{"id":147612,"date":"2019-05-13T11:05:37","date_gmt":"2019-05-13T15:05:37","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=147612"},"modified":"2019-05-13T09:58:55","modified_gmt":"2019-05-13T13:58:55","slug":"oil-tanker-attacks-in-middle-east-send-oil-soaring","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/05\/oil-tanker-attacks-in-middle-east-send-oil-soaring\/","title":{"rendered":"Oil Tanker Attacks In Middle East Send Oil Soaring"},"content":{"rendered":"
May 13, 2019<\/div>
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By <\/strong>Orbex<\/strong><\/a><\/p>\n

USD Trading Lightly<\/strong><\/h2>\n

The US dollar has traded a little lower over the first European morning of the week. Markets are digesting the\u00a0news of fresh US tariffs on China.<\/strong>\u00a0Last week, the tariffs on $200 billion of Chinese goods was raised from 10% to 25%. Trump has further ordered plans to be drawn up to tariff the remaining $300 billion of Chinese goods. There are serious concerns for both the domestic and global economy which is keeping the USD pressured. However,\u00a0the index remains above the 97.10 level so far today.<\/p>\n

EUR Benefiting From Equities Unwind<\/strong><\/h2>\n

EURUSD is trading in the green again so far today. A further\u00a0unwinding of long positions in EUR assets, along with a subdued USD, is keeping the pair bid<\/strong>. Price is continuing to move higher above the 1.1217 level though bearish trend line resistance is not too far above market.<\/p>\n

GBP Higher Despite Political Uncertainty<\/strong><\/h2>\n

Despite heightened\u00a0<\/strong>political uncertainty in the UK,\u00a0<\/strong>GBPUSD is higher against USD over the day so far.<\/strong>\u00a0Nearly\u00a06 weeks after the UK was originally scheduled to have left the EU, the\u00a0government still appears no closer to delivering a Brexit deal. For now, GBPUSD remains above the 1.30 level support though the rate remains heavy.<\/p>\n

Risk Sentiment on The Rocks<\/strong><\/h2>\n

Risk sentiment has had a rocky start to the week following fresh comments from President Trump over the last few days.\u00a0Trump has reportedly ordered plans to be drawn up for the tariffing of all remaining Chinese goods entering the US.<\/strong>\u00a0This amounts to roughly $300 billion of additional goods each year.SPX500 has broken<\/a>\u00a0below the 2856.30 level this morning having gapped lower at the open last night.<\/p>\n

Safe Havens Mixed<\/strong><\/h2>\n

Despite the risk-off tone to the start of the week, safe havens have had a mixed day so far.\u00a0The Japanese yen is currently firming against USD while gold has been lower.<\/strong>\u00a0USDJPY continues to pressure the 109.70 level today which we could see broken this week if we see any further risk-negative headlines. \u00a0XAUUSD however, has been lower with price trading 1283.40 last. While price remains above the 1280.58 level, the focus is on further upside in the near term.<\/p>

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Crude Rallies on Middle East Tensions<\/strong><\/h2>\n

Oil prices were firmly higher<\/a>\u00a0over the European morning on Monday as\u00a0news of attacks on oil tankers in the Middle East has sharpened concerns over supply disruption.<\/strong>\u00a0Concern linked to news last week that the US is sending warships to the Middle East has now been intensified following attacks on four Saudi Arabian oil tankers. Crude is now trading 62.72 last, back well above the 61.89 level. This now puts focus on a move back up to 64.38 next.<\/p>\n

Commodity Currencies Mixed<\/strong><\/h2>\n

Resurgent oil prices have been good news for the Canadian Dollar<\/strong>\u00a0on Monday as higher prices in the country\u2019s main export have seen CAD rising against USD. USDCAD is trading 1.3426 last as price gives back some of the gains made in a late rally on Friday.<\/p>\n

AUDUSD, on the other hand, has not been so well supported<\/strong>. News of fresh tariffs on China, Australia\u2019s largest trading partner, along with the prospect of further tariffs, is weighing heavily on AUD. The slow down in China over the last year has been felt\u00a0sharply\u00a0in the domestic economy. Furthermore, expectations of an RBA rate cut in the coming months have grown further in the wake of these new tariffs. For now, AUDUSD is clinging to the .6982 low.<\/p>\n

By <\/strong>Orbex<\/strong><\/a><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

By Orbex USD Trading Lightly The US dollar has traded a little lower over the first European morning of the week. Markets are digesting the\u00a0news of fresh US tariffs on China.\u00a0Last week, the tariffs on $200 billion of Chinese goods was raised from 10% to 25%. Trump has further ordered plans to be drawn up […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-147612","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/147612","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=147612"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/147612\/revisions"}],"predecessor-version":[{"id":147614,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/147612\/revisions\/147614"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=147612"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=147612"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=147612"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}