USOIL Weighed by Mr Powell’s Hawkish Remarks
USOIL was brought down by Fed Chair Powell’s hawkish testimony, which reinforces the higher-for-longer narrative, but finds some reprieve by the drop in US stockpiles
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USOIL was brought down by Fed Chair Powell’s hawkish testimony, which reinforces the higher-for-longer narrative, but finds some reprieve by the drop in US stockpiles
Copper has charted a series of higher troughs (HT), followed by higher peaks (HP). This puts the base metal into uptrend. Copper has found support at the 50% retracement, and may chart the next higher trough (HT?) in the series.
China’s official manufacturing PMI posted its highest figure since 2012 in February, helping USOil look past another US stockpile built-up
FXCM’s CFD for Brent, UKOil, and its WTI CFD, USOIL, have both moved into their bullish channel on the H4 time frame. Oil is responding to forecasts for China’s growth.
This week’s economic releases and hawkish remarks by central bank officials, solidify recent market repricing around the Fed’s terminal rate, sending XAU/USD lower
US crude oil inventories rose last week according to the latest data, but prices are supported by strong demand outlook for the year, due to China’s reopening
The precious metal is having a bad month and tests critical tech levels after Tuesday’s higher than expected inflation figures and renewed hawkish commentary by the Fed
The commodity jumped on Friday after Russia said it will cut output next month, but dropped on Monday as the US announced a sale of its reserves (SPR), with markets now bracing for the US Inflation update
Russia announced it is cutting its oil production by 500,00 bpd in March. This is in response to the West imposing price caps on Russian oil and related products.
Fed Chair Powell provided mostly hawkish remarks yesterday, but once again did not appear forceful, allowing XAU/USD to cover some of its post-NFPs slump
FXCM’s Brent CFD, UKOil, and its WTI CFD, USOil, have charted a higher trough followed by a higher peak. This is an uptrend. However, this week has seen decline.
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