Oil’s Slippery Slope Hits Mid-July Lows Amidst Market Shuffle

By Tomasz Wisniewski|

Published: November 09 2023, 05:08 GMT+0

Oil’s Slippery Slope Hits Mid-July Lows Amidst Market Shuffle

The global markets present a varied landscape today, with key economic data and earnings reports painting a mixed picture for traders.

Starting with macroeconomic cues, China’s inflation rates dipped unexpectedly, hinting at potential economic cooling, while the market anticipates U.S. unemployment claims. Later today, Federal Reserve Chair Jerome Powell’s speech could inject volatility into the markets, especially if he comments on future monetary policy directions.

On the corporate front, Walt Disney’s earnings beat on EPS but a revenue miss raises questions about the media giant’s growth trajectory. AstraZeneca and Deutsche Telekom are also on the docket to release their financial figures, potentially stirring sector-specific movements.

Index markets are buoyant, with tech-heavy NASDAQ breaking free from a bearish wedge, suggesting bullish momentum. Germany’s DAX is also flirting with a breakout that could signal a buy for trend followers.

Currency pairs show a shift in investor sentiment with the New Zealand and Australian dollars gaining strength, while traditional safe-havens like the yen and Swiss franc recede, reversing their positions from the previous day.

Commodity markets, however, bear the brunt of bearish patterns, with oil benchmarks touching lows not seen since mid-July, following the completion of a head and shoulders formation that heralded a sell-off. In the precious metals sector, silver teeters on a crucial support level, with a potential breakdown opening paths for bears. Gold’s decline targets the psychological $1,900 level, a pivot point for future price action.

Source: https://www.axiory.com/analytics/market-news/oil-s-slippery-slope-hits-mid-july-lows-amidst-mar