The pairing on the back of the the European Central Bank’s decision to keep rates unchanged at their meeting today moved upwards for a very brief moment in time. Nevertheless euro zone inflation was on the back of the minds of all traders and investors. President Mario Draghi,despite growing concerns and pressure of deflation took the decision to take no preliminary action to counter such deflationary concerns. The European Central Bank not only maintained its benchmark interest rate at the same level, it also kept its marginal lending and and deposit facility unchanged. Traders and investors have reacted quite swiftly, namely due to indecision, thus the pairing has declined to the detriment of the euro.
Oil reversed upwards from the the lowest level in a week and is currently ranging just above the $100/barrel after bouncing down from the $100.150/barrel resistance and with a support line at $99.46/barrel. At the moment, Oil price is very much influenced by the Brent price. Brent rose today from a five months low of $104/ barrel on expectation for a growing oil supply from Libya. We should expect volatility in price following tomorrow at 12:30 (GMT) during the U.S. Non-Farm Payrolls report.
April 4, 2014 – Commodities News
Hot Asset For Today: Gold
The pairing on the back of the the European Central Bank’s decision to keep rates unchanged at their meeting today moved upwards for a very brief moment in time. Nevertheless euro zone inflation was on the back of the minds of all traders and investors. President Mario Draghi,despite growing concerns and pressure of deflation took the decision to take no preliminary action to counter such deflationary concerns. The European Central Bank not only maintained its benchmark interest rate at the same level, it also kept its marginal lending and and deposit facility unchanged. Traders and investors have reacted quite swiftly, namely due to indecision, thus the pairing has declined to the detriment of the euro.
Oil reversed upwards from the the lowest level in a week and is currently ranging just above the $100/barrel after bouncing down from the $100.150/barrel resistance and with a support line at $99.46/barrel. At the moment, Oil price is very much influenced by the Brent price. Brent rose today from a five months low of $104/ barrel on expectation for a growing oil supply from Libya. We should expect volatility in price following tomorrow at 12:30 (GMT) during the U.S. Non-Farm Payrolls report.
By Andrew Cole
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