USD/JPY had just forced an upside trendline break and the previous significant high – May 10’s 114.37 – was within striking distance. The Dollar got there alright, breaking in to the 114.40s on July 11, but victory was partial. It only managed to top that summit intraday, still hasn’t managed a higher daily close and has now retreated below. That channel neatly captures all the trading action from June 14’s low to the present day, but it may also offer something of a false positive. ...
Crude oil can be effected by political tensions and people's views on the economy; it is a very volatile market and can easily move 200 to 400 points a day. It is as such one of the more volatile markets out there.
Safe to say that OPEC gatherings are about to get a shade more uncomfortable. On Monday, rumors leaked that Saudi was likely to ask that Libya and Nigeria to cut production as their increased production was overshadowing the intended positive effect of Saudi’s cuts. However, reports from Bloomberg have stated that Saudi Arabia itself is reporting to OPEC officials that they pumped 10.07 million bpd in June up from 9.88m in May and exceeding their limit for the first time since the production curb ...
On Friday, USD/JPY broke above 114 for the first time since May in large part due to persistent JPY weakness that was catapulted by a BoJ offer. The Bank of Japan offered to buy unlimited bonds at a fixed rate to help limit front end bond yields and emphasize their Yield Curve Control (YCC) approach to monetary policy. However, there were no tenders, which could mean we’ll see further JGB flattening in the near term as we see across the world. The takeaway ...
Inventories did see a bump higher, but the jump was +0.1% while Cushing, Oklahoma inventories (the largest delivery stock in the US) fell for the sixth straight week. A cause of concern that was raised on Wednesday was a Dallas Fed Survey showing Oil executives expect supply to remain abundant relative to demand until H2 2018. There are two developments in the oil market that you should consider that could precede an aggressive move higher ...
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