Oil futures return to pre-war levels

FX:GBPUSD   British Pound / U.S. Dollar
WTI πŸ”½

Months of almost unstoppable oil bulls have returned to the starting line, and both Brent and WTI oil futures prices have returned to levels not seen since the Russian invasion of Ukraine, with WTI oil futures closing at $88.54 a barrel. Recession fears have weakened manufacturing data, and as the US summer driving season will end by September, lackluster global oil demand sends prices downward.

The loonie was dragged by the falling oil prices, USD/CAD got to 1.2864 and kept climbing, currently trading at 1.2875. New American and Canadian employment data will be available tonight, forecasts set the US unemployment to remain at 3.6%, while the benchmark nonfarm payrolls in July added 290,000 jobs - dropping from 372,000 in June.

As another central bank that has announced a 50 bps rate hike, the Bank of England also aligned with market estimates. Although the decision was the most aggressive since 1995, the central bank claims further actions are required to address the soaring inflation . The GBP/USD pair briefly went below 1.2070, but soon recovered to a closing price of 1.2157 with minor gains. AUD/USD rose above the fluctuations, gaining over 20 pips to 0.6968.

After slowing at the 1.0250 level, EUR/USD was last traded at 1.0243. Gold futures reached a monthly high at $1,806.9 an ounce.

More information on Mitrade website.