Analytics

News, Trends, & Analytics 12.07.2019

Fed Chairman Jerome Powell called to stop Facebook’s blockchain project

Storms in the Gulf of Mexico raise the price of oil, Ukraine received its first shipment of U.S. oil, & Facebook’s Libra has already caught the Fed’s attention.

 

News

Oil rigs in the Gulf of Mexico were evacuated and OPEC+ reported an expected decrease in global demand next year causing prices to jump and settle a little higher. Affects Brent


Ukraine along with other countries in Europe are turning to U.S. oil over contaminated Russian oil. Affects the RUB


Fed Chairman Jerome Powell called for a halt to Facebook’s crypto project Libra: amid a plethora of concerns, shocking the entire space. Affects Bitcoin


U.S. unemployment claims fell to a three month low suggesting labor market strength. Affects the USD


The European Union is set to curb contacts and funding for Ankara in retaliation for what it calls Turkey’s “illegal” drilling for gas and oil off Cyprus and stands ready to ramp up sanctions further, a draft statement seen by Reuters shows. Affect the TRY

 

Calendar

12:30 GMT

The U.S. PPI (MoM) for June will be released. The Producer Price Index (PPI) measures the change in the price of goods sold by manufacturers, an indicator of consumer price inflation, which could affect the USD.


15:00

The U.S. Fed Monetary Policy Report will be published. This semiannual report outlines the Fed’s past actions and expected results along with their assessment of the economy. Affects the USD.

 

Technical analysis

Bitcoin

Project Libra was the most important recent driver for cryptocurrencies. Powell’s speech about the need to stop this project has cooled investors.

BTC’s price may fall. Its Fibonacci levels show a stopped bullish correction.

Brent

The price is in a close to the top of its channel, it will likely rebound down.

USD/RUB

The falling may stop near 62.82 according to it’s Fibonacci’s level.

 

USD/RUB on this day in history

  • Since 2000, July 12th has been a trading day 12 times.
  • On 42% of those days, the asset finished with growth.
  • The maximum reinforcement range was 1.2%.
  • Down Trends were limited to 0.33%.

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