Oil prices have resumed their downtrend on Monday, as diplomatic efforts to avoid the resumption of the US-Iran hostilities intensify, which has been seen by the market as a sign that a negotiated end of the conflict is possible.
Forex
Societe Generale reports USD/JPY traded in a 157.97–158.53 range overnight, with consolidation intact below the 158.68 200-day moving average (dma) and implied volatility steady. The pair is framed by support at 156.96 and resistance at 159.04.
Forex
The EUR/USD pair trades in positive territory around 1.1160 during the early European trading hours on Monday. A hawkish stance from the European Central Bank (ECB) provides some support to the Euro (EUR) against the US Dollar (USD).
Forex
The EUR/JPY cross trades in positive territory around 176.65 during the early European trading hours on Monday. However, the potential upside for the cross might be limited amid hawkish signals from the Bank of Japan (BoJ).
Forex
Wall Street stocks tumbled as concerns over AI investment hit technology valuations. Strong U.S. jobs data complicated the Fed outlook, while rising living costs weighed on consumers.
Forex
EUR/GBP trades flat on Friday, consolidating within the tight range seen so far this week. The subdued price action suggests bears are taking a breather after five consecutive weekly losses that pushed the cross into oversold territory.
Forex
The USD/JPY pair struggles to capitalize on its intraday bounce from the weekly low, touched earlier this Friday, trading below the 158.00 mark during the early European session. Traders now look to the closely watched US Nonfarm Payrolls (NFP) report for some impetus heading into the weekend.
Forex
The British Pound (GBP) trades lower against the US Dollar (USD) on Friday, extending its correction from an almost eight-week high of 1.3500 to near 1.3425 in the European trade.
Forex
The US Dollar (USD) has maintained its bearish tone, building on Wednesday’s election-led marked pullback on Thursday.
Commodities
Democrats won both chambers of Congress, making further fiscal stimulus harder to pass and giving the Senate more leverage over Fed appointments. Trump retains considerable discretion on tariffs and foreign policy, leaving the conflict with Iran a key risk for oil prices and inflation. Since the vote, the dollar has weakened, gold has risen and oil has fallen sharply. European stocks gained, while Wall Street reversed its initial losses and moved above pre-election levels.
