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.

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
Subscribe
Please try again
EUR/USD
Mixed
Oil - US Crude
Mixed
Wall Street
Bearish
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
Gold
Bearish
GBP/USD
Mixed
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
USD/JPY
Bullish
More View more
Real Time News
  • Heads Up:🇫🇮 Unemployment Rate (DEC) due at 06:00 GMT (15min) Previous: 6.9% https://www.dailyfx.com/economic-calendar#2021-01-28
  • We are facing an existential question Thursday: is the enthusiasm for speculative favorites like GameStop the baseline for markets or the nascent $SPX drop ($VIX charge)? And, what can data like US 4Q GDP influence? My outlook for Thursday: https://www.dailyfx.com/forex/video/daily_news_report/2021/01/28/SP-500-Breaks-Lower-as-VIX-Soars-Will-Tesla-and-Apple-Overshadow-Gamestop.html https://t.co/ppzpUfDuGx
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in GBP/JPY are at opposite extremes with 68.25%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/un4cXxQsln
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM7kO6a https://t.co/j1x2s8OmBt
  • Forex Update: As of 05:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: -0.07% 🇬🇧GBP: -0.10% 🇪🇺EUR: -0.13% 🇯🇵JPY: -0.20% 🇳🇿NZD: -0.29% 🇦🇺AUD: -0.39% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/2cAp4ZgzJr
  • Indices Update: As of 05:00, these are your best and worst performers based on the London trading schedule: Wall Street: -0.20% US 500: -0.40% France 40: -0.60% Germany 30: -0.62% FTSE 100: -0.84% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/snDymKUOcZ
  • AMC (6.75bln mkt cap) turned over 1.25 billion shares this past session for a 300% gain. Meanwhile Apple (2.4 tln mkt cap) only did 140 mln shares on an earnings day for a -0.8% loss
  • Will the US Dollar fall versus the Singapore Dollar, Taiwanese Dollar and Philippine Peso if a fiscal stimulus delay pressures Treasury yields? The Fed and earnings may keep risk appetite intact. Get your market update from @ddubrovskyFX here:https://t.co/Q7iRYGBcNo https://t.co/FxAL6FnUST
  • #Bitcoin starting to look extremely interesting as it carves out a Descending Triangle above $30,000 If support remains intact, a rebound back towards 33,500 looks on the cards A break of triangle resistance opening the door to a retest of the yearly high #BTC #BTCUSD https://t.co/0Su2gcNFag
  • All of this insanity is happening and we have only closed out Wednesday...
IEA Report Sends Oil to 12-Year Low, Gold Leverages on Volatility

IEA Report Sends Oil to 12-Year Low, Gold Leverages on Volatility

Nathalie Huynh,

Talking Points:

  • Gold stayed elevated as risk selling disrupted this week’s recovery
  • Oil traded heavy after IEA reiterated glut outlook in 2016
  • Copper receded from yesterday’s rally, pressured by slowing China’s infrastructure investments

Oil price hit a 12-year low at 27.92 early in Asian session after the International Energy Agency (Paris) published view that oil glut may last through 2016. Mild winter temperature and weak economic sentiment were cited to drive demand from a 5-year high in third quarter to a 1-year low in fourth quarter. Global supplies are forecasted to add 285 million barrels this year in spite of lower non-OPEC production, and Iran likely contributes around 300,000 barrels/day by end of 1Q.

Brent-WTI spread has returned to positive territory, although both benchmarks are subject to prolonged weakness as they struggle to climb above $30. Our previous report highlighted that oil lacks momentum to sustain upward movement.

Gold price holds on to the topside as tumultuous selling of commodities and risk assets interfered with this week’s recovery. An unexpected ally came by way of Bank of England Governor Carney’s expressed hesitation to raise interest rate this year. Lower rate coupled with unruly adjustments in China’s growth opened up an angle of gold interests.

Copper price has been through high volatility this week and yesterday receded from the biggest bounce since January 11. Today’s breakdown of China GDP report affirmed a slowing trend in infrastructure fixed asset investment, not a good sign for industrial metals.

GOLD TECHNICAL ANALYSIS – Gold stays elevated in the upper area of 20-day moving average at 1082.3. Similar to copper, upward momentum is building up nicely in gold price. Although high volatility may not support a sustainable rally, upside moves likely persist amid a tumultuous market.

IEA Report Sends Oil to 12-Year Low, Gold Leverages on Volatility

Daily Chart - Created Using FXCM Marketscope

COPPER TECHNICAL ANALYSIS – Copper price returned below 2.0020 resistance level after a brief touch above it yesterday. Upward momentum still dominates the daily chart, keeping focus on upside extensions. However resistance is expected to hold in the short term.

IEA Report Sends Oil to 12-Year Low, Gold Leverages on Volatility

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS WTI oil shows no sign to bounce back today after a fresh low in 27.7-28.1 area. Flat momentum in oversold territory does not help the situation. Topside remains capped by 10-day moving average at 30.51.

IEA Report Sends Oil to 12-Year Low, Gold Leverages on Volatility

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