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|It was a bearish week for the European majors, with a hawkish FOMC outlook on monetary policy doing the damage late in the week.
Industry
The dollar continues to rally
IndustryNEW YORK (Reuters) -Oil futures rose on Friday, reversing early losses and set for a fourth week of gains after OPEC sources said the producer group expected limited U.S. oil output growth this year despite rising prices.
IndustrySilver markets initially tried to rally during the course of the week but have since been hammered to reach down towards the $26 level.
IndustryUSD/CAD tested resistance at 1.2480.
Industry(Reuters) – The coming reduction in the Federal Reserves bond purchases may bear little resemblance to the “automatic pilot” tapering exercise the U.S. central bank conducted seven years ago, as officials grapple with volatile data – on inflation in particular – during the rebound from the COVID-19 pandemic, a Fed official said on Friday.
IndustryTraders may be using this week‘s hawkish tone in the Fed’s monetary policy statement as an excuse to book profits after posting a 17-day rally.
IndustryThe US dollar initially fell during the trading session on Friday, but then turned around to show signs of life again. However, there is a major divergence flashing.
IndustryThe direction of the gold market on Friday will be determined by trader reaction to the technical retracement zone at $1798.80 to $1770.40.
IndustryMeanwhile, WTI oil is trying to settle below the $70 level.
Industry
Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger EUR/USD-bearish contrarian trading bias.
IndustryUSD/CAD received support near 1.2065 and returned to 1.2100.
IndustryThe direction of the EUR/USD is likely to be determined by trader reaction to the 50% level at 1.2185.
IndustryThe US dollar has gone back and forth during the course of the trading session on Wednesday as we continue to see this market try to build up momentum to channel higher.
IndustryIts been a fairly quiet start to the week in many markets with FX ranges narrow and directionless trading in the dollar after the signature US payrolls data last week failed to embolden either the bulls or the bears.
IndustryEUR/USD is moving sideways and a breakout is needed to confirm the next price swing. A bullish breakout should retest the resistance zone again.
IndustryThere will be no respite for the battered Indian rupee over the coming year as surging COVID-19 cases amid timid economic recovery and deteriorating external position will pose downside risks.
Industry(Reuters) – JPMorgan Chase & Co on Monday launched a new division in its asset management business that will give institutional and high-net-worth clients opportunities to invest in and lend to young, fast-growing companies.
IndustryBRASILIA (Reuters) – Brazilian banks saw profitability fall last year for the first time since the 2015-2016 recession, according to a central bank report on the banking system on Monday, as the COVID-19 pandemic forced institutions to increase provisions.
IndustryMeanwhile, WTI oil is trying to settle above the $70 level.
Industry
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