US crude surges 3.6%, settling at $70.53, after State Dept says oil buyers must cut Iranian imports to zero
- Oil prices spiked after the State Department signaled the Trump administration will take a hardline approach to cutting off Iran’s oil exports.
- A State Department official told reporters the administration expects oil buyers to completely cut off purchases of Iranian supplies in early November.
- Oil prices were already facing upward pressure due to declining production in Venezuela and elsewhere at a time of high global demand. Read More @ https://www.cnbc.com/2018/06/26/oil-surges-after-state-dept-orders-buyers-to-cut-iranian-imports.html
New BOE Official Haskel Sees Risks in Hiking Rates Too Fast
Jonathan Haskel, who joins the Bank of England’s Monetary Policy Committee in September, said he agrees with the central bank’s “broad direction” on interest rates but noted that there are risks in moving too fast with tightening. The pound fell as Haskel made the comments in written testimony to lawmakers as part of his confirmation hearing on Tuesday. BOE policy makers have said that interest rates will need to rise at a limited and gradual pace if the economy evolves as they expect. Read More @ https://www.bloomberg.com//news/articles/2018-06-26/new-boe-official-haskel-sees-risks-to-moving-too-fast-on-rates
WHAT IS THE USD INDEX SAYING?
The USD is forming a Bullish Flag on a H1 Chart – ore upside focus still remains as Trump cleans up the tariff and make America Great again. Trade war continues the market remains fragile.
TODAYS NEWS THAT MIGHT AFFECT YOUR TECHNICAL TRADES.
- 2.00pm – UK will release nationwide HPI – It’s a leading indicator of the housing industry’s health because rising house prices attract investors and spur industry activity – expected to be good.
- 4.30pm – BOE Carney speaks and at the same time they will release Financial stability report – GBP Volatility expected, we buy GBP.
- 8.30pm – US will release Durable goods orders and preliminary wholesale inventories – both are expected to be lower – we maintain sell on PULLBACK.
- 10.00pm – US will release home sales and is expected to be good; little or no movement expected.
- 10.30pm – Crude oil inventories – expected to be in favor for the oil and USD SELL.
The market still remains fragile with China and US deadlock on Trade matters – EUROPE & CANADA also joining in the trade war against the US. The currency market is looking for direction.
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