Weak global economic data helped push WTI and Brent crude oil prices to new 3-month lows.
➡️ Crude oil is in focus today as oil futures hit new 3-month low prices just a few hours ago, with slowing global demand and weak Chinese economic indicators seen as aiding these falling prices. However, both assets saw a slight bullish bounce earlier, so we may not see new lows today.
➡️ Stock markets are mostly lower during today's Asian session, but not significantly so. Markets are waiting to hear conference speeches from Fed Chair Jerome Powell and Bank of England Governor Andrew Bailey later today.
➡️ The USD/JPY currency pair has moved back above ¥150.50 and is close to a new one-week high, showing renewed bullish momentum thanks to the US dollar's new strength today. This currency pair remains within a valid long-term uptrend, so it will be interesting for trend traders. In the Forex market, the US dollar was the strongest major currency today, while the Japanese yen was the weakest.
➡️ Futures cocoa and sugar reached new multi-year highs yesterday, before most soft commodities fell heavily later in the day. These foods will continue to interest trend traders on the Long side.
➡️ Governor Ueda of the Bank of Japan stated that “When the BoJ talks about the side effects of the YCC, it includes the risk of triggering volatility in markets, including FX. It is desirable that Forex moves stably, reflecting the fundamentals.” This has not yet stopped the Yen from continuing to weaken.
➡️ New Zealand inflation expectations data released yesterday fell slightly, from 2.83% to 2.76%.
➡️ Chinese data on the consumer price index (inflation) will be released later today.
Credit by DailyForex.com