The US Oil climbed as much as 81.58 in the last trading session, registering a new higher high. After the last swing higher, a correction is expected. The price rallied in the short term as the US Crude Oil Inventories came in at -1.5M versus the 0.9M expected. Today, the US Prelim UoM Consumer Sentiment, Capacity Utilization Rate, and Empire State Manufacturing Index came in worse than expected.
Technically, the US Oil failed to stay above the median line (ML) of the ascending pitchfork, signaling exhausted buyers. Now, it has retested the median line and the upper median line (uml). Staying within the descending pitchfork’s upper median line (uml), the rate could develop a corrective phase. A new lower low activates more declines.
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EUR/USD remains near 1.0400 post-US PCE
The US Dollar’s inconclusive price action allows some recovery in EUR/USD, keeping the pair around the 1.0400 region following the release of PCE inflation data for the month of January.
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Gold slumps to fresh multi-week lows below $2,840
Gold stays under bearish pressure and trades at its lowest level in three weeks below $2,840. The uncertainty surrounding the Trump administration's trade policy and month-end flows seem to be weighing on XAU/USD, which remains on track to snap an eight-week winning streak.
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GBP/USD clings to gains just above 1.2600 after PCE data
GBP/USD remains positively oriented in the 1.2600 neighbourhood as the Greenback is navigating a vacillating range following the PCE inflation release.
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The week ahead – US Payrolls, ECB rate meeting, ITV results – W/c 3rd March
Having seen the Federal Reserve keep rates on hold last month the US labour market continues to show remarkable resilience, despite seeing a slowdown in hiring in January, after a blow out December number.
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Weekly focus – Tariff fears are back on the agenda
While the timing of the EU measures remains still uncertain, Trump surprised markets on Thursday by signalling that the 25% tariffs on Canada and Mexico will be enacted when the one-month delay runs out next Tuesday.
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