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. See our updated Privacy Policy here.

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
More View more
Real Time News
  • Heads Up:🇳🇱 Consumer Confidence (SEP) due at 04:30 GMT (15min) Previous: -6 https://www.dailyfx.com/economic-calendar#2021-09-22
  • PBoC liquidity injection + reports that Evergrande will make its next onshore bond payment ($35.88-million on 23 Sept) is bolstering risk appetite here. Yet, there is still no word on the $83.53-million offshore bond payment also due Thursday. Over to you now, Jpow & Co. https://t.co/3an0K2d5T1
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here: https://t.co/t9FlspUVZz https://t.co/ewdevfzq9I
  • Bank of Japan: - Outlook highly uncertain amid Covid - Asset purchase outline unchanged - Cuts assessment of production - exports, production impacted by supply side constraints - BBG
  • Heads Up:🇯🇵 BoJ Interest Rate Decision due at 03:00 GMT (15min) Previous: -0.1% https://www.dailyfx.com/economic-calendar#2021-09-22
  • What is your forex trading style? Take the quiz and find out: https://t.co/YY3ePT7Yu8 https://t.co/Gl4naStqw1
  • Hello there traders! @FxWestwater and I collaborated to bring you a breaking news story on China's #Evergrande coupon payment $AUDUSD $NZDUSD #AUD #NZD Check out the full story here - https://www.dailyfx.com/forex/market_alert/2021/09/22/AUDUSD-NZDUSD-Soar-on-Evergrande-Debt-Deal-PBOC-Liquidity-Injections.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/nZeZUyctsX
  • Commodities Update Post #Evergrande Payment News: #Gold trading cautiously higher as #USD falls (Treasury yields rising offsetting price action slightly) Growth-linked #CrudeOil prices pushing higher as Chinese slowdown woes slightly cool https://t.co/kq1l3v5O4I https://t.co/tIuUcE0b4N
  • The Spinning Top candlestick pattern forms part of the vast Japanese candlestick repertoire with its own distinct features. Gain a better understanding of the spinning top candlestick here: https://t.co/DWm7cC4v7H https://t.co/hJOIE51SQ8
  • Evergrande Sept 23 Yuan coupon payment negotiated with holders - BBG
US Dollar Rebounds, Pushing Crude Oil Lower. More Production To Keep a Lid Prices?

US Dollar Rebounds, Pushing Crude Oil Lower. More Production To Keep a Lid Prices?

Daniel McCarthy,

US Dollar, Crude Oil, Aluminium, Nikkei 225, TOPIX, Hang Seng, CSI 300 - Talking Points

  • USD found some strength in Asia ahead of US Labour Day holiday
  • Energy moved lower while aluminium rose on Guinea coup news
  • Nikkei 225 and Topix held high ground. A new dawn for the rising sun?

US Non-Farm Payrolls data disappointed markets late Friday and the US Dollar was promptly sold off going into the weekend, but has managed a small recovery in Asia today. The US jobs number came in at 235,000 rather than the forecast 733,000 while the unemployment rate was in line with expectations at 5.2%. This has the market re-adjusting the Fed winding back of asset purchasers and seeing the taper timeline delayed, not cancelled.

New Zealand Prime Minister Jacinda Ardern announced an easing of Covid-19 Delta variant restrictions outside of Auckland, New Zealand’s largest city.

A coup in Guinea has sent aluminium prices soaring. Guinea has the largest known deposits of bauxite ore, the base ingredient for making aluminium. In the last few years, the West African nation has been investing heavily in infrastructure to increase supply. A coup over the weekend by the Guinean head of special forces, Colonel Mamady Doumbouya, has raised concerns about the global supply capacity of bauxite being restricted.

Crude oil went lower on news that Saudi Arabia cut prices to all of its Asian customers, as there has been less demand resulting from further lockdowns due to Delta. Prices for North West European and United States customers remained unchanged. This comes on the back of OPEC+ announcing last week that production would be increased by 400,000 per day.

The Japanese Nikkei 225 and Topix stock indices maintained fresh highs today with optimism that a new Prime Minister will bring in further stimulus measures. Hong Kong’s Hang Seng Index and mainland China’s CSI 300 equities benchmark also had a positive start to the week after Vice Premier Lui He provided re-assurances that the government was still supportive of the development of the private economy. Recent corporate crackdowns in China have caused some cautiousness from investors.

With the States out, the next data to watch is the Chinese trade report and the RBA monetary policy meeting tomorrow.

Crude Oil Technical Analysis

Crude oil has failed to break above the down trend trading window. The price currently sits above the 21-day simple moving average (SMA) providing some positive influence but a close below the 100-day SMA may suggest that momentum is fading and the price might remain inside the range for longer.

Should a break to the topside occur, there is likely to be further resistance at the previous highs of USD 74.23 and 76.90. On the downside, support levels to watch are the previous lows at 61.74 and 57.25 as well as the lower trend line.

US Dollar Rebounds, Pushing Crude Oil Lower. More Production To Keep a Lid Prices?

Chart created in TradingView

--- Written by Daniel McCarthy, Strategist for DailyFX.com

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

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

DISCLOSURES