Friday saw markets rebound from the consecutive sell-off of the past few days. The gains in OIL to $29 are being driven by comments from UAE energy minister who claimed that OPEC are willing to discuss production cuts with other oil exporters. This follows yesterday’s close at 26.04 which was the lowest since 2003. The USD is gaining ground after US Retail Sales advanced more than expected. European Stocks are in the green, although with limited gains, however US stocks are showing a decent rebound on the last day of the week.
GBPUSD advanced up to 1.4569 during the European morning, as risk aversion eased, but retreated from the level towards the 1.4500 region. USDJPY remained capped below the 113.00 for most of this Friday, but advanced up to a daily high of 113.40 towards end of session. USDJPY dropped almost 1000 pips in 2 weeks. The recovery of the USD, oil and stock markets is having an inverse correlation with GOLD which today is under pressure as investors return into riskier assets (stocks). GOLD prices per ounce dropped to 1232 from 1263 highs posted yesterday.
Focus will shift to Monday’s ECB Presidents Speech as the US will be closed due to President’s day.
Please note: Try our new trading platform www.easymarkets.com and login with your same username and password you use at easy-forex. Experience better user interface with news, Technical Analysis and charts – all in one page
Important note: These technical and research reports are provided to easyMarkets® as a subscriber of third party providers. They are provided for informative purposes only and in no way can they be considered as a recommendation by easyMarkets® to you to engage in any trade. Hence, easyMarkets® shall not be held responsible for any outcome of trading decisions, in regards with these reports or similar reports. You hereby acknowledge that using the information entailed in these reports is at your sole responsibility and you will have no claims with regards to these reports against easyMarkets®. If you do not agree to this, you are strongly advised not to use these reports.
easyMarkets Pty Ltd (AFSL 246566 ABN 73107184510) makes no recommendations as to the merits of any financial product referred to in this website, emails or its related websites and the information contained does not take into account your personal objectives, financial situation and needs. EasyMarkets recommends that you read the Regulation Page, The Product Disclosure Statement, the Terms and Conditions and the Financial Services Guide before making any decision concerning easyMarkets’ products.
