Finance Forex

Crude Oil Prices Eye API and ISM Data, State of the Union Speech

Crude Oil Prices Eye API And ISM Data, State Of The Union Speech part is one regarding this Finance, Forex lists, written on our author Erick Emerson just as February 5, 2019, these paper can search at those tags API, Crude, data, eye, ISM, Oil, prices, Speech, state, Union. We are pleased to pleased you also providing the another part about finance plus we always posting the post routine.

CRUDE OIL & GOLD TALKING POINTS:

  • Crude oil prices probe lower as Iran exports jump in January
  • Gold prices fall as Fed outlook shift boosts yields, US Dollar
  • API and ISM data, Trump’s State of the Union speech on tap

Crude oil prices turned lower amid reports that exports from Iran rebounded in January despite US sanctions as countries granted exceptions – such as South Korea and Japan – rebuilt uptake. Tanker-tracking data from Bloomberg pointed to a heady rise of over 78 percent from 718k to 1.28 million barrels per day.

Oil rebounded from intraday lows as risk appetite firmed on Wall Street, with the WTI benchmark telling tracking upward alongside the bellwether S&P 500 index. Somewhat counteractivity, soft durable goodsand factory orders data appears to have been catalyst at work.

Gold prices fell as the priced-in Fed rate hike outlook continued to shift toward a less-dovish setting in the wake of Friday’s upbeat jobs data. That drove bond yields and the US Dollar higher, undermining the appeal of anti-fiat and non-interest-bearing assets.

API AND ISM DATA, TRUMP STATE OF THE UNION SPEECH IN FOCUS

Looking ahead, API inventory flow data is on tap. The outcome will be evaluated relative to forecasts calling for a modest 878.6k barrel build to be reported in official EIA statistics Wednesday. API deviations to the up- or downside may hurt or help prices, respectively.

The non-manufacturing ISM survey is also due. The pace of service-sector growth is expected to have slowed in January. Broadly speaking, timely US news-flow has trended to outperform relative to forecasts since the beginning of the year. A similar result here may buoy yields and USD, hurting gold.

If Friday’s response to US payrolls and manufacturing ISM figures proves to be telling, markets might interpret evidence of economic resilience negatively. Somewhat perversely, that seems to reflect worries about a more assertive Fed. Oil may be hurt if risk appetite falters against this backdrop.

President Donald Trump’s State of the Union address is a wild card. If he uses the occasion to tease the likelihood of a trade deal with China and downplays the probability of another government shutdown over immigration policy, the markets mood may brighten. The reverse is likely if he steers the other way.

See our guide to learn about the long-term forces driving crude oil prices!

GOLD TECHNICAL ANALYSIS

Gold prices are pulling back from chart inflection point resistance at 1323.60, as expected. From here, a push through a dense support region underpinned by a rising trend line now at 1289.50 initially opens the door for a test of the range bottom at 1276.50. Alternatively, a reversal higher that takes prices above 1323.60 sees the next upside hurdle in the trend-defining 1357.50-66.06 region.

CRUDE OIL TECHNICAL ANALYSIS

Crude oil prices paused to digest gains after breaching resistance in the 54.51-81 area. Buyers see the next noteworthy barrier in the 57.96-59.05 zone, with a close above that eyeing the underside of former trend support line at 61.21. Alternatively, a reversal back below 54.51 sets the stage for another challenge of the 49.41-50.15 region.

Chart of Light Crude Oil Futures, NYMEX (Daily)

COMMODITY TRADING RESOURCES

— Written by Ilya Spivak, Currency Strategist for DailyFX.com

To contact Ilya, use the comments section below or @IlyaSpivak on Twitter

You maybe want to leaf through others post finance at our related chapter or you probably want to review just as well-received section, I always writting that finance blogpost frequenlty for information and cue along with methode so manage our finance moreover living this financial freedom. The article is published over Erick Emerson with these title Crude Oil Prices Eye API And ISM Data, State Of The Union Speech.

Related posts of "Crude Oil Prices Eye API and ISM Data, State of the Union Speech"

Trump set to nominate World Bank critic David Malpass to lead it: reports

President Donald Trump is set to announce the nomination of David Malpass to lead the World Bank, according to reports by Politico and Bloomberg News on Monday night. An announcement will be made Wednesday, a day after Trump's State of the Union address, Politico reported. Malpass, a senior official at the Treasury Department, has criticized...

Japan’s economy bounces back in Q4

TOKYO--The Japanese economy rebounded in the final quarter of 2018 thanks to solid spending by households and companies, suggesting that the previous quarter's contraction was a temporary setback. The world's third-largest economy after the U.S. and China expanded at an annualized rate of 1.4% in the October-December period following a 2.6% contraction in the previous...

No signs North Korea is eliminating its nuclear arsenal, U.N. experts say

UNITED NATIONS — North Korea’s nuclear and ballistic missile programs “remain intact” and its leaders are dispersing missile assembly and testing facilities to prevent “decapitation” strikes, U.N. experts said in a new report. The experts’ report to the Security Council, seen Tuesday by The Associated Press, says the country continues to defy U.N. economic sanctions,...

Fox News refused to air this footage of Tucker Carlson calling one of his guests a ‘moron’ and an ‘a-hole’

Dutch historian Rutger Bregman, who became a viral sensation for his blunt talk on taxing the rich, was recently interviewed by Fox News host Tucker Carlson. The pleasantries didn’t last long, as the chat quickly turned nasty when Bregman pointed the finger at Carlson and his ilk for being part of the problem. “Tucker Carlson...

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.