The price of crude oil experienced a decline due to the perspectives of OPEC+ and the strength of the US dollar. Its future trajectory is uncertain. Despite reaching a 3-week high, crude oil experienced a significant drop prior to Friday’s trading session. The upcoming OPEC+ meeting in June is expected to generate mixed opinions among its members. Current market trends may indicate potential implications for crude oil prices, leading to questions about whether WTI will continue its upward trend.
The price of copper is correcting by more than 15% since the beginning of the year and after having reached an important objective on the lows observed since January 4 and having held on the 2020/2022 oblique support, it is accelerating downwards.
Despite indications of a less hawkish Federal Reserve, the GBP/USD currency pair remains under pressure. Despite initially gaining alongside other currencies following the release of Fed minutes, the British Pound has failed to maintain these gains. From a technical perspective, the Pound has fallen below a medium-term trendline.
The South African Reserve Bank has increased interest rates, but it has not affected the value of the South African Rand. However, the USD/ZAR exchange rate is at an all-time high. Food prices are expected to increase, and GDP growth has been adjusted slightly higher due to power constraints and logistical challenges.