I am listening live to the ECB press conference and one piece of information that traders apparently are ignoring for the moment is this direct quote from Lagarde :
" Based on the current price of oil and the future one, we believe that will decrease in the future"
As we know, oil is the main driver of . So if the ECB believes in the future will decrease, it stands to reason also the price of oil to decrease.
other reasons for the potential down move:
* OPEC anounced that from August they will relax the production cuts. (so more oil pumped in the market)
* price action require a correction
* Melbourne shut down for 6 weeks and other big cities might follow
*the reopening in US are slowing down because of the increase in the number of cases
Let me know in the comments what you think. I would like to hear other ideas from you guys.
Let's grow together!!