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  • Gold prices have plunged more than 5.1% off the September highs with the sell-off taking XAU/USD back into key technical support. Get your $XAUUSUD market update from @MBForex here:
  • WTI higher by almost 2% as global energy prices continue to rise $CL $CL_F #Oil
  • Higher global natural gas prices could hint to a near-term increase in US exports - Moody's via BBG $NG $NG_F
  • WTO crude is on pace to put in its highest session close in three years. If it clears 76, it will be a far bigger technical event. $CL_F weekly chart below
  • Fed's Williams: - It is reasonable for the taper to be completed by mid-2022 - I recognize that inflation is currently elevated
  • Both USD/CHF and USD/SEK rates appear poised for most upside in the near-term, while surging energy prices may be offering a different route for USD/NOK. Get your market update from @CVecchioFX here:
  • Fed's Williams: - Optimistic that the economy will allow an "imminent" taper - Elevated levels of uncertainty make forecasting difficult
  • Gold Price Outlook: #Gold Drops into Pivotal Support- $XAUUSD Levels -
  • Fitch Ratings: - We do not expect the advent of a new gov't in Germany to produce a significant change in near-term economic prospects - Expect sound fiscal policies following German elections, with a focus on sustainability of public debt
  • The USD is trading in an ascending triangle formation, marked by horizontal resistance around the 2021 highs to go along with bullish trendline support. Get your market update from @JStanleyFX here:
The Influence and Limitations of Oil on Risk and Global Growth

The Influence and Limitations of Oil on Risk and Global Growth

John Kicklighter, Chief Strategist

Talking Points:

• A nearly 4.5 percent rebound in crude through the second half of this past week doesn't turn the trend

• Having hit 12-year lows after a relentless bear trend, oil has been labeled the key to markets and global growth

• While energy prices do have significant sway over the system, its influence is not omnipotent

See the DailyFX Analysts' 1Q forecasts for the Oil as well as equities and the Majors in the DailyFX Trading Guides page.

It is no wonder why oil and commodities are a common topic for all market participants - whether they trade that asset class or not. The collapse crude in particular has suffered the past two years has been severe and it has also notably preceded a decline in the wide financial system that is just starting to unnerve investors. This notoriety has led the market to attribute greater powers of influence to energy prices when it comes to broader market sentiment and global growth than is reasonable. Oil prices can have knock-on effects for the financial system via producers (emerging market producers and energy companies unable to cover their loans) and it can churn GDP, but it is unlikely to override themes like risk trends and monetary policy - especially in the week ahead. We focus on the market influence of the headline-darling, oil, in this weekend Strategy Video.

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