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Crude Oil Picks Up, Euro Nears Important Support, Equities Remain Bouyant  - US Market Open

Crude Oil Picks Up, Euro Nears Important Support, Equities Remain Bouyant - US Market Open

2020-02-06 13:30:00
Nick Cawley, Strategist
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US Market Open – US Dollar, Gold,Crude Oil,Indices,

  • Crude oil off its low on chatter that OPEC+ will cut production.
  • EUR/USD trades either side of 1.1000 after worrying German data.
  • Equity markets remain biased to the upside.

Crude Oil Boosted by OPEC+ Talk, Trade Hopes

US crude oil is battling back after hitting a one-year low this week on a combination of OPEC+ talk and Chinese tariff news. OPEC+ is mooting production cuts of 600k barrels a day in order to balance out lost demand caused by the Chinese flu outbreak. In addition, overnight news that China would halve a range of tariffs on US goods to the tune of $75 billion gave risk markets a nudge higher, although the positive sentiment remains muted for now.

Crude Oil Prices Up as China Pledges to Lift Some US Import Tariffs

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EUR/USD Falls After Data Shows Slumping German Factory Orders

Another set of weak data, this time German factory orders, added further downside pressure on EUR/USD, pushing it close to an important support level. The Euro, already under the pump after Wednesday’s much weaker-than-expected euro-zone retail sales release, is trading wither side of 1.1000 against a strong US dollar and any upside beat in Friday’s US Labor Report (NFPs) may see stubborn support finally crack.

EUR/USD Price Analysis: Treading on Thin Ice After Dismal German Data

EUR/USD BULLISH
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of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -28% 5% -5%
Weekly -15% 12% 5%
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European Stock Markets – Positive Sentiment Remains in Place

Record highs in the Nasdaq and the S&P 500 helped push European equity markets higher in morning trade, with the DAX up for the fifth straight day, while the CAC 40 rose after Societe Generale announced it is thinking of a share buyback after positive quarterly results.

European Stocks Outlook: Trending Higher on Trade and Virus Hopes

Daily DAX Price Chart (June 2019 – February 6, 2020)

Dax 30 rallies for 5 days

For a full rundown of all market moving economic data and events see the DailyFX Calendar

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your market view – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact via Twitter @nickcawley1.

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

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