Forex News June 25, 2022

Last week was the worst for US stocks since March 2020, but all of those losses were erased this week.

As last week’s big drop is erased, the S&P 500 closes at all-time highs.

Excellent stock market recovery

On the day, the S&P 500 gained 3.0 percent, the Nasdaq gained 3.2 percent, the Russell 2000 gained 3.0 percent, and the DJIA gained 2.6 percent.

S&P 500 -6.4 percent, Nasdaq -7.5 percent & DJIA -5.4 percent

WTI crude oil rose $3.35 to settle at $107.62, while Brent finished the week at $113.12.
Both are lower than last Friday’s close, marking the second week in a row of declines but ending a streak of seven consecutive weekly gains.
Overall, crude has been trading in the middle of the range since the outbreak of the Ukraine war, which should encourage bulls given the recession fears, OPEC+ increase, and SPR release.
OPEC+ will meet again on Thursday, but a report this week citing five sources indicated that the status quo would be maintained.
Nigeria has been underproducing but has stated that it hopes to have its oil online soon.
Libyan production is erratic.
Today’s buying interest indicates continued tightness in the physical market, but a sharp economic slowdown could reverse that in the coming months.

A pattern of bitcoin volatility explosions followed by nothing
The market is currently trading sideways.
In general, volatility breeds volatility in markets.
Recently, however, there has been a period of huge moves followed by periods of relative dormancy in bitcoin.
The range has been $19,586 to $21,696 for the entire week.
That 9.7 percent range is wide for a normal asset, but it is negligible in comparison to the recent BTC norm.
It’s difficult to comprehend, and what makes it even more perplexing is that something similar occurred in April and May.
There’s a natural stabilisation mechanism at work here, or it’s just a strange coincidence.
In any case, the trade here is to wait for a clear break of the range and then follow it. On the downside, that’s a little difficult to do because of the quick spike low on the 3AC liquidation.

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