Source: ForexYard
Over the past few weeks Crude Oil has moved in different directions, showing no clear trend. Since early March, the commodity has dropped in value but has also rallied throughout.
The situation between Iran and the West has dominated the headlines and has played a major role in the direction of crude oil over the weeks.
There are a number of financial reports due for release this week that could affect the movements of crude oil including, the Bank of Canada’s Overnight Rate,U.S Jobless Claims Weekly Update,Philly Fed Manufacturing Index and U.S Natural Gas Storage Weekly Report.
To conclude, if the U.S-related reports provide positive data and indicate signs of growth, it could possibly push up crude oil prices.If some of the Major currency counterparts such as the Euro and the Australian dollar strengthen versus the greenback,there is also a possibility that crude prices will appreciate.
Forex Market Analysis provided by ForexYard.
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