0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Mixed
Oil - US Crude
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Bearish
Gold
Mixed
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • 🇨🇳 FDI (YTD) YoY (JUL) Actual: 0.5% Previous: -1.3% https://www.dailyfx.com/economic-calendar#2020-08-13
  • Have you been catching on your @DailyFX podcast "Global Markets Decoded"? Catch up on them now, before new episodes release! https://t.co/Twr44cZ1GB https://t.co/6b3JtrSQnP
  • Join @PaulRobinsonFX 's #webinar at 5:30 AM ET/9:30 AM GMT to learn about how you can become a better trader. Register here: https://t.co/WeWGKtdlyz https://t.co/4hIQtGPL0N
  • Gold Prices May Resume Selloff After Digesting Largest Drop in 7 Years - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/commodities/2020/08/13/Gold-Prices-May-Resume-Selloff-After-Digesting-Largest-Drop-in-7-Years.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #XAUUSD #gold https://t.co/aWOvE1KJXc
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 95.83%, while traders in US 500 are at opposite extremes with 77.46%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/EQ77jevtaX
  • Heads Up:🇫🇷 IEA Oil Market Report due at 08:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-08-13
  • Hey traders! I'm sure you've all heard about trend trading. Sharpen your knowledge here: https://t.co/jkliL5sxj7 https://t.co/QPW1os7wbE
  • Commodities Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Silver: 0.98% Gold: 0.60% Oil - US Crude: -0.18% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/gDZGfvBOHv
  • Forex Update: As of 07:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.31% 🇨🇭CHF: 0.22% 🇬🇧GBP: 0.21% 🇦🇺AUD: -0.01% 🇨🇦CAD: -0.03% 🇳🇿NZD: -0.20% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/9IwXKOUieT
  • Indices Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Wall Street: -0.16% US 500: -0.17% Germany 30: -0.24% France 40: -0.50% FTSE 100: -0.96% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/MtMyrT3zZY
Oil Recovers in Asia Trade Ahead of European Leaders Meeting

Oil Recovers in Asia Trade Ahead of European Leaders Meeting

2015-07-07 05:53:00
Nathalie Huynh,
Share:

Talking Points:

  • Crude oil prices picked up in Asian trade coming up to a Eurogroup meeting
  • Gold fell as Europe’s contagion risk faded, looking to USD and Fed minutes
  • Copper has been flat after yesterday’s loss, still weighed by China equities

Crude oil prices are attempting to recover in Asia morning trade after suffering the biggest loss in five months yesterday. Anxiety about economic stability in Europe and China coupled with the prospect of additional supplies from Iran induced a 7.7 percent loss in WTI and 6.3 percent loss in Brent overnight. As market players await revived Greek debt negotiations at Tuesday’s Eurogroup meeting, the drop in prices paused and a rebound began at Asian open. WTI oil has put on nearly 0.9 percent and Brent has gained back over 1 percent.

While worries of a contagion from the Greek crisis seemed to fade, the full effect of China’s measures to stem the stock exchange slump and spill-over affects to its economy remain to be seen. The deleveraging process continues in China’s equity market after the Shanghai exchange recorded a 29 percent drop in June.

Gold has fallen in Asia morning trade after a 0.1 percent rise yesterday, as the US Dollar and the outlook for higher US interest rates continue to provide downward pressure. Prior safe haven flows into gold have moderated, perhaps as contagion risk from Greece into other peripheral countries was discounted. This has been shown in stabilising yield spreads between Italian/Portuguese and German bonds, both of which are trading much lower than the peaksrecording during the last Greek debt crisis episode. Gold will look to US Dollar movements following the release of minutes from June’s Federal Reserve policy meeting for direction clues. The Fed’s board will also hold a closed-door meeting planning Chair Yellen’s semi-annual testimony to Congress scheduled for July 15-16, but the absence of follow-on commentary may make this a non-event for markets.

Copper has stayed flat today awaiting the outcome of Tuesday’s meeting among European leaders. Copper saw the biggest loss since January at 2.9 percent yesterday. Prices are still bogged down by big swings in China’s stock market that threaten to spill over to economic activity at large. The Shanghai Composite Index has lost a further 3.6 percent today as the interventions announced on Monday have not deterred the sell-off. These measures included a suspension in IPOs and committed inflows from 21 brokerages. Market players have deemed these measures rather short-term in nature and thereby insufficient to address the deleveraging issue. Copper prices are down 11 percent so far this year.

GOLD TECHNICAL ANALYSIS Gold has been sold since Asia open despite an upward bias in momentum signals. This rebound in momentum will likely help to contain further losses and keep gold above support at 1162.50 for now. Bullion remains volatile at this close proximity to support and as such does not warrant range trades. A break of support would open up the 1150 region below, followed by the next support level at 1142.

Oil Recovers in Asia Trade Ahead of European Leaders Meeting

Daily Chart - Created Using FXCM Marketscope

COPPER TECHNICAL ANALYSIS Copper has stayed flat in Asia trade after yesterday’s fall broke through a support and touched down to the 2.5050 level. Downward pressure persists and there is still room for lower extensions all the way towards another support at 2.4190. A return of the lower-low pattern in the next few sessions would provide a good sign for the bears. Otherwise consolidation will likely continue right above support levels.

Oil Recovers in Asia Trade Ahead of European Leaders Meeting

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS WTI oil is hovering over 50% Fibo support at 52.28 today after its descent from the 55.50 region in yesterday’s trade. Downward momentum looks to be waning. This would help to hold prices above support level. The bears may wait for a break of this level and subsequent tests of the 61.8% Fibo level at 49.86 before considering short positions.

Oil Recovers in Asia Trade Ahead of European Leaders Meeting

Daily Chart - Created Using FXCM Marketscope

--- Written by Nathalie Huynh, Currency Strategist for DailyFX.com

Contact and follow Nathalie on Twitter: @nathuynh

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

DISCLOSURES

News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.