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Crude oil rises as US dollar falls on lower yields ahead of four-person meeting in Tokyo


Crude oil, US dollar, US dollar, DXY index, Quad Meeting, AUD, NZD – talks

  • Butter is a touch above after USD softened withTreasury bond yields fell on Friday
  • APAC stocks are movingd above but more Covid-19 cases have been cut in China
  • Currencies associated with risk and growth have risen today. Insick USD dial again?

Crude oil and gold both grew by about 0.5% due to US Dollar mitigation to start the week as mine euro. The recommendation of WTI oil futures has grown significantly, and markets will watch for any upward pressure on prices.

The U.S. dollar lost ground today after U.S. Treasury yields fell late last week. So far, they have scored a few basis points on the curve. At the time of publication, the reference 10-year bond is about 2.82%.

US President Joe Biden is visiting Japan for the first time to attend a Quad meeting. Quad meetings bring together the leaders of Australia, India, Japan and the United States.

Australia’s new Prime Minister Anthony Albanese to head to Tokyo after his Labor party wins Australian elections last weekend.

Last weekend, India announced a series of measures to try to alleviate problems with inflation and supply chains, including cuts in fuel taxes and import duties.

The Asian session opened with serious risk from stocks rising alongside Australian and Kiwi. APAC indices gave up their early earnings, however Wall Street futures point to healthy growth for their opening.

Asian markets have been rocked by a record number of Covid-19 cases, raising fears about further tightening restrictions.

There are a number of speakers from the ECB, the Bank of England and the Fed, who will comment today.

The full economic calendar can be viewed here.

DXY INDEX (USD). Technical analysis

After reaching a 20-year high earlier this month, the DXY index has stopped and seems to be moving lower to test potential support at the previous low of 102.35.

This movement below resulted in an intersection below the 10-day simple moving average (SMA)which may suggest that the bullish momentum may fade. A short-term bearish momentum could unfold.

The 10-day SMA could resist as well as the recent peak of 105.01.

Diagram cpublished in TradingView

— Written by Daniel McCarthy, strategist for DailyFX.com

To contact Daniel, use the comments section below or @DanMcCathyFX on Twitter


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