Commodities outlook: oil and gold
What are the projections for the oil and gold prices? Let's discover that in the review for commodities.
USD/JPY climbs back to 109.35 amid strong USD
Information is not investment advice
Ichimoku Kinko Hyo
USD/JPY: The pair is trading above the cloud. An upward pressure would lead the pair to exit further the cloud, confirming a bullish outlook.
Fibonacci Levels
XAG/USD: Silver continues to stand above 23.6% retracement area. Bullish pressure is growing during the last few days and it seems that bulls have decided to send price higher.
EU Market View
Asian equity markets traded mixed following on from a mostly positive US session after sentiment was underpinned amid an easing of COVID restrictions. European stock markets are seen opening in a mixed fashion Tuesday, amid continued concerns over rising Covid-19 cases in India but also optimism as major economies around the world reopen. Turning back to Europe, confidence is growing over the recovery from the pandemic as the rate of vaccination in EU member states rises quickly. On Monday, the European Commission put forward a plan to reopen the continent to holidaymakers from countries with low Covid infection rates, such as the U.K., and to anyone who has been fully vaccinated, by the start of June.
Looking ahead, highlights include UK manufacturing PMI, US factory orders, NZ unemployment, ECB's Villeroy, Fed's Daly, Kaplan speeches.
The dollar drifted higher in the Asia session on Tuesday, pausing a monthlong decline as investors weigh whether a roaring US economic recovery may force interest rates higher and are looking to upcoming economic data and policy speeches for clues.
Oil inched up Tuesday morning in Asia as investors remained optimistic the continued economic recovery in regions such as Europe and the US will boost fuel demand. However, ever-increasing numbers of COVID-19 cases in other regions put a cap on the black liquid’s gains.
EU Key Point
- Germany reports 7,534 new coronavirus cases, 315 deaths in the latest update today.
- Australia weekly consumer confidence: 112.7 (prior 112.4)
- The Pfizer COVID-19 vaccine to be authorized for ages 12 - 15 in the US next week.
- Feds Barkin: Will start to taper when seeing substantial progress.
- More from Feds Williams: Fed's main goal is to anchor inflation expectations.
- Feds Powell: US economic outlook has brightened but not out of the woods.
Gerasimos Papagiannis
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Commodities outlook: oil and gold
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