Today the focus is on Britain waning influence, European banks rising, and attacks on Saudi oil.
The US EIA Short-Term Energy Outlook will be released. The report forecasts oil and other energy assets for the month and year.
Assets to trade: Brent, Chevron, Exxon Mobil
The U.S. dollar hit a 3-1/2 month high on Monday as rising U.S. Treasury yields spooked investors and boosted the greenback’s safe-haven appeal. Affects USD
Shares of banks and automakers lifted European shares on Monday as investors continued to move into economy-linked sectors on hopes of a solid economic rebound from the coronavirus. Affects Euro Stoxx 50
The United Kingdom lost market share in the United States, Germany, and China during the COVID-19 pandemic due to global trade chaos, Brexit, and poor productivity. Affects GBP
Oil prices were steady on Monday after pushing above $70 a barrel for the first time since the start of the coronavirus crisis, after the Saudi attack. Affects Brent
The US federal government could send out $1,400 COVID assistance checks to citizens as early as this week. Affects S&P 500
Attacks on Saudi oil assets have shaken the world of oil and sent Brent back over 70. Along with increased anticipation of decreased lockdown measures meaning hopes for higher demand and plans for the OPEC+ community to continue reduced production, prices could rise further.
Prices gapped up Monday to 71 before correcting back down after also ending last week on a high. Quotes could begin to bounce back up around 68.
The German index has shown a Three Outside Up pattern indicating a strong uptrend that could continue to push to new highs.
The oil company’s price has kept rising, and shown a weakening Three White Knights pattern signaling a strong uptrend that may be approaching a resistance level around 110.