Forex Market Quiet but Oil Sees Upswing as New Week Starts
26 June 2023
This Monday brings a substantial amount of economic data and influential speeches. From Germany, the release of the German IFO business climate data is highly anticipated, with an expectation set at 90.7. Central bankers from Europe will also take the stage, with speeches from S&B Chairman Jordan and ECB President Christine Lagarde.
On the currency front, the market has opened in a relatively calm state. The Japanese Yen and Canadian Dollar lead as the strongest currencies at the start of the European session. Meanwhile, the Australian Dollar and American Dollar lag, marking the weakest currencies so far.
In the indices sector, we've seen a strong drop. A continuation of the bearish correction appears probable as we begin Monday's trading. The French CAC stands out, as it's currently breaking the neckline of a large head and shoulders pattern, suggesting potential difficulties for buyers.
Looking at commodities, oil has opened with an upswing, continuing the move initiated last week. However, in the midterm, oil remains stagnant, particularly observable in Brent Oil, which is currently ensnared in a rectangle pattern. Last week began with a bounce off the upper line and ended with a bounce off the lower line. Currently, we find ourselves precisely in the middle of this rectangle.