the current macroeconomic
conditions.
The strong June PMI
readings from the United States should have bolstered the Greenback, but this
hasn't occurred. Instead, the EURUSD pair has reversed its earlier decline. The
Eurozone reported unexpectedly weaker PMI figures, initially pushing the EURUSD
down to the 1.06700-1.06900 range. However, the stronger U.S.
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