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Higher Rate Fears and Dollar Strength Dominate

COMMODITIES
  • Crude oil sees a mixed session with sizeable spillover from broader risk sentiment, which has for the most part been bearish today with stronger than expected US economic data seen driving higher interest rates.
  • In more idiosyncratic developments, Putin is to sign a decree on the oil price response on Monday or Tuesday.
  • Pulling off lows prior to the Asia-Pac crossover, WTI is -0.3% at $78.02. Resistance is formed at the intraday high of $79.90 whilst support isn’t seen until $73.40 after the recent uptrend.
  • Brent is -0.9% at $81.50, off the earlier high of $83.85 and with support at $78.28 (Dec 20 low).
  • Gold is -1.4% at $1789.8, sliding with USD strength and pulling more notably away from the bull trigger at $1824.5 (Dec 14 high) to instead next eye support at $1782.9 (20-day EMA).
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