08/11/2024 Evening Reports
The U.S. dollar stands at a key turning point, testing a critical technical level at 104.719. After briefly breaking past this mark, it fell back—a move that could signal a “bull trap” if it fails to rise again, pointing to potential weakness ahead. But if the dollar manages a strong close above this level, it could spark a new upward trend. With all eyes on Trump’s economic impact and interest rate expectations, where the dollar lands this week could shape its direction for the near future.
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Oil Prices Fall: How Will China’s Declining Imports and Trump’s Policies Impact Prices?
Oil prices fell on Friday as fears over Hurricane Rafael’s impact on U.S. Gulf oil infrastructure eased. While the storm had led to a shut-in of 391,214 barrels per day, it is expected to weaken and move away from the region. Despite the drop, both Brent and WTI are still set to finish the week 2% higher. Investors are also considering the potential effects of U.S. President-elect Donald Trump’s policies on oil supply and demand.
Pressure on prices also came from a 9% drop in China’s crude imports in October, marking the sixth consecutive month of decline. Commerzbank analyst Carsten Fritsch attributed the decrease to weaker demand due to sluggish economic growth and the rise of e-mobility.
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