The Bullet Report: Oil under pressure, Gold climbs

Yesterday ECB left the deposit rate unchanged at -0.4% and the main refinancing rate at 0%. The central bank also maintained the asset purchase of 80B euro per month until March 2017 or beyond, if necessary. Despite rigorous questions about Brexit’s impact on Eurozone’s outlook and ECB’s monetary policy outlook, Draghi refrained from giving any hints about the next move. The EURUSD was steady at $1.1020.The common currency had briefly risen to $1.1060. Today’s calendar features EU PMI data followed by Canadian CPI this afternoon.

Currencies: The USD index was flat at 96.94, compared with its 4 month peak of 97.32 posted on Wednesday. Commodity currencies are generally soft in Asian session and are set to end the week lower in generally. AUD and NZD are pressured by weak commodity prices and expectation for easing from respective central banks. , CAD is weighed down by weakness in oil price where WTI is below 45. On the other hand, GBP is stronger as markets continue to re-assess their expectation of August BoE easing.

Stocks: Asian stocks dipped on Friday after weak corporate results halted Wall Street’s record run overnight, while the yen held to large gains made after the Bank of Japan governor downplayed the need for “helicopter money” stimulus. The pause in the rally was also reflected earlier in Wall street, as the Dow Jones, snapped a 9 day winning streak, because of disappointing results from Intel and other key transportation companies.

Oil and Gold: Brent crude advanced 0.3% to $46.34 a barrel after tumbling about two% on Thursday. It is headed for a 2.7% drop for the week. Crude oil rose 0.2% to $44.82 a barrel, poised for a 2.5% fall in a week in which they touched a 2 month low. Gold rose as the metal moves indirectly correlated to the stock market

The post The Bullet Report: Oil under pressure, Gold climbs appeared first on Forex.Info.

Source:: The Bullet Report: Oil under pressure, Gold climbs

About the Author
With over a decade of trading expertise and 100,000 fulfilled clients in 160 countries worldwide, easyMarkets will tick all your boxes whether you are a new or experienced trader, affiliate or introducing broker. [space height="20"] Trade 300+ markets including currencies, commodities, metals, vanilla options and indices from one place without the jargon, complicated offers and confusing terms! [space height="20"] Welcome to the exciting world of trading. Welcome to easyMarkets.

Related Posts

Leave a Reply