Crude Futures, Extend Recent Gains, Settle At Near 5-month High

Trading 02 avr 2019 Commentaire »

Crude oil futures ended higher on Tuesday, extending gains to a third successive day, ahead of weekly crude inventory data.

Traders were betting on hopes crude tightening supplies and slightly fading concerns about global slowdown will push crude oil prices up.

Worries about global growth have faded a bit after data earlier this week showed an improvement in factory activity in the U.S. and China in the month of March.

West Texas Crude oil futures for May ended up $0.99, or 1.6%, at $62.58 a barrel, registering the highest settlement price since early November.

On Monday, crude oil futures for May settled at $61.59 a barrel, gaining $1.45, or 2.4%.

On Monday, there were reports in media that quoted a senior official from U.S. as saying the Trump administration may impose additional sanctions against Iran.

Reports about Venezuela halting operations at a key crude terminal due to a lack of electricity supply too contributed to the rise in crude oil prices.

Also, a report from Bloomberg on Monday said a survey found output from OPEC fell for a fourth month in April, declining by 295,000 barrels a day to 30.385 million, with Saudi Arabia continuing to curb output and Venezuelan production suffering as an economic and political crisis deepened.

Meanwhile, markets are looking ahead to weekly oil reports. While the American Petroleum Institute will release its report later in the day, the official data from U.S. Energy Information Administration is scheduled to be released on Wednesday morning.


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Treasuries Show Modest Rebound Following Recent Pullback

Trading 02 avr 2019 Commentaire »

After moving notably lower over the past few sessions, treasuries regained some ground during the trading day on Tuesday.

Bond prices moved to the upside early in the session and remained modestly higher throughout the day. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, edged down by 1.6 basis points to 2.481 percent.

The modest rebound by treasuries came as traders picked up bonds at somewhat reduced levels following the pullback seen in recent sessions.

Treasuries remained positive following the release of a Commerce Department showing a steep drop in durable goods orders in the month of February, with the decrease largely due to a nosedive in orders for transportation equipment.

The Commerce Department said durable goods orders tumbled by 1.6 percent in February after inching up by a downwardly revised 0.1 percent in January.

Economists had expected durable goods orders to plunge by 1.8 percent compared to the 0.3 percent increase that had been reported for the previous month.

Excluding the substantial decrease in orders for transportation equipment, however, durable goods orders actually inched up by 0.1 percent in February after edging down by 0.1 percent in January.

The Commerce Department also said orders for non-defense capital goods excluding aircraft, a closely watched indicator of business spending, edged down by 0.1 percent in February after climbing by 0.9 percent in January.

Paul Ashworth, Chief U.S. Economist at Capital Economics, noted shipments in the same category were unchanged, albeit after a 1.0 percent jump in January.

"Nevertheless, non-defense capital goods (ex-aircraft) shipments are on track to expand by a modest 4% annualized in the first quarter, which points to an equally modest gain in business equipment investment," Ashworth said.

He added, "The moderation in the survey evidence over the past few months, which reflects the global manufacturing downturn, indicates that underlying durable goods orders and shipments will continue to grow at a very modest pace over the next few months."

Trading on Wednesday may be impacted by reaction to reports on private sector employment and service sector activity, although trading activity may remain subdued ahead of Friday's more closely watched monthly jobs report.


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Gold Futures Settle Slightly Higher

Trading 02 avr 2019 Commentaire »

Gold prices edged higher on Tuesday, as the U.S. dollar softened against major currencies. However, gains in equities limited gold's upside.

Optimism about U.S.-China trade talks and slightly easing worries about global growth after recent data showed an improvement in U.S. and Chinese factory activity in the month of March continued to prompt investors to go for riskier assets such as stocks.

The dollar index shed about 0.1%.

Gold futures for June ended up $1.20, at $1,295.40 an ounce.

On Monday, gold futures settled at $1,294.20 an ounce, losing $4.30, or 0.3%.

