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  • Crude oil prices collapsed on Monday despite an OPEC+ breakthrough, driven by Covid-induced demand woes. Meanwhile, Gold is at odds with a stronger US Dollar and falling Treasury yields. Get your #crudeoil market update from @FxWestwater here:https://t.co/H1vmag8d1k https://t.co/1zuPdKUmyE
  • AUD/USD is likely to face increased volatility over the coming days as it faces a batch of key event risks going into the end of July. Get your Australian Dollar forecast from @DavidJSong here: https://t.co/qFpg0DCxxL https://t.co/quQxg4WBy3
  • The US Dollar outlook against ASEAN currencies like the Singapore Dollar, Thai Baht, Indonesian Rupiah and Philippine Peso remains bullish amid capital outflows risks as Covid cases swell. Get your market update from @ddubrovskyFX here:https://t.co/vRUVxvQP8o https://t.co/cUEkW9BfIP
  • Is investing in your favorite brand or buying its products the better financial move? Read the article for a breakdown. https://t.co/iWOlDAK8cD https://t.co/0uS5VvWj12
  • Crude oil prices collapsed on Monday despite an OPEC+ breakthrough, driven by Covid-induced demand woes. Meanwhile, Gold is at odds with a stronger US Dollar and falling Treasury yields. Get your #crudeoil market update from @FxWestwater here:https://t.co/H1vmag8d1k https://t.co/PW5pCw9dKR
  • The Japanese Yen has been making a comeback, but it may soon resume its decline against the US Dollar as USD/JPY consolidates within a bullish Falling Wedge. Watch for a breakout. Get your market update from @ddubrovskyFX here:https://t.co/zxRWoNR4lS https://t.co/bXTx0TSRmU
  • BTC/USD treading water sideways, 28600 the big level to watch. ETH/USD working on forming a nice-looking descending wedge. Get your market update from @PaulRobinsonFX here:https://t.co/H1qOV4FR1P https://t.co/tjutUl7Nt7
  • Gold hasn’t been very active the past few sessions, but that could change next week and provide a stronger trading bias. Get your weekly gold technical forecast from @PaulRobinsonFX here: https://t.co/HaEe3i4Sug https://t.co/LsARS2mnFI
  • Market uncertainty sees GBP pairs break out of their ranges. Get your weekly GBP forecast from @HathornSabin here: https://t.co/IRO7a6Jv8J https://t.co/4LxWz7sOVF
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.01% 🇪🇺EUR: 0.01% 🇨🇦CAD: -0.03% 🇬🇧GBP: -0.16% 🇦🇺AUD: -0.21% 🇯🇵JPY: -0.36% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/AXKeEsin95
Crude Oil Prices Up on US-Iran Strain, Yen Eyes Huawei Extension

Crude Oil Prices Up on US-Iran Strain, Yen Eyes Huawei Extension

Daniel Dubrovsky, Strategist

Asia Pacific Market Open Talking Points

  • Crude oil prices aiming for resistance as Trump reiterates threat on Iran
  • Asia markets may rise, US grants Huawei 90-day extension. Yen at risk
  • Australian Dollar is looking to RBA meeting minutes and Lowe speech

Trade all the major global economic data live as it populates in the economic calendar and follow the live coverage for key events listed in theDailyFX Webinars. We’d love to have you along.

Crude Oil Prices Rise as Trump Reiterates Threat on Iran

Crude oil prices rose in early Tuesday trade as US President Donald Trump reiterated hawkish commentary on Iran. As a reminder, over the past 24 hours, Mr Trump threatened the nation saying that it will “be the end” of the Islamic Republic if Tehran wants a fight. Since then, the US President added that any action from Iran ‘would be met with a great force’ and that ‘there are no talks going on’ with the nation.

Read my weekly crude oil fundamental forecast to learn more about what is in store for the commodity this week and stay updated by following me on Twitter @ddubrovskyFX

Crude Oil Technical Analysis

On a daily chart, crude oil prices are aiming higher following a bounce on support above 60.26. This leaves the commodity eyeing near-term resistance around 64.54 which acted as former support back in August 2018. Do keep in mind that the rising trend line from the end of last year (red line below) was broken, hinting that the dominant move may be lower in the medium-term.

Crude Oil Daily Chart

Crude Oil Prices Up on US-Iran Strain, Yen Eyes Huawei Extension

Chart Created in TradingView

Fed Chair Jerome Powell Speech

The US Dollar showed a muted reaction to commentary from Fed Chair Jerome Powell. Mr Powell noted that the economy is showing continued growth with job creation "strong". He noted that wages are rising in the context of rather "muted" inflationary pressures. With that in mind, the focus turns to this week’s FOMC meeting minutes.

Other Key FX News Monday

The Australian Dollar was the best-performing major on Monday as it gapped higher following a surprise victory as local Prime Minister Scott Morrison held onto power in federal elections over the weekend. Australia has gone through frequent changes in leadership in recent history and this was a source of political uncertainty for AUD. With Scott Morrison’s coalition gaining more seats, this could mean less of that ahead.

The pro-risk Aussie could have had a better day if it weren’t for pessimism in equities across the board. Fears of a US-China trade war as talks stalled last week combined with the US blacklisting Huawei on national security grounds likely dented the appeal of equities. The S&P 500 closed 0.67% to the downside, but the anti-risk Japanese Yen underperformed due to weakness in Monday Asia trade.

Tuesday’s Asia Pacific Trading Session

Following Wall Street close, reports crossed the wires that the United States Commerce Department granted Huawei, along with 68 entities, a temporary license that will expire in about 3 months. S&P 500 futures are now pointing cautiously higher suggesting that there may be gains to had in Asia equities. This could bode well for the sentiment-linked Australian Dollar.

With that in mind, the Aussie still has the RBA meeting minutes and speech from the central bank’s Governor, Philip Lowe, to await. Traders are watching for hints of a rate cut in the near-term after last week’s lackluster employment report. While the minutes will detail an interest rate decision from before the jobs report, commentary from Mr Lowe may extend the AUD/USD downtrend if he brings up concerns on the latest employment report.

FX Trading Resources

--- Written by Daniel Dubrovsky, Junior Currency Analyst for DailyFX.com

To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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