EURUSD 1.1851 |
USDJPY 111.52 |
GBPUSD 1.3772 |
AUDUSD 0.7485 |
USDCAD 1.2406 |
GBPJPY 153.59 |
EURJPY 132.15 |
AUDJPY 83.48 |
CADJPY 89.86 |
Silver 26.23 |
Friday's $2431 high in gold consisted of a 21% rise from the Feb 14th low. Such percentage extensions from key lows or/and technical levels such as the 200-DMA, could flag crucial opportunities for partial/full profit-taking. Watch here.
Bitcoin versus Miners Performance
As many of you know 2023 was kind to members of our WhatsApp Broadcast Group who snapped up shares in bitcoin miners, while 2024 has so far been more superior to Bitcoin than most of the miners...
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Asad/Spec, supply is v. important in oil prices, but demand must not be ignored. World economy would not sustain $300 prices. Yes, China is indeed hoarding much oil and alternatives are very slow at cropping up. But long term dollar weakness and eventual inflationary implications of central banks' QE once we do get a more solid recovery in BRICS could suggest for prices to reach as high as 150 in a year from now. In the short term however, oil is at risk of reaching low 50s and even mid 40s.
Ashraf
I can't believe what you just wrote. :) Pretty short-sighted! My friend, cars are just ONE of the nearly 7000 industrial processes dependent on oil. How many years would it take to adapt these processes to alternate fuels? And how commercially viable will these fuels be? Will we have a handsome supply of such alternate fuels to ensure uninterrupted processing? Can anyone answer even ONE of these questions?
Anyone (ANYONE!) who says that oil can be replaced THAT easily is talking a loadful of rubbish! There's a higher chance of oil running out that us humans phasing it out. It would take at least fifty years for anything to even come close to the scale of usage that oil commands. Let's not then get carried away w/ the alternate energy euphoria.
Btw, it wasn't an ANALYST of BARCLAYS...but the CHIEF of BP CAPITAL who predicted $300. Otherwise, yeah, Barclays DO talk loads of rubbush! Agreed.
Cougr, FX intervention is a sytematic practicse by Braxil and Mexico to aimed at maintaining liquidity rather than driving currency direction. And all of it is sterilized thereafter (offset by open market operations).
While predicting general market direction is key, it is as important to know what to do when markets are going one way or another.
Ashraf
i think it might be a way of intervention from a central bank in selling dollar denominated asset to fix its own currency. mexico has a fifty million dol daily programation since its currency fall.
Ashraf or anyone,sorry to be a bother ,but it would be immensely appreciated if someone could explain to me ,even briefly ,what the term 'conditional dollar sales' means from the above quote.
telephones on the street got replaced and so will petrol cars.
anauel63
But NO! The current price level is ABSOLUTELY due to the weakness in the USD (ok, a bit of hurricane euphoria as well). This will be, as is ALWAYS, proven as the USD strengthens...we'll see crude descending (barring some fundamental occurance - i always put in a caveat - like a military strike in the ME)..
Loved your first comment, "markets can stay irrationale longer than investors can stay solvent". Absolutely beautiful! But again, is weakness of USD the ONLY reason for oil to maintain its current price level (I understand that when USD's weak, investors can buy more crude and hence the increased demand)?
Ok, hurricane euphoria...and give and take...we have the current price level. The interesting question is WHAT will trigger a collapse in the crude prices? A strengthening of the USD?
Btw, T. Boon Pickens, the oil guru & head of BP Capital said that oil could reach $300 in ten years' time! But hey, e/thing will be up in ten years time (incl/ our salaries).. *heheh*