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Greenback Weakness Boosts Oil, Gold

COMMODITIES
  • WTI and Brent crude futures topped the week's best levels to hit new cycle highs. Broad dollar weakness followed a disappointing set of payrolls figures, helping buoy commodities across the energy and precious metals sectors.
  • Both WTI and Brent crude benchmarks broke to new 2021 cycle highs, resuming the medium-term uptrend and raising the real risk of a test on the 2018 highs.
  • Gold and silver bounced sharply, erasing much of the Thursday move lower. Nonetheless, both metals failed to clear to new weekly highs, leaving the topside resistance intact. Focus turns to key central bank meetings in the coming week, with both the ECB and BoC due to deliver their latest rate decisions.

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