Commodities outlook: oil and gold
What are the projections for the oil and gold prices? Let's discover that in the review for commodities.
GBP/JPY : Risk off gains momentum
Information is not investment advice
Ichimoku Kinko Hyo
GBP/JPY: The pair is trading below the cloud. A downward pressure would lead the pair to exit further the cloud, confirming a bearish outlook.
Fibonacci Levels
XAU/USD: Gold facing a further consolidation below 61.8% retracement area. Bulls have returned recently.
US Market View
The improvement in the U.S. labor market continued last week as the service sector in particular built on recent gains thanks to the relaxation of lockdown measures across the country. The number of people making initial claims for jobless benefits fell to 547,000 last week, their lowest since the start of the pandemic, from an upwardly-revised 586,000 the week before, the Labor Department said in a weekly release.
Crude oil prices traded higher Thursday, overturning early losses, helped by signs of a strengthening U.S. economy and following news of a drop in supply from OPEC-member Libya.Global stocks ground higher while oil ebbed on Thursday as investors diverged over whether to bet on economic recovery in the United States and other developed markets or worry about a surge in COVID-19 cases in India and elsewhere.With vaccination rates rising and pandemic-weary citizens embracing more freedoms to drive growth in some major economies, MSCI's broadest global gauge of stocks was up 0.3%, trading within 1% of its all-time closing high after a recent mini sell-off
The European Central Bank left policy unchanged as expected on Thursday, keeping copious stimulus flowing even as it faces questions over how it might claw back support once the pandemic-stricken euro zone economy reopens. The ECB is keeping borrowing costs pinned near record lows via massive bond purchases to see the 19-country currency bloc through a scarring recession that has kept schools, shops, restaurants and hotels closed for most of the last year. But growth is expected to rebound quickly from mid-year as COVID-19 infections are brought under control, the pace of vaccination picks up and restrictions are removed, raising questions about just how much ECB help is still needed.
USA Key Point
- GBPUSD pushed lower with the help of the EURGBP run higher.
- Lagarde: I don't know what the normal pace of PEPP is.
- Lagarde hints that fiscal side is a big difference between ECB and BOC.
- Message from Lagarde is that a 'firm' recovery is coming
Gerasimos Papagiannis
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Commodities outlook: oil and gold
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