Oil prices sold off heavily on Friday, with ICE Brent settling 2.68% lower on the day and WTI briefly trading below US$70/bbl this morning for the first time this year, ING’s commodity analysts Warren Patterson and Ewa Manthey notes.
The German election results were broadly in line with opinion polls. The CDU/CSU is the leading party with 29%, followed by the far-right AfD at 21% and the SPD at 16%.
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Euro (EUR) is expected to trade in a 1.0450/1.0505 range vs the US Dollar (USD). In the longer run, rejuvenated upward momentum suggests EUR could continue to advance; the levels to monitor are 1.0530 and 1.0560, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
Gold got stuck in a tight consolidation around the all-time highs as the market might be waiting for new catalysts for the next direction. What’s next?
Here is what you need to know on Monday, February 24: The Euro (EUR) gathers strength against its rivals to begin the week as investors assess the results of the German election.
The US Dollar Index (DXY), which tracks the Greenback against a basket of currencies, kicks off the new week on a downbeat note and drops to its lowest level since December 10 during the Asian session.
Bybit, the cryptocurrency exchange hacked last Friday, withstood an outflow of over $6.1 billion over the weekend. However, the exchange’s CEO announced that the platform replaced the $1.
The EUR/USD pair regains positive traction at the start of a new week and hits a near one-month top, around the 1.0525-1.0530 area during the Asian session amid renewed US Dollar (USD) selling bias.
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