Analytics

News, Trends, & Analytics 19.04.2019

Oil rises on low inventory

News

A drop in U.S. crude oil inventories has led to a jump in the commodity’s price. Continued sanctions on Iran and Venezuela are pushing down the global output amount already being squeezed by OPEC and its allies. Weekly reports on U.S. inventories continue to have a large effect on the cost of oil.


Following positive retail sales and jobless claims, the dollar was trading higher against a basket of currencies while stocks on Wall Street were mixed. Consumers across the world’s largest economy have increased their purchases by 3.6% compared to March 2018. Unemployment claims are at a 50 year low.


German factory output has contracted for the last four months. As the Euro bloc’s largest economy it weighed heavy on the euro sinking it some yesterday. With many other nations in the zone are experiencing their own struggles meaning a turbulent future for the shared currency.

 

Spotlight

Times in GMT

12:30

USD Building Permits (Mar)

Predicted: 1.300M Previous: 1.291M

 

Analysis

Platinum

This precious metal’s 1D chart has shown a Three Outside Up pattern indicating a continuation of its overall uptrend.

EUR/NZD

This pair’s 1D chart has shown a Three Outside Up pattern indicating a continuation of its recent uptrend.

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