Tags Posts tagged with "Crude Oil"

Crude Oil

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Cable continued its bearish trend today pushing down below the 1.53 line. A disappointing outlook on the UK’s service industry was enough to keep the sell orders coming in.

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Oil was one of the big movers of the day. Brent crude has rallied US$11 in the past week taking the price of the front month contract back up to $53.64.

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USD/CAD continues to swing wildly with large levels of intraday volatility. The pair rose back above the 1.30 line again today after rallying one percent on yesterday’s dip.

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EUR/USD had another choppy session but on the short time frames the market was veering towards the bullish side. EUR/USD remained above the 1.09 level for most of the session – support is forming around 1.0876 and resistance at 1.0937.

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Commodities took another beating today after China’s main stock index the Shanghai Composite plunged by 8.5%. The Chinese authorities have staged a massive intervention in recent months to try to stabilize the stock market.

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Commodity currencies were trading nervously in the run up to an announcement from the RBNZ’s monetary policy committee. New Zealand’s reserve bank is widely expected to lower rates by 25bp to 3.0% today.

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CAD remains in a weak position following the Bank of Canada’s second surprise interest rate cut last week. USD/CAD is testing the 1.30 line with renewed vigour.

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The Bank of Canada surprised markets for a second time this year by cutting their target “overnight” rate of interest to 0.5% from 0.75%. The Canadian dollar fell sharply on the news as did other high yields.

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The Bank of Canada will meet tomorrow to decide interest rates. Rates are expected to be held at 0.75%. However following January’s surprise interest rate cut markets have been positioning cautiously.

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The Chinese authorities appear to have put a floor under the brutal correction that took the index down thirty percent since the levels of mid-June. At least for the time being that is.