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Forex Today: WTI crude oil, gasoline at multi-month highs

Forex Today: WTI crude oil, gasoline at multi-month highs

Mounting evidence of supply shortages has sent WTI crude oil and gasoline futures to new multi-month high prices.

➡️ Energies are seeing a strong rally, with gasoline futures hitting a new 9-month high and WTI crude oil futures hitting a new 3-month high yesterday, on evidence of supply shortages. This will be of interest to trend traders, particularly gasoline futures.

➡️ In the Forex market, the strongest major currency today is the Australian dollar, while the New Zealand dollar is the weakest. Forex markets may not be much ahead of tomorrow's FOMC release and expected rate hike, with the US dollar likely to consolidate in the meantime.

➡️ The Chinese stock market rallied strongly today on optimism that more economic stimulus will be announced by the Chinese government, with the Hang Seng Index closing above 4% on the day.

➡️ US Flash Manufacturing PMI data released yesterday was better than expected, while services data was worse. Overall, it was significantly better than comparable European data released earlier in the day.

➡️ There will be releases later today of Australian CPI data (expected to fall from 5.6% to 5.5%) and US CB Consumer Confidence data.

➡️ The Bank of Japan is expected to maintain its negative interest rate of -0.1% at its policy meeting later this week, but opinion is divided on whether it will tamper with its cap on benchmark yields.

 

Credit by DailyForex.com

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