"Russia will reduce crude oil production by 500,000 barrels per day from March after major economies imposed a price cap on oil products." as reported by BBC News online portal few days ago. Saudi Arabia and OPEC already cut crude oil production in January 2023. We may see energy prices go higher, due to restricted supply. Cost of goods and services will be more...
US Dollar strength evident in DXY daily chart. Still sideways inside Weekly Imbalance (blue box). However, if DXY could break above the blue box, potential next draw on liquidity is the Daily Volume Imbalance upside. US CPI news drop this Tuesday 8:30AM EST. So, expect prices to be held before the day comes. As mentioned, DXY could experience short-term...
FOMC's Williams speech did not do much, as he was echoing what Jerome Powell already said 2 days ago. Rate hikes to resume, but at slower pace. Williams mentioned that inflation rate in the US should cool off to 3% this year, now at 6.5%. That's 50% lower. Question is, how much more rate hike is required to push inflation down by 50%? Will that be somehow somewhat...
Powell's speech may set the tone for Dollar to have a short term rally. I am still Bearish Dollar long term. But having heard what he said yesterday, it may give investors some sense of bullishness. At the moment and for this week, watching if DXY can really rally above the Weekly zone, and upside draw towards the Daily Volume Imbalance. Right now, its risk off...
The rally that came prior to US Interest Rate announcement was somewhat dodgy. With all fundamental data about US looking really bad, that's why I felt it was a bull trap. 1. US Debt ceiling hits last week, amounting to $31 Trillion+ 2. High delinquencies in mortgage and auto loans 3. Big box retailers closing stores en masse 4. MNCs laying off since last 2 months...
US This week will be a fairly exciting to monitor as Interest Rate announcement and Non-Farm Payroll data will be release. Two heavy hitting news that is very key to understanding further trends in the markets, especially on DXY. Through entire January 2023, DXY is consolidating steadily and holding ground around 101.500 area. Could this week’s high impact news...
DXY has always been a barometer for me. However, since Dec 2022 till today, it has been lack luster. Most of the time just consolidation, which is causing other pair such as GBPUSD & EURUSD to behave erratically. I suppose year end and beginning of the year are times where price action is a little harder to read. None the less, in the past week, DXY have been...