Baker Hughes weekly rig count data shows: Total rigs 548 vs 543 last Oil rigs 411 vs 409 last week Nat Gas 430 vs 427 last week. The price of crude oil is trading at $110.75. That’s up $10.60. The gain today is the highest since March 6. The high price reached $113.97. The high price from March 9…
EUR/USD trades in a tight range on Friday as a stronger-than-expected US Nonfarm Payrolls (NFP) report lends support to the US Dollar (USD), while the Euro (EUR) holds relatively steady amid thin liquidity conditions due to the Good Friday holiday. At the time of writing, the pair trades around 1.1534, remaining on the back foot for the second straight…
Throughout this conflict, there has been a general alignment in markets. It has led to a sortof ‘war-on’ or ‘war-off’ trade where crude oil would rally on signs of escalation and it would mean stocks and bonds would fall, along with US dollar strength. Today is a big departure from that. WTI crude oil is up $11 to $111.13…
United States S&P Global Services PMI came in at 49.8 below forecasts (51.1) in March
The AUDUSD slipped below its 100-hour moving average at 0.68846 during the Asian session, and early attempts to hold below that level added a more bearish technical tone. However, downside momentum stalled near 0.6858, signaling a lack of follow-through from sellers. As equities recovered, the pair rebounded and moved back above the 100-hour moving average, shifting the short-term bias….
United States S&P Global Composite PMI came in at 50.3, below expectations (51.4) in March
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AUD/USD reverses earlier gains on Friday as stronger-than-expected US Nonfarm Payrolls (NFP) data supports the US Dollar (USD), adding modest pressure on the Australian Dollar (AUD), while price action remains subdued amid thin liquidity due to the Good Friday holiday. At the time of writing, AUD/USD is trading around 0.6900, after touching an intraday high of 0.6916. Meanwhile, the…
The markets opened up sharply lower after the Trump news conference yesterday, but rebounded with the broader indices closing in positive territory. At session lows: S&P was down -100.38 points NASDAQ index was down -469.63 points They are closing near the highs: S&P index is up 7.36 points or 0.11% at 6582.68 NASDAQ index is up 38.23 points or…
The US S&P Global Services PMI in March reported that business activity in the sector is slowing sharply, falling to contractionary territory for the first time since January 2023, amid higher inflation and the war in the Middle East. The index fell from 51.7 in February to 49.8, according to S&P. They noted that, “Overall, it was the lowest…
