The financial markets at a glance
What’s happening in the markets? Exness has put together some of the most important news and events that may affect your trades in the near term.
Hawkish Powell May Hit China’s Demand Again. Has USOIL Reversed?
- The price of crude oil has relied on China’s demand for quite some time as the western countries have slowed.
- Conversely, the US remains the highest global consumption country, indicating high imports from China.
- If the Fed raises its interest target, the fear of recession will increase as the demand can slow substantially. But, the surprising NFP last month brought fear to the market last month—multiple job data releases this week, including the NFP.
- From a technical perspective, USOIL has failed to break its last swing high at around USD81.00 per barrel.
- If the price remains below USD78.00 per barrel, it may continue to retest its support at around USD72.50 per barrel.
- On the contrary, if it continues its previous upward movement, it may retest its resistance at USD82.50 per barrel again.
