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  • Forex
    A quiet start to the third quarter ahead of key data releases

    A quiet start to the third quarter ahead of key data releases

    Forex Today: Calm ahead of the ECB storm

    Forex reserves still ample

    Forex Today: Calm ahead of the ECB storm

    Forex Today: Calm ahead of the ECB storm

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    Japanese Yen Fundamental Forecast: Prices Approach 1998 Levels Ahead of BOJ

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    Russia Considers Allowing Crypto for International Payments (Report)

    Russia Considers Allowing Crypto for International Payments (Report)

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    Australian Dollar Outlook: AU-US Yield Spreads the Driver, Will it Steer AUD/USD Up?

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    US Dollar Outlook: USD, USD/JPY, EUR/USD Key Levels

    Euro Q4 Fundamental Forecast: More Euro Weakness Likely Lies Ahead

    Euro Q4 Fundamental Forecast: More Euro Weakness Likely Lies Ahead

  • Education
    AUD/USD Rises Despite Wall Street Selloff as Chinese Flooding Lifts Coal Prices

    AUD/USD Rises Despite Wall Street Selloff as Chinese Flooding Lifts Coal Prices

    Euro Forecast: EUR/USD Outlook Bleak as Traders Rush for US Dollars

    Euro Forecast: EUR/USD Outlook Bleak as Traders Rush for US Dollars

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    RAND UPDATE: ZAR STRENGTH MAY BE SHORT LIVED AHEAD OF BUDGET SPEECH

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    CRUDE OIL PRICES MAY RISE ON US STIMULUS HOPES

    IG CLIENT SENTIMENT DATA SENDING BEARISH SIGNALS FOR USD/ JPY, AUD/USD, GBP/ USD

    IG CLIENT SENTIMENT DATA SENDING BEARISH SIGNALS FOR USD/ JPY, AUD/USD, GBP/ USD

    EUR/AUD BREAKOUT COULD GROW LEGS

    EUR/AUD BREAKOUT COULD GROW LEGS

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    CME looks to lure retail traders with daily options frowned on in Europe

    The traders earning $6m+ outside banks and hedge funds

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CRUDE OIL PRICES MAY RISE ON US STIMULUS HOPES

poweradmin by poweradmin
May 12, 2022
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CRUDE OIL & GOLD TALKING POINTS:

  • Crude oil prices edge up on US fiscal stimulus hopes, upbeat data flow
  • Soundbites from Washington DC, US PMI surveys now in the spotlight
  • Gold prices down as US Dollar gains alongside Treasury bond yields
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Crude oil prices managed to retrace some lost ground Thursday after the prior day’s selloff, the largest one-day loss in over a week, as an improvement in market-wide risk appetite helped buoy sentiment-geared assets. Tellingly, the WTI benchmark tracked higher alongside bellwether S&P 500 futures.

Markets seemed to be cheered by the appearance of a positive turn in US fiscal stimulus negotiations after House Speaker Nancy Pelosi said a deal is “just about there”. Data flow was also supportive: existing home sales surged to a 14-year high while jobless claims registered lower than expected.

Gold prices fell as the chipper mood buoyed Treasury bond yields, tarnishing the appeal of non-interest-bearing alternatives. Interestingly, the US Dollar managed to shed the anti-risk trading profile defining recent price action and rose in tandem, hinting the day’s new-flow may have curbed Fed easing bets.

CRUDE OIL, GOLD PRICES EYE US FISCAL STIMULUS AND PMI DATA

Soundbites shaping fiscal stimulus expectations are likely to remain in focus through the end of the trading week. Flash US PMI surveys headline the data docket, with forecasts pointing to a slight pickup in the overall pace of economic activity growth in October compared with the prior month.

A brighter view of the near-term business cycle might keep crude oil prices supported in the near term. A lasting rally seems unlikely however as weak demand continues to weigh. In fact, an EIA implied demand gauge published this week slumped toward Covid outbreak lows registered in April.

Gold may continue to suffer if yesterday’s trade dynamics remain in play, with hopes for a strengthening recovery boosting yields alongside the Greenback. However, disappointing data flow or souring stimulus prospects in the face of opposition in the Republican-controlled Senate might buoy the yellow metal.

CRUDE OIL TECHNICAL ANALYSIS

Crude oil prices are hovering just below range resistance in the 42.40-43.88 area. A downswing from here sees initial support in the 34.64-36.15 zone, with a break below that likely exposing the 27.40-30.73 region next. Alternatively, a daily close above resistance may open the door for a test of the $50/bbl figure.

 

poweradmin

poweradmin

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