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The most recent report from the Energy Information Administration (EIA) on July 17, 2024, indicated that Crude Oil inventories in the US decreased by 4.9 million barrels for the week ending July 12, 2024, which was lower than the -0.9 million barrels predicted by economists. 
Despite causing a temporary surge in Crude Oil prices on the day of the report, the commodity has experienced a 5.3% decline compared to the week of June 30.  The decline can also be attributed to the global economic slowdown and mixed economic indicators.

Gold has been in a corrective phase since July 17, when it reached an all-time high of $2483.70 per troy ounce due to a slowdown in China's economy and sluggish demand from Asia. Traders are anticipated to carefully monitor the market, as significant geopolitical and economic events could change the direction of the precious metal.

The GBPJPY is bouncing back from the lower Bollinger Band despite the recent release of UK Retail Sales, which revealed a weakening of consumer spending. The report showed a decline from the previous month and fell short of analysts' projections, which had anticipated a milder decrease. Traders are expected to closely monitor the currency pair in light of the forthcoming release of significant economic data that could impact currency valuations.
 

The major JPY currency pairs dropped after the Consumer Price Index data, a key indicator of inflation, showed a slowdown in consumer prices. This brought the Fed closer to its 2% target and led to discussions of a rate cut in September. The USDJPY is currently recovering after yesterday's daily range of 433 pips. Traders are expected to keep a close eye on the currency pair due to the upcoming release of significant economic data, including the Producer Price Index, which could impact currency valuations.

The Reserve Bank of New Zealand's less Hawkish statement prompted speculation of a potential interest rate cut later in the year, contingent upon inflationary pressures easing. In response to the Committee's statement, the NZD/USD exchange rate dipped below the moving average line, signaling bearish pressure. Traders are expected to monitor the currency pair in light of the upcoming release of significant economic data that could potentially impact currency valuations.

The EURUSD advanced amid softer-than-expected US ISM Services PMI coupled with a possible slowdown in the US labor market, as indicated by the latest ADP report showing that private payroll growth edged lower in June. Traders are expected to closely monitor the currency market in light of the forthcoming release of significant economic data, including the week's main event, the Nonfarm Payrolls, that could potentially impact currency valuations.

Gold is taking a breather after hitting the all-time high of $2450.06 per troy ounce on May 20. Despite a subsequent correction, Gold remains on an upward trajectory, as various technical indicators indicate. A potential breakout above the downtrend line will open the way for Gold prices to retest the highest price ever reached. Traders are expected to closely monitor the market in light of the forthcoming release of significant economic data that could impact the commodity's price.

During the Asian session, the EURUSD rebounded from the 161.8 percent Fibonacci Extension in response to Sunday's first round of the French snap parliamentary elections.  Later today, the preliminary Consumer Price Index, comprised of 6 German states that report their CPI throughout the day, is expected to be released.  The preliminary release is the Eurozone's earliest major consumer inflation.  Also, the US ISM Manufacturing Purchasing Managers' Index is due to be released with a potential reading above 50.0, indicating industry expansion.