The Bullet Report: Oil under pressure, Gold climbs
July 22, 2016 6:33 amVideo
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Yesterday ECB left the deposit rate unchanged at -0.4% and the main refinancing rate at 0%. The central bank also maintained the asset purchase of 80B euro per month until March 2017 or beyond, if necessary. Despite rigorous questions about Brexit’s impact on Eurozone’s outlook and ECB’s monetary policy outlook, Draghi refrained from giving any hints about the next move. The EURUSD was steady at $1.1020.The common currency had briefly risen to $1.1060. Today’s calendar features EU PMI data followed by Canadian CPI this afternoon.
Currencies: The USD index was flat at 96.94, compared with its 4 month peak of 97.32 posted on Wednesday. Commodity currencies are generally soft in Asian session and are set to end the week lower in generally. AUD and NZD are pressured by weak commodity prices and expectation for easing from respective central banks. , CAD is weighed down by weakness in oil price where WTI is below 45. On the other hand, GBP is stronger as markets continue to re-assess their expectation of August BoE easing.
Stocks: Asian stocks dipped on Friday after weak corporate results halted Wall Street’s record run overnight, while the yen held to large gains made after the Bank of Japan governor downplayed the need for “helicopter money” stimulus. The pause in the rally was also reflected earlier in Wall street, as the Dow Jones, snapped a 9 day winning streak, because of disappointing results from Intel and other key transportation companies.
Oil and Gold: Brent crude advanced 0.3% to $46.34 a barrel after tumbling about two% on Thursday. It is headed for a 2.7% drop for the week. Crude oil rose 0.2% to $44.82 a barrel, poised for a 2.5% fall in a week in which they touched a 2 month low. Gold rose as the metal moves indirectly correlated to the stock market
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Source: Easy Forex Forex.Info
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