Silver futures for May ended down $0.038, at $15.061 an ounce, while Copper futures for May settled at $2.9055 per pound, losing $0.0190 for the session.

Investors are betting on hopes the upcoming Sino-U.S. trade negotiations in Washington, following last week's of talks in Beijing, will help bring the the two largest economies in the world closer to a long term trade deal.

Meanwhile, in U.S. economic news today, data from the Commerce Department showed orders for U.S. manufactured durable goods showed a steep drop in the month of February, with orders for transportation equipment leading the way lower.

The report said said durable goods orders tumbled by 1.6% in February after inching up by a downwardly revised 0.1% in January.

Economists had expected durable goods orders to plunge by 1.8% compared to the 0.3% increase that had been reported for the previous month.


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April 2, 2019 : GBP/USD Intraday technical analysis and trade recommendations.

Trading 02 avr 2019 Commentaire »

analytics5ca38edc5526a.jpg

On January 2nd, the market initiated the depicted uptrend line around 1.2380.

This uptrend line managed to push price towards 1.3200 before the GBP/USD pair came to meet the uptrend again around 1.2775 on February 14.

Another bullish wave was demonstrated towards 1.3350 before the bearish pullback brought the pair towards the uptrend again on March 11.

A weekly bearish gap pushed the pair slightly below the trend line (almost reaching 1.2960) before the bullish breakout above short-term bearish channel was achieved on March 11.

Bullish persistence above 1.3060 allowed the GBPUSD pair to pursue the bullish momentum towards 1.3130, 1.3200 then 1.3360 where the recent bearish pullback was initiated.

Bullish persistence above 1.3250 was needed for confirmation of a bullish Flag pattern. However, significant bearish pressure was demonstrated below 1.3250 demonstrating a false bullish breakout above 1.3200 (the upper limit of the depicted bearish channel).

Hence, the short term outlook turned to become bearish towards 1.3150 - 1.3120 where the depicted uptrend line failed to provide any immediate bullish support.

By the end of last week, the price levels of 1.3020-1.3000 (the lower limit of the depicted movement channel) demonstrated significant bullish rejection.

This pushed the pair up towards the price zone of (1.3150-1.3160) where the upper limit of the depicted bearish channel demonstrated evident bearish rejection to retest the recent bottom established around 1.3000-.2980.

Trade Recommendations:

Intraday traders should wait for another bullish pullback towards the upper limit of the movement channel as well as the backside of the broken uptrend line around (1.3160-1.3180) for a valid SELL entry.

SL to be located above 1.3200. TP levels to be located around 1.3100 and 1.3020.

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*IMF's Lagarde: Making Economies More Resilient Is Critical

Trading 02 avr 2019 Commentaire »

IMF's Lagarde: Making Economies More Resilient Is Critical


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*IMF's Lagarde: Policy Missteps Must Be Avoided, Ensure Right Actions

Trading 02 avr 2019 Commentaire »

IMF's Lagarde: Policy Missteps Must Be Avoided, Ensure Right Actions


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*Lagarde:Expected Rebound In Global Growth This Year Vulnerable To Downside Risks

Trading 02 avr 2019 Commentaire »

Lagarde:Expected Rebound In Global Growth This Year Vulnerable To Downside Risks


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*IMF's Lagarde: Corruption Lowers Growth, Increases Inequality, Feeds Distrust

Trading 02 avr 2019 Commentaire »

IMF's Lagarde: Corruption Lowers Growth, Increases Inequality, Feeds Distrust


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*IMF's Lagarde: Trade Barriers Clearly Damage Investment And Employment

Trading 02 avr 2019 Commentaire »

IMF's Lagarde: Trade Barriers Clearly Damage Investment And Employment


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*Lagarde:World Economy At Delicate Moment, Several Risks Add To Unsettled Outlook

Trading 02 avr 2019 Commentaire »

Lagarde:World Economy At Delicate Moment, Several Risks Add To Unsettled Outlook


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