Oil Prices Surge Amid Rebounding Commodities Sector

By Tomasz Wisniewski|

Published: May 28 2024, 05:13 GMT+0

Oil Prices Surge Amid Rebounding Commodities Sector

As we begin the week with American and British traders back on the scene, we anticipate a return to normal market liquidity. Yesterday saw notable movements despite their absence. The Australian dollar showed resilience despite retail sales data coming in at 0.1% versus an expected 0.3%.

In the commodities sector, oil prices are experiencing a significant rise, bouncing off key support levels and suggesting a positive outlook for traders. Precious metals like gold and silver are also on the rise, although their corrections remain moderate.

In currency markets, the American dollar and British pound are currently the weakest, while the Euro, Swiss Franc, and Central European currencies such as the Hungarian Forint and Czech Crown are performing well. The NZD/USD pair broke out of a rectangle pattern, indicating continued strength in the midterm, despite a potential short-term rebound in the US dollar. Additionally, EUR/USD has escaped from its flag formation to the upside, signaling a bullish trend.

Financial news highlights China’s significant investment in chip production, which has heightened tensions over trade practices with G7 countries and the European Union.

Indexes showed robust performance yesterday, suggesting that the bearish correction might be stabilizing. European markets, particularly the DAX, are showing significant gains, while the Dow Jones remains under pressure with only mild bullish corrections observed.

Today’s key event is the CB Consumer Confidence report, anticipated at 96, which could impact market sentiment later.

Source: https://www.axiory.com/analytics/market-news/oil-prices-surge-amid-rebounding-commodities-secto