The EUR/USD snapped lower on Friday in the wake of the public argument between the U.S White House and President Zelensky of Ukraine, the currency pair ended trading near 1.03738.
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Selling continued to be seen in Coffee Arabica this past week, and speculators dreaming about taking advantage of an anticipated downturn in the commodity following its strong bullish trend the past year and a half may be getting intrigued.
WTI Crude Oil will begin this week of trading below the 70.000 USD ratio, the commodity went into this weekend near 69.770 and this was above Wednesday and Thursday’s lower prices.
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Markets are seeing a continuation of these same themes: worry over tariffs and persistent inflation, broken by periods of risk-on bullishness which has pushed US stock markets and a few commodities to new highs, punctuated by deep pullbacks.
The GBP/USD went into this weekend near the 1.26307 ratio and has managed to hold onto the higher elements of its one month technical price range, this as risk events are certainly ahead.
The price for Coffee Arabica delivered more wagering adventures last week, early volatility turned into a retest of highs, followed by strong selling which saw the 400.00 level become vulnerable.
After a week which saw WTI Crude Oil see a push upwards starting on Monday and extending to highs on Thursday, the commodity then reversed lower and pushed beneath 70.000 USD for the first time since late December.
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Markets have been dominated by a weak US Dollar whose price action has become disconnected from its bullish fundamentals, while US stock markets prepare to break to new record highs. Gold and a couple of softs have also been making new bullish breakouts.
The EUR/USD went into this weekend near its highs. Having started last Monday below the 1.03000 level, and finishing this Friday within sight of the 1.05000 realm is an accomplishment regarding positive risk sentiment.
Coffee Arabica went into the weekend near the 412.50 USD price, which accomplished further upwards momentum when the past handful of days are considered, but that is not the real story.
WTI Crude Oil has gone into this weekend near the 70.310 ratio, well below the starting point of nearly 71.000 USD, but a high of nearly 73.360 was seen on Tuesday highlighting speculative forces.
Weekly forecasts: CAD/JPY consolidates, gold pulls back from $2900, Bitcoin holds $90K-$110K range, NASDAQ 100 bullish.
After touching a ratio near the 1.25530 ratio on Wednesday of this past week, the GBP/USD produced a close around the 1.23905 mark as the week ended.