Posted on: 09 March 2016, by: Pepperstone Support, category: Market Review
Sentiment felt like a hangover from the Asian time zone: soft China trade data led to soft risk sentiment. The absence of US data brought no fresh inspiration. Market left to watch positioning and technical’s.
As for news, the EIA released its Short-term Energy Outlook. The agency has cut is 2016 forecast from $37.59 to $34.04. Brent from $37.52 to $34.28. US crude output for 2016 from just 8.69mn to 8.67mn. Price targets were likely not as deep as some investors expected.
EURUSD is still capped by the 1.1060-70 resistance level for now with ECB and Brexit risk weighing on overall participation in the pair
In parliament, BoE Governor Carney said the BoE will not be making a recommendation as to which way to vote in the referendum, nor offering full analysis of the pros and cons and Brexit.
Gold vols have stabilized over the past week, despite spot making new highs, as global markets have found a firmer footing.