Another seven days of opportunities ahead US oil inventories – Feb 9, 17:30 MT Time
US CPI – Feb 10, 15:30 MT Time
British GDP – Feb 11, 9:00 MT Time
Crude oil lost around 2% as the XTI/USD uptrend stopped. If the tendency remains, high inventories numbers will press on US oil prices. And in the case of a massive plunge, $85.00 per barrel is the most robust support level. Beneath it, a selloff in the oil prices may start.
The US inflation rate peaked at 7%. The last release created a massive bullish movement in EUR/USD, pushing the pair 900 points up. This release may have the same impact on the USD. As for now, the market expects five rate increases throughout 2022.
GDP reflects a change in the inflation-adjusted value of all goods and services produced by the economy. Bigger numbers mean that the economy is growing. Alas, last time the data was lower than expected: GBP/USD lost 700 points in several hours—plenty of time to plan and execute any trade.
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