Crude Oil Futures: Further losses in the pipeline

Pablo Piovano FXStreet

CME Group’s advanced prints for crude oil futures noted open interest increased for the second session in a row on Thursday, this time by around 31.2K contracts. Volume, too, went up after five consecutive drops, now by around 101.9K contracts.

WTI: Door open for a move below $20.00/bbl

Prices of the barrel of the West Texas Intermediate keep trading on a negative fashion at the end of the week amidst rising open interest and volume. Against this backdrop, a re-visit to the 2020 lows in sub-$20.00 levels should not be ruled out.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

EUR/USD looks sidelined below 1.1600

EUR/USD remains on the back foot in the latter part of the NA session on Thursday, now attempting a consolidative theme in the sub-1.1600 region. A more cautious market mood, driven by the escalating conflict in the Middle East, together with broad-based strength in the US Dollar, is favouring the continuation of the leg lower in spot.

GBP/USD stays offered near 1.3340

GBP/USD fades Wednesday’s uptick and trades with decent losses in the 1.3340 zone in the latter part of Thursday’s session. Cable’s weakness, alongside the rest of the risk complex, follows the strong performance of the Greenback amid intense geopolitical jitters.

Gold: further weakness could challenge $5,000

Gold comes under fresh selling pressure on Thursday, slipping back below the $5,100 mark per troy ounce. Persistent strength in the US Dollar (USD) is preventing the yellow metal from building a meaningful recovery, even as markets remain risk-averse amid the deepening conflict in the Middle East.

Crypto Today: Bitcoin, Ethereum, XRP hold weekly gains despite US-Iran war

The cryptocurrency market is gaining strength on Thursday, building on Wednesday's upswing, which saw Bitcoin reach a weekly high above $74,000. Ethereum and Ripple are moderating their recent gains amid uncertainty stemming from the escalating war in the Middle East.

Two PMIs, two Chinas

China’s economic data are often treated with a degree of caution by global investors. The challenge is not necessarily that the numbers are incorrect, but that they can describe very different parts of a vast and complex economy. Nowhere is that more evident than in China’s PMIs.

Ripple tests recovery strength amid steady ETF inflows, growing retail interest

Ripple (XRP) continues to demonstrate notable resilience as the cryptocurrency market navigates the persistent war in the Middle East after the United States (US) and Israel attacked Iran on Saturday.