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
Bullish
Oil - US Crude
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
Wall Street
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
Gold
Bullish
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • Heads Up:🇨🇳 Caixin Services PMI (APR) due at 01:45 GMT (15min) Previous: 54.3 https://www.dailyfx.com/economic-calendar#2021-05-07
  • Heads Up:🇨🇳 Caixin Composite PMI (APR) due at 01:45 GMT (15min) Previous: 53.1 https://www.dailyfx.com/economic-calendar#2021-05-07
  • The US Dollar still remains under pressure against most ASEAN currencies heading into May. A busy week awaits the Indonesian Rupiah, Thai Baht, Philippine Peso and Singapore Dollar. Get your market update from @ddubrovskyFX here:https://t.co/Ed95511S7Y https://t.co/nhdUL1jlaI
  • Heads Up:🇦🇺 RBA Statement on Monetary Policy due at 01:30 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-05-07
  • The US Dollar still remains under pressure against most ASEAN currencies heading into May. A busy week awaits the Indonesian Rupiah, Thai Baht, Philippine Peso and Singapore Dollar. Get your market update from @ddubrovskyFX here:https://t.co/Ed95511S7Y https://t.co/R9U2jLoAD3
  • #NOK #NZD and #AUD are expected to be the most-active #G10 FX against the US Dollar with one-week implied volatility at 11.20, 9.05 and 9.05 respectively [delayed] -BBG
  • Dogecoin continues to trade higher with explosive energy, attesting to the cryptocurrency's new clout. Meanwhile, Bitcoin and Ethereum sink. Get your #Dogecoin market update from @FxWestwater here:https://t.co/ohw714KqB2 https://t.co/kAJapqX1Yi
  • Heads Up:🇦🇺 Ai Group Services Index (APR) due at 22:30 GMT (15min) Previous: 58.7 https://www.dailyfx.com/economic-calendar#2021-05-06
  • The US Dollar is still struggling against most ASEAN currencies. USD/SGD remains downside-focused despite recent gains. USD/THB is eyeing a triangle. USD/IDR and USD/PHP may point lower. Get your market update from @ddubrovskyFX here:https://t.co/6Nvvmz8h6d https://t.co/dX69A341oc
  • US Dollar Outlook: USD/CAD Volatility to Rise, Jobs Data Looms -via @DailyFX Link to Full Analysis: https://www.dailyfx.com/forex/fundamental/us_dollar_index/usd_trading_today/2021/05/06/us-dollar-outlook-usd-cad-volatility-to-rise-jobs-data-looms.html #NFP $DXY $USDCAD https://t.co/OIYZ2YXxLK
Crude Oil Prices Hit 1-Month High as the US Strikes Syria

Crude Oil Prices Hit 1-Month High as the US Strikes Syria

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Crude oil, gold prices surge after US missile strike on Syria
  • Upbeat US employment data may boost Fed rate speculation
  • Commodities vulnerable if Trump, Xi find common ground

Crude oil prices surged to a one-month high after an unexpected US airstrike against Syria stoked worries about regional supply disruption. The move built on yesterday’s gains that saw the WTI benchmark marching higher alongside the S&P 500, hinting a generally risk-on mood offered support for the cycle-sensitive commodity.

Looking ahead, the on-going meeting between US and Chinese Presidents Donald Trump and Xi Jinping remains a potent catalyst. As noted previously, signs of emerging common ground may be interpreted to mean US crude oil will flow interrupted to its biggest export market, capping price gains.

Gold prices surged as news of the Syria strike crossed the wires but the metal has been conspicuously unable to hold above critical chart resistance (see below). The March set of US employment figures is now in focus. A payrolls gain of 180k is expected, marking the smallest increase in three months.

US data flow has tended to outperform relative to forecasts in recent months, hinting that analysts are underestimating the economy’s vigor and opening the door for an upside surprise. Such an outcome may stoke Fed rate hike speculation, pressuring gold prices downward.

The Trump/Xi meeting is also an important consideration. A seemingly cordial outing may cool worries about the destabilizing impact of a rift between the world’s top-two economies. That would help clear a path for continued Fed tightening, helping to pull the metal lower.

What will drive commodity prices next week? Join our outlook webinar and find out!

GOLD TECHNICAL ANALYSISGold prices continue to push up against trend-defining resistance in the 1263.87-65.66 area (February swing high, trend line, 50% Fibonacci expansion). A daily close above this barrier initially exposes the 61.8% level at 1282.31. Alternatively, a turn below the 1241.20-49.01 zone (former resistance, 38.2% Fib) targets 1218.90, an inflection point in play since mid-January.

Crude Oil Prices Hit 1-Month High as the US Strikes Syria

Chart created using TradingView

CRUDE OIL TECHNICAL ANALYSISCrude oil prices are testing above resistance at 52.04, the 38.2%Fibonacci expansion, with confirmation of a break on a daily closing basis opening the door for a test of the 50% level at 53.57. Alternatively, a reversal below support at 50.14, the 23.6%Fib, exposes the 14.6% expansion at 48.98.

Crude Oil Prices Hit 1-Month High as the US Strikes Syria

Chart created using TradingView

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

To receive Ilya's analysis directly via email, please SIGN UP HERE

Contact and follow Ilya on Twitter: @IlyaSpivak

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

DISCLOSURES