Forex Signals Brief for Jul 6: Oil on the Charge
Markets might have only had a reduced session, but we again saw positive momentum particularly in oil.
US Wrap
Markets might have only had a reduced session, but we again saw positive momentum particularly in oil.
Over the past few weeks, we’ve seen strong buying in WTI with prices now above the $75 mark. We must remember that 12 months ago, futures were trading in negative territory. Now with inflation running rampant and gas prices blowing up, could we again see $100 oil?
The other driver overnight was ‘OPEC+ ministers callling off oil output talks after the United Arab Emirates rejected a proposed eight-month extension to output curbs’.
The Data Agenda
In Europe, we will be watching German ZEW Sentiment in what has been a number on the decline, thanks to the actions of Angela Merkel.
For US traders, ISM Non-Manufacturing PMI is the main reading today.
Forex Signal Update
The FX Leaders Team hit 2 winners from 2 trades in what was a solid start to the week of trading.
We have nine open signals at the moment, so look to the forex signals page for all the latest developments.
XRP – Active Signal
XRP hasn’t been moving all that much and price has been trapped under 70 cents for some time now.
EUR/USD – Active Signal
The Greenback saw some weakness yesterday and that helped the EUR/USD push higher, however, we are still anticipating a break of the 1.1850 level.
Cryptocurrency Update
BTC has been soft over the past 24 hours and is currently under the $34,000 level. There’s been little by way of market-moving headlines for the past week and in reality, Bitcoin and the broader market has been range-bound for some time.
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