Yes, oil prices are burning right now, and inflation is getting hotter along with it worldwide. However, the oil's bullish momentum is under threat.
GBP/USD has just surpassed the key resistance level at 1.34736
Information is not investment advice
Ichimoku Kinko Hyo
USD/JPY: The USD/JPY pair is now trading between the Tenkan sen and Kijun sen level. A downward wave would eliminate the Tenkan sen level, pushing the exchange rate into fresh lows. On the other hand, if the market exceeds the Kijun sen level, USDJPY would target the lower level of the Kumo.
January was generally a bad month for equities but during the last two sessions of the month risk appetite has returned. The move higher yesterday was led by, tech, growth, small cap and cyclicals which are also the sectors that were hit very hard in January sell-off. VIX down another 3 index points, finish around the 24 level. In the U.S. Dow Jones rose +1.2%, S&P 500 +1.9% and NASDAQ an impressive +3.4%. The Asian markets open this morning are mostly in the green. European futures in the green as well. US futures are pointing a little bit lower this morning.
EURUSD was bid yesterday, rising nearly a figure from the post-FOMC levels, trading currently above 1.12.
A month after Russia invaded Ukraine, oil markets are still more volatile than ever, with little clarity on how the sanctions will affect Russian crude production as well as global oil demand.
There is no calmness in the oil market; history taught us. Since the pandemic began in 2020, we have seen ups and downs in oil prices, from the negative $37.63 per barrel for May 2020 WTI crude to breaking out of the $100 level this February.
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