Good morning traders,
A warm welcome to another week of trading and expected profits.
Friday saw the last day of the week and the last trading day of the month, as it presented a slight increase in crude oil. At an impressive $61.00 a barrel, Brent was also higher in comparison to the weaker WTI and floats around the $49.00 level. This increase of $12.00 per barrel is the highest since mid-January 2014. The increase in the prices have shown all investors that the US oil supply had continued to increase persistently, in spite of the low oil prices that have been experienced in the last year. With this, the crude stockpiles have met repeated highs. This re-confirms that the market is still being oversupplied. Crude inventories have also grown by 8.4 million barrels just last week, making it the 7th successive weekly increase.
Last week experienced a very busy period in North America and Europe, Asia was slightly ignored as the Eurozone was making news headlines due to the Greek bailout taking over all market conversations. There has been a massive amount of economic data coming from Japan making the currencies markets move in directions we have sadly missed. This further assisted the AUD / JPY to take a turn for the best in an upward movement, from is a downward spiral. The Australian dollar (AUD) is loosening up on the back of the weakening Yen (JPY). Bloomberg released a survey that had outlined the thoughts of most economists had a feeling the RBA (Reserve Bank of Australia) will lower the official cash rate by Tuesday the 3rd of March. The outcome of this had stimulated AUD into a down trend and had pushed the AUD / USD to its lowest levels in just a few days.
After the Yen (JPY) had received some disappointing economic data, this asset was still fighting and did not decrease much. The JPY is for now the safe-haven and is fighting to keep its spot on the market. Core consumer prices increased by 2.2% in January, however, it was expected to gain 2.3%. The household consumption also fell more than was forecast by -5.1%. The strongest figure was seen in the industrial production sector that had jumped to 4.0%.
When the JPY is combined with the AUD the pair had seen a very important break in the markets and reached a notable mid-term trend line. It is only a matter of time till this pair will break through its support levels and negate the bearish trend.
Weekly Trading Tip:
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