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.

Free Trading Guides
EUR/USD
Bullish
Oil - US Crude
Mixed
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
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
GBP/USD
Mixed
USD/JPY
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
More View more
Real Time News
  • U.S. Market Analyst at https://t.co/JsVsSmefgR, Shain Vernier covers - ✔️ Safe haven assets in volatile markets ✔️ Central banks and governments ✔️ How will commodities trade in a recession Only on Trading Global Markets Decoded #podcast. Tune in here: https://t.co/1UmEzEbwiy https://t.co/X15k6b4ZyB
  • The month of May saw equities rise across the board. The #Dow Jones and #DAX 30 will look to hold above nearby support while the #Nasdaq 100 may look to attack all-time highs. Get your #equities market update from @PeterHanksFX here: https://t.co/dQxkG68R0I https://t.co/cgfcOs14qG
  • There is a dramatic departure between yield curve pricing for a recession and other measures of near-term growth; the Q2’20 Atlanta Fed GDPNow is extremely alarming.Get your market update from @CVecchioFX here: https://t.co/eMd3T8EwDO https://t.co/56oUP6we9U
  • The #DAX has now closed the gap from the beginning of March with the index breaking above 61.8% fib at 11592. Get your DAX market update from @JMcQueenFX here: https://t.co/wr67nkxc8z https://t.co/CkxPZn1v3t
  • Emerging market currencies haven’t been treated equally by the effects of global contagion, even if most have suffered to some degree. However withdrawal of investment flows could hit them all. Get your market update from @DavidCottleFX here:https://t.co/QzNoNYgMgP https://t.co/9CV6iZt40j
  • My weekend trading video: 'S&P 500 Rises on Trump China Presser, #NFPs and Rate Decisions Ahead' https://www.dailyfx.com/forex/video/daily_news_report/2020/05/30/SP-500-Rises-on-Trump-China-Presser-NFPs-and-Rate-Decisions-Ahead.html?ref-author=Kicklighter&QPID=917719&CHID=9 https://t.co/ZvoGoibzj1
  • Hopes are high for deeper European economic integration as the continent battles back from the coronavirus slowdowns – but will it hold? What impact can this have on #Euro? Find out from @JStanleyFX here: https://t.co/b9ZWRd4cTr https://t.co/gngm5tKqjz
  • The US Dollar could rise against #ASEAN currencies such as the Singapore Dollar as US-China tensions seem to escalate. The Indian Rupee is also looking ahead of local 1Q GDP data.Get your market update from @ddubrovskyFX here:https://t.co/LkEFJViPWY https://t.co/iL7xlHLBiF
  • #Gold has a short-term bullish set-up that may play nicely with USD weakening. The longer and shorter-term path of least resistance remains higher. Get your $XAUUSD technical analysis from @PaulRobinsonFX here:https://t.co/6gt3F9LuGP https://t.co/B4MVrg8f6i
  • The AUD may suffer as relations between Australia and China deteriorate amid dwindling growth prospects. Euro traders will be closely watching progress in talks about a €500b recovery fund proposal. Get your market update from @ZabelinDimitri here: https://t.co/LkEFJViPWY https://t.co/Fo1wlWyz8r
Oil Prices Plunge on Oil Demand Destruction, Will Trump Intervene? - US Market Open

Oil Prices Plunge on Oil Demand Destruction, Will Trump Intervene? - US Market Open

2020-03-30 13:10:00
Justin McQueen, Analyst
Share:

Oil, US Dollar, CAD, ZAR Price Analysis & News

  • Oil Prices Collapse on Oil Demand Destruction
  • US Dollar Benefitting from Month and Quarter End Flows
  • South Africa Bonds Downgraded to Junk

Crude Oil: Oil prices heavily in the red to begin the week amid an expected further deterioration in oil demand as countries persists with further lockdown measures. Overnight, US President Trump stated that American citizens should maintain social distancing until the end of April, while weekend reports signalled that the UK may be in lockdown until June. As such, oil prices continue to head lower with WTI crude futures trading south of $20/bbl for the first time since 2002. Elsewhere, Saudi Arabia opposed an emergency meeting with the OPEC President, indicating that Saudi Arabia remain comfortable with its current output policy. In turn, commodity linked currencies have been among the underperformers with the Canadian Dollar leading the losses in the G10 complex.

That said, at the time of writing, President Trump has stated that he will be communicating with Russia’s Putin today in order to discuss oil, providing a slight relief for oil prices. As a reminder, the Trump Administration had reportedly asked Saudi Arabia to hold off on plans to ramp up production to in April.

ZAR: South African sovereign debt now sub-investment grade after Moody’s downgraded SA debt to junk status. In turn, USD/ZAR hit a fresh record high above the 18.00 handle with SA bonds to be excluded from the World Government Bond Index from the end of next month.

US Dollar: The greenback is on the front, potentially emanating from month and quarter end rebalancing flows, which had pointed to notable USD buying. As such, the Euro looks to have topped out for now with eyes on a downside break of the 1.10 handle.

Economic Calendar (30/03/20)

Oil Prices Plunge on Oil Demand Destruction, Will Trump Intervene? - US Market Open

Source: DailyFX,

WHAT’S DRIVING MARKETS TODAY

  1. British Pound (GBP) Latest: GBP/USD and FTSE 100 Rally Look Vulnerable by Nick Cawley, Market Analyst
  2. DAX 30, Euro Stoxx 50: Bear Market Rally Leaves Global Markets at Risk of Bull Trap” by Justin McQueen, Market Analyst
  3. Gold Price May Need to Digest, but Looks Broadly Bullish by Paul Robinson, Market Analyst

--- Written by Justin McQueen, Market Analyst

Follow Justin on Twitter @JMcQueenFX

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

DISCLOSURES

News & Analysis at your fingertips.