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
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
Oil - US Crude
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
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
Bullish
USD/JPY
Bearish
More View more
Real Time News
  • Thin liquidity can concentrate volatility and nowhere is that more evident than with Dogecoin. $DOGEUSD was down as much as 38% today. Watch for heightened bouts of volatility amid quiet risk trends in the week ahead: https://www.dailyfx.com/forex/video/daily_news_report/2021/04/17/Dollar-Outlook-Ties-Into-Key-Data-Rate-Forecasts-and-Even-Dogecoins-Rally-.html https://t.co/JO7O7zUKe9
  • It’s important for traders to be familiar with FX spreads as they are the primary cost of trading currencies. Understand a pair's spread here: https://t.co/zEEUHZjVIG https://t.co/Vv3jZNbLWg
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here: https://t.co/BdgFmkzWwW https://t.co/9j004hyzUZ
  • Learning how to trade does not have to feel foreign. Hone your skills and build your confidence with free DailyFX guides today! https://t.co/lnxaQOsgid https://t.co/7myL4vGnt8
  • Using margin in forex trading is a new concept for many traders, and one that is often misunderstood. Margin is the minimum amount of money required to place a leveraged trade and can be a useful risk management tool. Learn about margin trading here: https://t.co/qZCE5asCzM https://t.co/yxE0OmLIP0
  • Entry orders are a valuable tool in forex trading. Traders can strategize to come up with a great trading plan, but if they can’t execute that plan effectively, all their hard work might as well be thrown out. Learn how to place entry orders here: https://t.co/1mnOXUd00T https://t.co/iSrjZTeWwf
  • There are many different types of forex orders, which traders use to manage their trades. While these may vary between different brokers, there tends to be several basic FX order types all brokers accept. Learn about different FX order types here: https://t.co/WeLInepZiD https://t.co/7B0KI8HehW
  • 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/Yl9vM73cHA https://t.co/vGW5BygTXU
  • When it comes to buying and selling forex, traders have unique styles and approaches. Learn about buying and selling forex here: https://t.co/xngExEdFdu https://t.co/kqpJ6oGXgt
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/F4dXbUzU3o https://t.co/G0ZWWVtSrZ
Crude Oil Prices Choppy, Rising Geopolitical Risks to Spark Oil Volatility

Crude Oil Prices Choppy, Rising Geopolitical Risks to Spark Oil Volatility

Justin McQueen, Analyst

Crude Oil Price Analysis & News

  • Crude Oil Choppy Conditions Persist
  • API Inventories Show Larger Than Expected Drawdown
  • Geopolitical Risks on the Rise

Since the OPEC outcome, which on the whole had been a surprise, oil prices have remained relatively rangebound as the market battles the cross-currents of a stronger economic recovery with a resurgence of virus cases. Going back to the OPEC decision, last week oil ministers unexpectedly agreed to ease production curbs, which will see roughly 2.3mbpd back online from now until July. This also comes at a time where large oil importers such as India are seeing a rise in Covid cases. Therefore, going forward, heightened volatility is likely to persist for the crude oil market.

Oil Forecast
Oil Forecast
Recommended by Justin McQueen
Download our fresh Q2 Oil Forecast
Get My Guide

API Recap: Overnight, the latest API inventory data showed a larger than expected drawdown of 2.6mln barrels (exp. 1.4mln drawdown), which has kept oil prices afloat for now. Looking ahead towards the DoE report, expectations are for a drawdown of 1.4mln barrels.

Geopolitical Risks: Another factor to consider is rising geopolitical risks, which can increase the likelihood of short-term spikes in Brent and WTI crude futures. Iran had earlier confirmed that its commercial ship in the Red Sea had been slightly damaged by an explosion. Elsewhere, a recent step-up in the Russian military checks around borders of the Ukraine have garnered attention in recent sessions, resulting in notable weakness in the Russian Rouble, but as tensions begin to rise, oil prices may be subject to a bout of volatility.

Brent Crude Chart: Daily Time Frame

Crude Oil Prices Choppy, Rising Geopolitical Risks to Spark Oil Volatility

Source: Refinitiv

IG Client Sentiment

Retail trader data shows 67.78% of traders are net-long with the ratio of traders long to short at 2.10 to 1. The number of traders net-long is 6.69% lower than yesterday and 13.39% higher from last week, while the number of traders net-short is 7.11% higher than yesterday and 7.27% lower from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Oil - US Crude prices may continue to fall.

Positioning is less net-long than yesterday but more net-long from last week. The combination of current sentiment and recent changes gives us a further mixed Oil - US Crude trading bias.

Crude Oil Prices Choppy, Rising Geopolitical Risks to Spark Oil Volatility

Source: IG, DailyFX

How to Trade Oil
How to Trade Oil
Recommended by Justin McQueen
How to Trade Oil
Get My Guide

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

DISCLOSURES