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The ability of WTI Crude Oil to selloff with greater price velocity last week likely didn’t come as a surprise for many traders who have been paying attention to the commodity.
Get the weekly Forex forecast for major currency pairs for the week of June 10-15, 2024 here.
The EUR/USD finished trading comfortably above the 1.08000 level this Friday, this as the currency pair and speculators await the European Central Bank’s rate
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WTI Crude Oil saw the 80.000 USD level penetrated upwards on Wednesday of last week, only to falter and then begin a rather steady push lower.
Get weekly forecasts for major currency pairs as well as charts here.
A relatively quiet week saw more hawkish rhetoric from the Fed on inflation, leading to a bid in the greenback, while the major technology Index the NASDAQ 100 closed at a new record high.
The GBP/USD closed trading for the week near 1.27345.
Lower momentum continued into Tuesday and a price of 77.660 was tested.
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Get the weekly Forex forecast for major currency pairs for the week of May 27-31, 2024 here.
The 1.08000 ratio in the EUR/USD was penetrated higher on Tuesday the 14th of May and prices were sustained above this key psychological level the remainder of the week.
Risk-on sentiment recovers firmly after last Wednesday’s lower than expected US CPI print, sending major stock indices to new record high prices.
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The price of WTI Crude Oil went into this weekend near the 79.460 ratio; this after a low around the 76.700 value was touched on Wednesday.
Get the weekly Forex forecast for major currency pairs for the week of May 19-25, 2024 here.
Risk-on sentiment continued to grow during most of last week before souring somewhat Friday with the release of declining consumer sentiment and expectations of higher short-term inflationary pressure in the USA.