Is Oil on its Way Down?

Is Oil on its Way Down?

Is Oil on its Way Down?

German Business Ifo confirms a Healthy German Business Climate

An interesting week has started. While it will be mostly about what Bank of Japan and Fed deliver in their scheduled meetings, there are still other issues worth following, like the today’s already released German Ifo index for July – the main event of the day.

The Ifo confirmed the message from Friday PMIs that there is some insulation in European business sentiment to Brexit. The Ifo current assessment component actually moved up marginally, from 114.6 to 114.7, when there was supposed to be a decline. Also expectations part (covering the next 6M) of the Ifo index did not go down to the expected 101.6 pts.

DAX 30 and EURO React in a Positive Manner to German Ifo

DAX climbed up 80 pts in instant reaction to better than expected Ifo index for July.

EURUSD quickly climbed to about 1.0975 after the data, but is facing resistance already here, while the Ifo message seemed to deliver enough to see a test of the round level of 1.10.

Oil may have more Downside

The oil market was preparing for the US drilling activity on Friday by posting a decline in the afternoon. The reaction to the Baker Hughes data on number of active oil wells was positive – against the message sent by the release. So this was most likely a short covering reaction. This is confirmed by the market returning to declines overnight and in the morning with 44$/bbl tested on WTI now.

Don't Miss This Opportunity!

Open an Account Now!

 

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on whatsapp
WhatsApp
Share on email
Email

Recent .

Stock of the week: Facebook makes CEO Mark Zuckerberg $8 billion in just one week!  

Stock of the week: Facebook makes CEO Mark Zuckerberg $8 billion in just one week!   It has been a momentous week for Facebook CEO Mark Zuckerberg who …

Read More →
Big Tech earnings roll in – Huge profits for Google, Microsoft and more! 

Huge profits for Google, Microsoft and more! Major big tech companies have released their quarterly earnings. We look at how some of the world’s biggest businesses performed so far this year!     Google, …

Read More →
MetaTrader 4 vs MetaTrader 5 – which is the better platform?
Bitcoin bounces back: Is buying the dip worth the risk?

Bitcoin bounces back: Is buying the dip worth the risk?  Bitcoin has recovered some of its losses following its fall from a record high of $65,000. Considering the crypto king’s astonishing performance in 2021, should …

Read More →
Oil summit: Waste of time
Oil market outlook: bumpy ride ahead?

2020 has been disastrous for the oil markets, however, it appears that oil has recovered most of its losses and is now hovering near pre-pandemic levels. In today’s article we will take a look at oil’s recent performance and explore the opportunities that may lie ahead.

Read More →
Dollar still on ten month lows while AUD gains
Stock Market Forecast: S&P 500, Dow Jones, NASDAQ Predictions and Analysis for 2021

With 2021 just around the corner, financial analysts are offering their outlook on where the stock market is headed in the coming year — and many of these experts are hoping for a bullish outcome. Read on.

Read More →
MetaTrader 4 vs MetaTrader 5 – which is the better platform?
Bitcoin rollercoaster sees massive highs & lows – Is the crypto bubble set to burst?

Bitcoin hit a high of $42,000 on January 8 only to plunge by nearly 21% on Monday (January 11) to $35,555. Is the cryptocurrency bubble set to burst?

Read More →
˄