Month: August 2019

Today’s Economic Events

09:30 UK JUL Public Finances (PSNCR) (B GBP) exp: NA prev: 15.2
09:30 UK JUL Public Sector Net Borrowing (B GBP) exp: NA prev: 6.5
15:00 US JUL Existing Home Sales (M) exp: 5.4 prev: 5.3
15:30 US W32 Crude Oil Inventories (WoW chg) exp: NA prev: 1580
19:00 US JUL 31 Minutes FOMC Meeting exp: prev:

U.S. indices closed lower on Tuesday pressured by shares in the Banks (-1.58%), Insurance (-1.33%) and Food, Beverage & Tobacco (-1.28%) sectors. On the economic data front, there was no news to report. The S&P 500 (2,900.51) trades below its 20d moving average (2,946.07 – negative slope) and below its 50d moving average (2,931.35 – flat slope).

European markets are expected to open on a flat note.

Foreign Exchange

The US dollar was under pressure against all of its major pairs on Tuesday. On the economic data front, there was no news to report.

The Euro was lower against the GBP and JPY and higher against the USD. In Europe, German PPI index was up by 0.1% in July after a 0.4% decline in June. It was anticipated to be flat.

The Australian dollar was mixed against all of its major pairs. read more

EMEA Base Oil Price Report

Base oil markets in Europe, the Middle East and Africa have been relatively quiet over the last week, due mainly to the holiday period being in full swing, leading to little price movement across all grades.

Further API Group I supply limitations have stemmed from a strike at a refinery in Northwestern Europe. Production has stopped at the plant and no base oils are being loaded. Suppliers with spare capacity and the ability to respond promptly to demand have helped to fill the market gap. read more

BRENT Crude Technical Snap (Daily)

Pivot: 59.15 Our preference: long positions above 59.15 with targets at 60.35 & 60.90 in extension. Alternative scenario: below 59.15 look for further downside with 58.70 & 58.30 as targets. Comment: the RSI is mixed to bullish.

Today’s Economic Events

07:00 GE JUL Producer Price Index (MoM) exp: 0% prev: -0.4%

U.S. indices closed higher on Monday as Treasury yields rebounded, calming fears of a possible recession. Shares in the Semiconductors & Semiconductor Equipment (+2.23%), Energy (+2.14%) and Technology Hardware & Equipment (+2%) sectors helped push the market higher. The S&P 500 (2,923.65) trades below its 20d moving average (2,936.55 – negative slope) and below its 50d moving average (2,945.80 – flat slope).

European markets are expected to start on a flat note.

Foreign Exchange read more

BRENT Crude Technical Snap (Daily)

Pivot: 58.60 Our preference: long positions above 58.60 with targets at 60.00 & 60.55 in extension. Alternative scenario: below 58.60 look for further downside with 58.00 & 57.65 as targets. Comment: the RSI calls for a rebound.

Today’s Economic Events

10:00 EC JUL Euro-Zone: CPI (MoM) exp: -0.3% prev: -0.4%

U.S. indices closed higher on Friday led by shares in the Semiconductors & Semiconductor Equipment (+2.83%), Banks (+2.54%) and Technology Hardware & Equipment (+2.18%) sectors. On the economic data front, the University of Michigan Sentiment index dropped to its second lowest level since the inauguration of Donald Trump at 92.1 in August in preliminary estimates (expected 97.0), from 98.4 in July. Also, housing starts declined to an annualized rate of 1.19M in July (estimated 1.26M) from 1.24M in June. The S&P 500 (2,888.68) trades below its 20d moving average (2,939.66 – negative slope) and below its 50d moving average (2,944.79 – flat slope).


European markets are expected to start on a positive note. read more

BRENT Crude Technical Snap (Daily)

Pivot: 58.00 Our preference: long positions above 58.00 with targets at 59.55 & 60.00 in extension. Alternative scenario: below 58.00 look for further downside with 57.65 & 57.10 as targets. Comment: the RSI calls for a rebound.