Welcome to this week’s Market Blast Fundamentals.
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I’m Brad Alexander and, on behalf of Valutrades, today we will take a look at NZDUSD, EURUSD, EURGBP, Gold (XAUUSD), Brent Crude (UK Oil) and WTI (US Oil).
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We can see from these daily charts on WTI and Brent Crude that price has fallen lower than $77 and $79 respectively, as the markets await news on the release of oil reserves.
Joe Biden has asked OPEC to maintain production; he has asked Japan to release their reserves as well; and European COVID lockdowns have meant that demand may not return very soon, so Crude could go even lower.
Gold has fallen below the $1850 level and we will look at this from the technical standpoint tomorrow.
The new COVID lockdowns have kept the price of Gold higher but pressure from a stronger USD might pull XAUUSD down if a new Fed Chair decides to accelerate the tapering process and look at raising interest rates sooner.
We can see a stronger USD but watch this week for US GDP figures, Home Sales, and Core Durable Goods Orders.
The Bank of England governor Andrew Bailey will be speaking Thursday to explain his views on inflation and investors will be looking for more clues on the next interest rate rise.
Also, it is possible that the Reserve Bank of New Zealand will be the first of the major economies to raise interest rates and we see mixed views on NZD but we expect volatility and some great trading opportunities on Wednesday.
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