EUR/USD Rise 0.96%, Oil Prices Up More Than 1% - Doo Prime News
Doo Prime News > Analysis > Market Insight > EUR/USD Rise 0.96%, Oil Prices Up More Than 1%
This image has an empty alt attribute; its file name is Market-Insight-Featured-Image.jpg

1. Forex Market Insight     

EUR/USD 

The dollar fell to a seven-month low against the euro on Monday 9th January 2023 as markets bet recent economic data will prompt the Federal Reserve to slow the pace of interest rate hikes, while riskier currencies benefited from the reopening of borders in Asia.  

The euro rose 0.96% to $1.0747, it hits the highest since June 9, extending gains from Friday’s 1.17 % gain. 

Technical Analysis:  

(EUR/USD 1-hour Chart)

We focus on the 1.0697 line today. If the EUR runs below the 1.0697 line, then pay attention to the support strength of the two positions of 1.0642 and 1.0586. If the strength of EUR rises over the 1.0697 line, then pay attention to the suppression strength of the two positions of 1.0734 and 1.0776.  

GBP Intraday Trend Analysis  

Fundamental Analysis:   

The pound rose 0.87% against the dollar to $1.21975, extending gains after jumping 1.5% on Friday, 6th January 2023 when an industry survey showed the percentage of manufacturers who consider the U.K. a competitive country halved to 31% from 63% a year ago, with 43% saying the U.K. has become less attractive to overseas investors. 

Technical Analysis:

(GBP/USD 1-hour Chart)

GBP is GBP is mainly focused on the 1.2111-line today. If GBP runs below the 1.12111-line, it will pay attention to the suppression strength of the two positions of 1.2010 and 1.1902. If GBP runs above the 1.2111-line, then pay attention to the suppression strength of the two positions of 1.2222 and 1.2311. 

2. Precious Metals Market Insight

Gold

Fundamental Analysis:   

Gold prices rose slightly on Monday, 9th January 2023 easing slightly after touching an eight-month high earlier in the session, with a boost from a weaker dollar partially offset by Fed officials reiterating their aggressive anti-inflation stance.  

Spot gold rose 0.3% to $1,870.45 an ounce, having touched its highest since May 9 at $1,881.50 earlier in the day.    

Technical Analysis:   

(Gold 1-hour Chart) 

Gold pays attention to the 1880-line today. If the gold price runs below the 1880-line, then it will pay attention to the support strength of the 1866 and 1847 positions. If the gold price breaks above the 1880-line, then pay attention to the suppression strength of the two positions of 1892 and 1909.  

3. Commodities Market Insight   

WTI Crude Oil   

Fundamental Analysis:   

Oil prices rose more than 1% Monday 9th January 2023 after the reopening of borders in Asia boosted the outlook for fuel demand and overshadowed global recession fears.  

Monday’s recovery in oil prices comes as the U.S. Energy Department tries to buy back oil at favorable prices to replenish the Strategic Petroleum Reserve to attract producers.  

On Friday, reports emerged that the Energy Department rejected the first bids, citing a disadvantage to taxpayers. Replenishing the Strategic Petroleum Reserve will become increasingly difficult if oil prices continue to climb. The U.S. Strategic Petroleum Reserve has reached its lowest level since 1984. 

Technical Analysis:

(Crude Oil 1-hour Chart) 

Oil prices focus on the 75.04- line today. If the oil price runs above the 75.04 -line, then focus on the suppression strength of the two positions of 76.07 and 76.94. If the oil price runs below the 75.04 -line, then pay attention to the support strength of the two positions of 73.52 and 72.77.  



Disclaimer    

While every effort has been made to ensure the accuracy of the information in this document, DOO Prime does not warrant or guarantee the accuracy, completeness or reliability of this information. DOO Prime does not accept responsibility for any losses or damages arising directly or indirectly, from the use of this document. The material contained in this document is provided solely for general information and educational purposes and is not and should not be construed as, an offer to buy or sell, or as a solicitation of an offer to buy or sell, securities, futures, options, bonds or any other relevant financial instruments or investments. Nothing in this document should be taken as making any recommendations or providing any investment or other advice with respect to the purchase, sale or other disposition of financial instruments, any related products or any other products, securities or investments. Trading involves risk and you are advised to exercise caution in relation to the report. Before making any investment decision, prospective investors should seek advice from their own financial advisers, take into account their individual financial needs and circumstances and carefully consider the risks associated with such investment decision. 

Share to

One Click Away To Global Investments

Register
Trade glod and Sliver on Doo Prime Doo Prime provides mainstream index futures and commodity futures around the world Doo Prime provide over 300 the most popular US and Hong Kong stock cfd products