Crude Oil Prices Sink to 15-month Low on Rising Supply, Elevated Fear
Crude oil has fallen sharply this week, with the banking crisis and excess supply pushing WTI to levels last tested in December 2021.
S&P 500 Dives as Banking Stress Triggers Market Tremors, Dollar Up on Haven Demand
The S&P 500 sinks as the US banking crisis spreads across the Atlantic, weighing on sentiment. Meanwhile, defensive assets rally on haven demand, with the US dollar up against most…
EUR/CHF IG Client Sentiment: Our data shows traders are now at their most net-long EUR/CHF since Feb 13 when EUR/CHF traded near 0.99.
Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger EUR/CHF-bearish contrarian trading bias.
EUR/JPY IG Client Sentiment: Our data shows traders are now at their most net-long EUR/JPY since Jan 04 when EUR/JPY traded near 140.27.
Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger EUR/JPY-bearish contrarian trading bias.
UK Spring Statement: Hunt, OBR Forecast the UK Will Avoid a Recession
Jeremy Hunt extended the energy cap for 3 months while boosting investment incentives and labour supply. Corporate tax incentives offered to counter tax rise
France 40 IG Client Sentiment: Our data shows traders are now net-long France 40 for the first time since Oct 24, 2022 when France 40 traded near 6,157.20.
Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger France 40-bearish contrarian trading bias.
European Bank Stocks Renew Their Heavy Sell-Off as Contagion Fears Return
The European banking sector is reeling again with all constituents of the Euro Stoxx index heavily in the red as risk sentiment turns sour.
Gold Price Forecast: Gold Struggles to Maintain Momentum Below the $1900 Handle
Spot Gold displayed whipsaw price action following the European open, flirting with the $1900 level. Bears remain hopeful though if gold prices remain below the $1925 handle.
EUR/USD Supported by Hawkish ECB Rate Hike Chatter
The ECB is set to hike rates by 50 basis points on Thursday despite the ongoing banking sector turmoil, according to one ‘source report’.
AUD/USD Price Forecast: Aussie Dollar Being Carried by Chinese Data
The Australian dollar is trading in the green for what could be its 3rd consecutive positive close ahead of some key US economic data. AUD/USD testing 0.67 once more.