WTI

We might see an oversold bounce in prices soon but until something changes fundamentally, the path of least resistance would remain to the downside

Whilst US CPI is likely the main event of the week, UK wages data could also turn the dial for the BOE, which is why GBP/USD implied volatility has spiked.

Despite hopes of a rebound in demand due to China’s reopening, oil bulls have repeatedly failed to help WTI crude oil close above $82 – and momentum now points lower.

After rising 8% last week oil hovers around its year to date high, boosted by China re-opening and expectations of a less hawkish Federal Reserve.

WTI suffered its worst day in 30 yesterday, with a combination of a stronger US dollar, recession concerns and weaker natural gas prices all playing their part for a bearish session.

We see a technical case for EUR/GBP to top out over the near-term, which could be helped if Germany deliver a soft inflation report today.

Jerome Powell hit the wires and effectively confirmed that the Fed will slow their pace of tightening, reigniting the argument over what a ‘pivot’ is.

The most traded commodities are energy sources like oil and gas, plus metals such as gold and agricultural products. Here we break down the top ten most traded commodities and explain how each one is traded.

The weak lead on Wall Street led to declines across Asia, and now back over to European and US futures which suggest a weak open for cash markets such as the DAX.

The weak lead on Wall Street led to declines across Asia, and now back over to European and US futures which suggest a weak open for cash markets such as the DAX.

Talk of peak inflation was short-lived following release of Q3 inflation for New Zealand, with the annual rate sticking near its highs and the quarterly rate accelerating.

Talk of peak inflation was short-lived following release of Q3 inflation for New Zealand, with the annual rate sticking near its highs and the quarterly rate accelerating.

The big question today is whether we’ll see the risk-on bounce seen yesterday flow over to today. Two potential traders we’re watching include the DAX and WTI futures.

The big question today is whether we’ll see the risk-on bounce seen yesterday flow over to today. Two potential traders we’re watching include the DAX and WTI futures.

The BOE have now done two U-turns within 24hrs, by first cancelling their bond buying programme but then signalling behind closed door they may extend it.

WTI has been one of the few markets to stand up to recent dollar strength, with prices rising over 16% last week alone.