Forex Today: WTI Crude Oil Back Below $100

Risk sentiment continues to strengthen somewhat, sending stocks and the Australian Dollar higher and crude oil lower.

  • The war between Russia and Ukraine is in its sixth week, and recent talks suggest the parties may be inching towards a ceasefire. There has been focus on a number of civilian casualties discovered in the Kiev area as Russian troops have pulled back.
  • The Forex market is now dominated by strength in the Australian Dollar and to a lesser extent the US Dollar, with the Japanese Yen and Swiss Franc looking weak. Stock markets are stable to bullish while the prices of most commodities are easing.

  • The price of Crude Oil has fallen quite strongly again following news last week that the US is considering releasing a significant amount of its crude oil reserve in an attempt to dampen price rises and inflation. WTI Crude Oil is trading below $100.
  • Bitcoin continues to make a bearish consolidation below strong resistance near $48k.
  • The Reserve Bank of Australia will be releasing its Cash Rate (expected to remain unchanged at 0.1%) and Rate Statement later. The RBA is beginning to come under hawkish pressure as more analysts believe it will need to begin hiking its Cash Rate in June.
  • Turkish inflation data will be released later today and is expected to show an annualized rate of 61.5% for March 2022, which would be a 20-year high and indicate a real negative interest rate of 40%.
  • Daily new coronavirus cases globally fell last week for the second consecutive week.
  • It is a public holiday in China today.
  • The large city of Shanghai in China recorded a record daily number of confirmed new coronavirus cases.
  • It is estimated that 64.5% of the world’s population has received at least one dose of a coronavirus vaccination, while approximately 6.2% of the global population is known to have contracted the virus at some stage.
  • Total confirmed new coronavirus cases worldwide stand at over 491.8 million with an average case fatality rate of 1.26%.
  • The rate of new coronavirus infections appears to now be increasing only in Australia, Barbados, Bhutan, China, Cyprus, France, Germany, Laos, Luxembourg, Malta, Samoa, Taiwan, Thailand, and Vanuatu.
Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.