Brent crude (BNO, quote) oil began the week on a low note after GDP data helped confirm suspicions of a global slowdown. The commodity traded at $78.19 at 8:15 GMT, following surprising reports that Japan had fallen into a recession.
The last few days have been interesting ones for crude oil (USO, quote) traders, with the commodity mirroring the volatile price action and associated volume profiles of related markets, and suggesting in turn, that we may be approaching a pause, and possible bottom to the current bearish trend.
There are so many trading maxims it’s often hard to ignore them, but there are two that spring to mind considering the daily chart for the Emini NQ this morning.
Following on from my recent posts about the bearish nature of the USDCAD and the medium term prospects for the Loonie, today’s advance GDP release has helped to drive the Canadian lower once again, accelerating its downwards progress and adding to yesterday’s wide spread down candle.
Chinese Premier Li Keqiang has reiterated “quality” as the mainspring of China’s growth, saying that quality growth, whether slightly higher or lower than 7.5 percent, will be acceptable.
Growth in China’s (FXI, quote) manufacturing sector accelerated to a six-month high in June, registering a strong end to the second quarter and an encouraging sign that the economy is further stabilizing.
The EURUSD pair broke higher during the session on Wednesday, but could not break out to the upside.
China’s (FXI, quote) manufacturing activity continued to shrink in April, but at a slower pace, fresh evidence that the sector is facing growth challenges, according to HSBC’s purchasing managers’ index (PMI) released on Monday.
Reports overnight show Ukraine’s GDP fell by 1.1% yr/yr for the first quarter in 2014. Ukraine’s department of State Statistic Services report also indicated its economy dropped 2% in January-March from the previous quarter.
AUDUSD is in a strong uptrend on its short-term and long-term time frames but it appears that buyers need to regain energy before pushing the pair higher.
