The oil price has ended up flat on the week after a few ups and downs primarily to do with the Brent expiry and the US inventory figures showing a big build in stocks. In addition we had a slight drop in Libyan exports of a temporary nature as rockets went off near a big field but with Buzzard coming back the market remains well supplied.
Scotland
Scotland has decided and voted conclusively to remain with the Union, with a high turnout of 86% they voted 55%-45% to be better together. Not even the late intervention of Andy Murray, the Scottish tennis player who used to be in the world’s top ten, could alter the result. As the Oil & Gas industry was the most affected sector by the vote there will be sighs of relief from Aberdeen and throughout the rest of the business. Finding the extra 10 billion barrels that the Yes camp claimed would be nice though…
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EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.