Phil Carr
The Gold & Silver Club
[COMMODITIES UPDATE] Oil prices were down on Tuesday, pressured by stalling trade talks between the United States and China which could weigh on global economic growth and dent fuel consumption.
Talks between the world's two biggest economies hit a wall over the weekend, when U.S. President Donald Trump announced new import tariffs on Chinese goods.
Meanwhile funds cut their bullish wagers on US Crude Oil in the latest week for the first time since February as U.S. Crude stockpiles rose to their highest since September 2017.
Where are Crude Oil prices heading next? Watch Phil Carr at The Gold & Silver Club review Oil with the latest price forecast and predictions:
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EUR/USD stays in daily range slightly below 1.0900
EUR/USD continues to move up and down in a narrow band slightly below 1.0900 in the second half of the day on Monday. The modest improvement seen in risk mood makes it difficult for the US Dollar to find demand and helps the pair stay in range.
GBP/USD treads water above 1.2900 amid risk recovery
GBP/USD is keeping its range play intact above 1.2900 in the American session on Monday. The positive shift seen in risk sentiment doesn't allow the US Dollar to gather strength and helps the pair hold its ground ahead of this week's key data releases.
Gold struggles to hold above $2,400
Gold loses its traction and trades in negative territory below $2,400 after suffering large losses in the second half of the previous week. The benchmark 10-year US Treasury bond yield holds above 4.2% and risk flows return to markets, not allowing XAU/USD to rebound.
Crypto Today: Bitcoin is less than 10% away from all-time high as Ethereum ETF approval anticipation brews
Bitcoin trades around $68,000 early on Monday, less than 10% away from its all-time high of $73,777 on Binance. Ethereum ETF anticipation brews among traders and Ether investment products see inflow of over $45 million in the past week.
Election volatility and tech earnings take centre stage
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The US Dollar managed to end the week higher as Trump Trades ensued. Safe-havens CHF and JPY were also higher while activity currencies such as NOK and NZD underperformed.