Market Brief / 24 - 01 - 2018
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US crude oil gained roughly 50% since its most recent bottom of $42.53 a barrel on June21. But the currencies of countries that produce a lot of oil have lagged behind.
The Norwegian krone has advanced 8.4% against the US dollar over the same period, while the Russian ruble and Canadian dollar have each gained more than 6% against the greenback.
US dollar has dropped against several of its peers, with the ICE US Dollar Index falling 7.2% since June 21. Typically currencies of producing nations do well as oil rises, as they earn more from exports and investor confidence in their economies grows.
The oil rally is being helped by a dynamic called backwardation, which means that long-term futures contracts are cheaper than short-dated contracts. An investor who doesn’t want to end up with a barrel of oil will make money by rolling their futures contracts forward, essentially selling expensive contracts and buying cheaper ones.
EUR/USD preference is for long positions above 1.2250 with target at 1.2370. Alternatively, below 1.2350 look for a pull back to 1.2195 as target.
On the data slate there’s German Manufacturing PMI; German Services PMI; Euro-Zone Manufacturing PMI; Euro-Zone Services PMI; UK Claimant Count Rate; UK Jobless Claims Change; UK Average Weekly Earnings; UK Employment Change; US House Price Index; US Manufacturing PMI; US Services PMI; US Existing Home Sales and US Crude Oil Inventories.
BUY EUR/USD @ 1.2270 OR BETTER – STOP @ 1.2210 – TARGET @ 1.2380
BUY GBP/USD @ 1.3990 OR BETTER – STOP @ 1.3930 – TARGET @ 1.4100
SELL USD/JPY @ 110.30 OR BETTER – STOP @ 110.80 – TARGET @ 109.65
BUY CL0318 @ 64.10 OR BETTER – STOP @ 63.50 – TARGET @ 65.20
BUY AUD/USD @ 0.7990 OR BETTER – STOP @ 0.7955 – TARGET @ 0.8080
BUY XAU @ 1338 OR BETTER – STOP @ 1332 – TARGET @ 1358
BUY XAG @ 17.00 OR BETTER – STOP @ 16.50 – TARGET @ 17.80
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Norwegian krone is on a role these days...!
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So much love to share,.. and Yes,... with the one who appriciate it everytime
And so currencies of oil producing nations do well when oil rises
thank you friends, this is very useful for me because i here should update dollar exchange rate always. I am happy to be friends with you friend.
Soon enough these currencies are going to start being compared to the price of crypto currencies, it’s just a matter of time
Thank you for updating us on forex market trading
This post has received a 4.73 % upvote from @booster thanks to: @lordoftruth.