Blogs

Oil prices surged over 35 percent higher Thursday morning as news of possible production cuts from Russia and Saudi Arabia crossed the wires

US weekly jobless claims rose to another record level on Thursday as COVID-19 continues to weigh on the economy

US crude oil jumped overnight on news that Russia and Saudi Arabia may announce a production truce to arrest the recent savage sell-off.

While GBP/USD continues to meander close to the 1.24 level, EUR/GBP is sliding, with few signs yet that the trend lower is about to reverse.

The Pound proved to be the most powerful currency against the return of the US dollar gains vs most major currencies.

For three consecutive trading sessions, the EUR/USD pair is under selling pressure pushing it towards the 1.0902 support before returning to stability around the 1.0965 level of in the beginning of Thursday’s trading.

During yesterday's trading, gold prices retreated to the $1570 support and then returned to stability around the $1594 level in the beginning of trading on Thursday, with the return of pressure on the US dollar after another round of US manufacturing data.

Since the beginning of trading this week, the USD/JPY has been moving in a range between the 108.72 resistance and the 106.91 support and is settling around the 107.15 level in the beginning of trading on Thursday.

AUD/USD: Pivotal point remains at 0.6023

The Euro continues to go back and forth, and I simply think there’s no real directionality to this pair right now.