WTI – Potential for the upside rotation [Video]
![WTI – Potential for the upside rotation [Video]](https://editorial.fxsstatic.com/images/i/West-Texas-Intermediate_3.png)
Upside in the play.
Author
Petar Jaćimović
FXCentrum
Petar Jaćimović was born on 8 July 1989 in Jagodina, Serbia.
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GBP/USD keeps gyrating around the 1.3500 region amid humble gains on Thursday. In the meantime, Cable’s irresolute price action comes as investors continue to assess mixed UK data, poor US results as well as the persistent uncertainty surrounding the US-Iran conflict.
EUR/USD trades with decent gains above the 1.1500 yardstick on Thursday. Persistent uncertainty in the Middle East fuels risk aversion, limiting the US Dollar’s downside potential. Earlier in the day, both US Producer Prices and weekly Claims missed market consensus, adding to the buck’s soft tone.
Gold extends its intraday pullback on Thursday, retesting the $4,370 zone per troy ounce and fading Wednesday’s uptick. Meanwhile, the precious metal continues to monitor developments from the Middle East as well as bets surrounding the potential Fed’s rate path.
The cryptocurrency market continues to trade sideways on Thursday, with Bitcoin struggling to reclaim the $64,000 level. Ethereum is attempting to build momentum near the key $1,900 resistance, while Ripple maintains support above $1.00, yet upward movement remains limited.
US dollar stabilizes as September Fed hike bets remain subdued. Market volatility stays low, but thin liquidity could amplify movements. Key UK data could challenge pound strength; euro craves bullish catalysts.
Fourteen vessels crossed the Strait of Hormuz on Tuesday. Before the war, the count ran near 120 a day. In the sessions since the waterway was publicly declared open, Brent has drifted back to $87 and West Texas Intermediate (WTI) to $81, both a little lower again on Wednesday, with daily momentum on each unwound from the top of its range in late July to the low twenties now.
