Good morning traders,
Welcome to another week of market news, reviews tips and trading.
Well well well, great news for the Crude Oil price, finally it has seen a BULL for the first time this year, with it hitting the floor at $49.00! Nevertheless, it seems that oil could drop further within the next three months. Supply and demand are still flourishing, however there is not much backing in the USA – they have shut-down so many wells and rigs, that now they are looking to North America for the stability. This is still a skeptical commodity and I suggest you approach with caution if Brent crude if your commodity of choice.
Some more promising news in Japan. The Yen (JPY) gained as well against all of its major currencies as well as making this their three month high to date. The Yen (JPY) rose 0.4 percent against the USD and 0.5 percent against the weakening Euro. This brings me to my next point as we continue in the celebrations.
Leading what is the most dramatic news break of the week for the forex and this year would be the bouncing back of the Swiss Franc (CHF) against the Euro in over three years. This surprise came about after a huge plunge of 17 percent last week. What a recovery. My feeling is that this leap to stardom will have some lasting effects on the Euro as well as the USD. This will also leave investors second thinking their next currency trades. How low is the 19-nation currency going to drop and for how long still…
Other than that I feel that an interesting week lies ahead of us. It’s about time we see some fresh faces of the economic world showing up.
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