Research & Education

Crude oil prices have been moving upward since December 14, 2023, when it hit a low of $67.708 per barrel.  This is despite concerns about global demand, economic uncertainty, geopolitical tensions and a stronger US dollar.  As of April, the price of Crude Oil has rallied to $87.81.  Traders will be keeping a close eye on the upcoming Crude Oil Inventories report on Wednesday, as it may have an impact on the price of Oil.

The recently published inflation data has considerably impacted the currency market, causing the Dollar Index to move significantly upward.  This unexpected surge in inflationary pressure has resulted in market speculation and a reevaluation of the current market sentiment concerning a possible rate cut by the Federal Reserve in the near future.
Traders will be keeping a close eye on the currency market, as significant economic data that could affect currency valuations will be released later today. 

The latest employment figures in the United States have increased the US Dollar, impacting the major currency pairs, including the USDJPY. Additionally, the recent exit of the Bank of Japan from its negative interest rate policy, coupled with a 12th consecutive monthly decline in household spending, has contributed to an upward bias in the USDJPY exchange rate.

Yesterday's trading session saw the price of Gold closing at 2297.55 US Dollars per troy ounce, surpassing the previous all-time high and setting an unprecedented record of eleven all-time highs in 2024 alone.  This surge in value can be attributed to several factors, including the recent retracement of the US Dollar, ongoing geopolitical uncertainty, mounting inflationary pressure, and the potential for an extended period of high interest rates. 

Positive results in the manufacturing industry after sixteen months of consecutive contraction in the US and less-than-forecasted consumer prices in Germany pulled the US Dollar Index higher and pushed the eurozone single currency lower.

The Swiss franc has been in an uptrend since February 7, following a path of successively higher peaks and troughs. This was propelled by the rallying US dollar, as well as the recent monetary easing implemented by the Swiss National Bank. Traders are expected to closely monitor the currency pair in light of the forthcoming release of significant economic data that could potentially impact currency valuations.

The GBPJPY pair is off to a fresh start this week with a bullish candlestick, signaling the end of a short-term decline of two consecutive bearish sessions. As of now, the exchange rate is hovering slightly above the support level of 191.315 and is showing signs of gaining momentum to reach the resistance level of 193.533.

Despite a more-than-anticipated decrease in crude oil stockpiles, the commodity closed the week at $81.222 per barrel.