Commodities Analysis by Ipek Ozkardeskaya covering: Euro US Dollar, British Pound US Dollar, US Dollar Japanese Yen, Gold Spot US Dollar. Read Ipek Ozkardeskaya's latest article on Investing.com
stocks. Energy companies were hit by a 5% dive in oil prices due to Israel’s targeted attack on Iranian military facilities. The barrel ofA major part of the geopolitically-backed long positions around the $ 70 level were likely cleared at yesterday’s selloff.
Once the actual selloff loses stream, we will certainly see some minor upside correction and consolidation, yet the medium to long-term dynamics remain tilted to the downside, as well, as the Chinese growth struggle is not over, bad news keep coming in from Germany – where the country’s iconic carmaker VW announced at least three factory closures and a 10% salary decrease for tens of thousands of its employees, prospects for global oil demand have been deteriorating, OPEC countries show...
But before that, investors’ attention will shift to the US jobs data starting from today with the JOLTS data due today, ADP tomorrow, weekly jobless claims on Thursday and the official NFP, wages and unemployment rate due Friday. The Fed doves have certainly scaled back their too-dovish expectations over the past few weeks, but there is no doubt that the Fed will announce another 25bp cut when it meets next week. The probability given to that scenario is close to 97%.
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