The price of Western Texas Intermediate (WTI) crude oil edged higher to $78.95 on Thursday following a surprise draw in US crude stocks. The Energy Information Administration (EIA) reported a decline of 1.4 million barrels in crude inventories for the week ending May 3, signaling an increase in demand. This news provided support for WTI
The recent decline in crude oil prices has been significant, with the price falling below the crucial $80.00 support level. This downward trend has been evident on the 4-hour chart of XTI/USD, where the price dipped below both the $80.50 and $80.00 support levels. Furthermore, the price has settled below the 200 simple moving average
The deteriorating labor market has the potential to impact wage growth, which in turn could reduce disposable income for consumers. This decrease in disposable income may lead to consumers curbing their spending habits, ultimately dampening demand-driven inflation in the economy. Effect on Interest Rates A softer inflation environment resulting from decreased consumer spending could provide
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British neobank Monzo recently announced that it has raised an additional $190 million in funding, bringing its total raised this year to $610 million. This funding round saw participation from new investors such as Hedosophia, CapitalG, and Singaporean sovereign wealth fund GIC. The latest funding round values Monzo at around $5.2 billion, surpassing its previous
When it comes to assessing the direction of Asian stocks, it is clear that there is a lack of definite direction. Despite this, the dollar has remained firm, even in the face of lower U.S. Treasury yields. This can be attributed to the mixed signals being sent by U.S. policymakers, as well as the economic
The single currency, EURUSD, has been struggling to consolidate above the $1.08 mark, facing serious resistance in its recent attempts. Despite the growth acceleration on negative US labor market data for the dollar, the bulls have not been able to establish a strong foothold above this critical level. The sellers of the euro have been
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The decline in the gold price amidst renewed USD demand on Wednesday can be attributed to the hawkish remarks from Federal Reserve (Fed) officials. The potential lack of interest rate cuts in 2024 has led investors to place lower bets, thus contributing to the downward pressure on gold. The upcoming speeches from Fed policymakers, including
The USD/JPY exchange rate is currently hovering around 154.784, but intervention risks are looming large. Masato Kanda recently issued a warning, stating that the government would step in if there are any speculative or disorderly movements in the foreign exchange markets. This has sparked concerns among investors, especially after the currency pair experienced a sharp