With slumping prices in the commodity markets, Michael Hewson takes a look at the potential for a bounce in crude oil futures and the likelihood of ECB QE being announced on Thursday.
- Speculation over additional stimulus from the ECB and the PBoC has boosted US stocks and the DAX, though Michael believes that ECB QE remains unlikely at the this stage
- Some are calling for Brent crude to drop to $40 per barrel, though support remains at $67.50 and we saw a key reversal pattern which may provide a short-term base
- USD/JPY may struggle for further gains as it targets ¥120 as we reamin hugely above its 200DMA, with US jobs data on Friday expected to be key
Spread Betting & CFD trading carry a high level of risk to your capital and you can lose more than your initial deposit. Only speculate with money that you can afford to lose. These trading products may not be suitable for all investors so seek independent advice.Video content by Michael Hewson of CMC Markets.