6 July Economic News
The price of crude oil is increasing as OPEC+ expresses its intentions to achieve the desired outcome for pricing. Additionally, a significant decrease in inventory contributes to a positive outlook. As we approach the Thursday session, crude oil is approaching the upper limit of its range.
The price of gold experienced a decline following the release of the minutes from the June FOMC meeting, which suggested a potential increase in interest rates. However, this decline appears to be slowing down as we near the release of US jobs data on Friday.
The forecast for USD/CAD prices is discussing the potential strengthening of the Canadian dollar. The release of FOMC minutes has had an impact on the Canadian dollar. Both Canada and the United States are expected to release economic data later today. There is a possibility of a breakout from a rising wedge pattern in the near future.
The hawkish minutes released by the Federal Reserve have exerted pressure on the Dow, Nasdaq 100, and CAC40 indices. The Dow index has been consistently declining since its recent peak, and it is possible that the 50-day simple moving average (SMA) could provide support similar to mid-June.
