Hey Valutraders! Did you trade the volatility in WTI last week?
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I’m Brad Alexander and in this week’s Market Blast Fundamentals let’s take a look at USDJPY, EURAUD, AUDCHF, USDCAD, and WTI (USOil).
You may have noticed that the title of today’s video, and my intro, are exactly the same as last week’s.
The volatility in WTI and Brent Crude got even wilder on Friday with China’s weak data, and then the PBOC forecast for good growth followed driving prices up.
In fact, at least one commodities analyst at Goldman Sachs is looking at $100 per barrel of oil before the end of the year.
We have an incredible amount of Economic News this week with the world watching Jerome Powell testifying before the US Congress this week and, the famous Non-Farm Payrolls on Friday which the Fed needs to watch and which always moves the markets.
The Reserve Bank of Australia will be announcing its Interest Rate decision this week, amid a growing Inflation problem.
Canada will announce its rate decision as well, followed by Japan.
We may have some good counter-trend reversals to trade if the AUD moves against the trend and reverses again on pairs like EURAUD and AUDCHF.
Almost every CAD pair may be a candidate as well as we have mixed strength vs weakness depending on which pair you analyse.
JPY is different as its overall weakness has returned to the markets.
Any move on Interest Rates back to zero will be good for the currency and the market is waiting to see what influence the new governor will have on monetary policy when he takes over.
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