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Oil Correcting; Market Awaits Brexit Results

Oil is continuing to correct on the market. Brent was up last Friday from $47 to $49.35 per barrel. At market opening on Monday, the growth continued to $49.75, following which the price corrected slightly to $49.55. What’s happening on the market shows that the prices cannot get too far away from the $50 mark in either direction and, in the medium term, they will fluctuate around this level.

On the majority of Asian stock markets, a restored rise has been taking place since this morning. The Nikkei 225 shot up by 2.6%. The ASX Australia was up 1.2%. The Shanghai Composite rose by 0.2%, and the Hang Seng increased by 1.1%. Futures for the S&P500 were trading at 2082; 1.1% up on the previous trading day.

The currency market opened with a sharp fall for the USD against the majority of currencies after the weekend. The DXY dollar index opened at 93.66 on Monday after closing at 94.18 on Friday, and continued to fall to 93.45. The EUR/USD started trades today at 1.1330 after Friday’s close at 1.1270 and then it rose up to 1.1380. There’s no important news today and the market is moving on expectations of the Brexit with the referendum on such action taking place on Thursday this week.

Attention:

Forecasts which are made in the review constitute the personal view of the author. Commentaries made do not constitute trade recommendations or guidance for working on financial markets. Alpari bears no responsibility whatsoever for any possible losses (or other forms of damage), whether direct or indirect, which may occur in case of using material published in the review.

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