Daily market report
Moreover, when analyzing the latest technical picture of oil prices, we can see that the WTI prices remain stuck inside a wide range between $74.00 and $67.00 a barrel, therefore, we will be waiting for a clear break outside of this zone to confirm the next directional move. In the short term, the key resistance is located at $72.40 while important support stands at the 69.80 level.
Looking at today’s important economic releases, the yearly figures of the UK CPI are expected to decline from 8.7% down to 8.5% while the monthly reading is likely to fall from 1.2% to 0.4%.
In Canada, forecasts are pointing to a rise in retail sales from -1.4% to 0.2%.
Finally, FED chair Jerome Powell is due to speak later today on the economic outlook and recent monetary policy actions in Washington DC.