|Day's range||58.27 - 58.98|
Given the prolonged move up in terms of price and time, the direction of the March E-mini Dow Jones Industrial Average on Monday is likely to be determined by trader reaction to Friday’s close at 29279.
The selling was revved up late Thursday after the European weather model dropped more than 15 heating degree days from its forecast for the period running from next Tuesday through January 28, NatGasWeather said in a note to clients.
China has been the key oil price driver this week, with phase one of the trade deal driving prices higher before worrying economic data from the country dragged prices lower
The crude oil markets fell initially during the week but have turned around to show signs of life again by forming a hammer. This has happened in both grades that I follow here at FX Empire.
Of the additional $200-billion purchase of U.S. goods over the next two years (keeping 2017 imports as the base level), $52.4 billion will likely come from the energy sector.
Crude is steady, as it trades just shy of the $59 level. After a rough start to the week, crude has bounced back, with the signing of the Phase One trade accord and a surprise EIA crude inventory drawdown.
Malaysia has raised its export tax for crude palm oil to 6% for February, the Malaysian Palm Oil Board said on Friday, citing the national customs department. The world's second-largest producer and exporter of palm oil calculated a reference price of 2,907.63 ringgit per tonne for next month. Malaysia had set the export tax for January at 5%, raising it after placing a tax-free exemption on crude palm oil from May to December 2019 in a move to boost palm oil exports and expand into new markets.
The British pound is steady, but could receive a boost if retail sales delivers a solid gain (release on Friday at 9:30 GMT). The story of the week has been the Chinese yuan, which has climbed to a 7-month high against the U.S. dollar.
The gold markets pulled back slightly during the trading session on Thursday, as we continue to chop back and forth. One thing that should be noticed though is that we have formed a couple of hammers on the way down.
The British pound rallied a bit during the trading session on Thursday in order to break above the gap that had formed at the beginning of the week. Now that that gap has been filled, it becomes a question as to whether or not it will hold.
The British pound broke higher during the trading session on Thursday, as we have cleared a little bit of resistance in the form of the ¥143.50 level.
The Euro rallied a bit during the trading session on Thursday but giveback quite a bit of the gains to show a sluggish reluctance to break towards the top of the overall range.
The Australian dollar has broken higher during the trading session on Thursday, as we continue to show strength based upon the market hanging above the 200 day EMA for the last four days again.
Oil prices steadied on Friday as sluggish economic growth in China, the world's biggest crude importer, raised concerns over fuel demand and countered optimism from the signing of a China-U.S. trade deal. Brent crude futures rose 23 cents to settle at $64.85 a barrel. U.S. West Texas Intermediate (WTI) crude futures rose 2 cents to settle at $58.54 a barrel.
India's move to restrict palm oil imports from Malaysia will create a huge challenge for the world's second biggest producer of the edible oil as India has been its top market for the past five years. India, the world's largest buyer of edible oils, last week restricted imports of refined palm oil and effectively halted all palm oil purchases from Malaysia in retaliation for criticism by the Malaysian prime minister of India's policy towards Kashmir.
Japanese companies overwhelmingly feel Japan should shift away from its dependence on coal for power generation even though a third of firms say this would harm their business, a Reuters poll found, further evidence that the government is out of step with the global fight against climate change. The monthly Reuters Corporate Survey may augment global pressure on Tokyo to temper its support for coal-fired power stations and the export of Japan's coal technology, as extreme weather conditions from bushfires in Australia to floods in Venice focus attention on climate change. Japan is in the crosshairs as it seeks both to be recognised as a leader in the climate-change debate but also supports the use of what is widely regarded as a dirty fuel.
Crossing to the strong side of the angle at 9149.25 will put the March E-mini NASDAQ-100 Index in an extremely bullish position.
Based on the early price action and the current price at 1.1135, the direction of the EUR/USD into the close is likely to be determined by trader reaction to a pair of Gann angles at 1.1129 and 1.1125.