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Crude oil rises as US dollar slips as yields fall ahead of quartet meetings in Tokyo -by Ecork

Crude Oil, US Dollar, US Dollar, DXY Index, Quartet Meeting, Australian Dollar and New Zealand Dollar – Talking Points

  • Oil is a touch higher yet Softening the dollarso WithTreasury yields fell on Friday
  • APastock moving CDr Top But it has been curtailed by more cases of Covid-19 in China
  • Risk and growth correlated currencies are up today. WUSD sick Pick up steam again?

Both crude oil and gold gained about 0.5% due to the weakness of the US dollar at the beginning of the week, as well as the euro. The decline in WTI oil futures saw a notable recovery and markets will be watching for any upward price pressures.

The US dollar lost ground today after the US Treasury yields leaked lower through the end of last week. They’ve picked up a few key points across the curve so far. The benchmark 10-year bond was close to 2.82% at the time of printing.

US President Joe Biden is visiting Japan for the first time to attend the Quartet meeting. The Quartet meetings bring together the leaders of Australia, India, Japan and the United States.

Australia’s new prime minister, Anthony Albanese, will head to Tokyo after his party’s Labor victory Australian elections during the Weekend.

Over the weekend, India announced a raft of measures to try to mitigate inflation and supply chain problems, including cuts to fuel taxes and import duties.

The Asian session opened with strong risks of bias with stocks rising along with the Australian and New Zealand dollars. APAC indexes gave up early gains, but Wall Street futures point to a strong rally at their opening.

Asian markets have been shaken by a record number of Covid-19 cases, raising fears of further restrictions in restrictions.

There are a number of speakers from the European Central Bank, the Bank of England and the Federal Reserve who will have comments beyond the wires today.

You can view the full economic calendar here.

DXY Index (US Dollar) Technical Analysis

After hitting a 20-year high earlier this month, the DXY has stalled and appears to be heading lower to test potential support at the previous low of 102.35.

This move led to a drop below 10 days Simple Moving Average (SMA)Which could indicate that the bullish momentum may be fading. A bearish momentum may be detected in the short term.

The 10-day SMA could offer resistance as well as the recent high at 105.01.

Schedule cread in TradingView

— By Daniel McCarthy, Strategist for DailyFX.com

To connect with Daniel, use the comments section below or Tweet embed on Twitter

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