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Oil remains in a positive vein with the “long only” mood of the last few weeks continuing to dominate. WTI is now trading above $63, exactly $100 more than the historical low reached 10 months ago, when the price collapsed to -$37. The rally is linked to the risk on scenario and positive sentiment seen on stock markets. Of course, expectation for a full economic recovery, and consequently an increase in oil demand, is another key element. We should also consider inflation expectations with oil seen as an inflation hedge with investors betting on further recoveries.
Carlo Alberto De Casa – Chief analyst, ActivTrades
Share markets edged higher on Thursday amid rising risk-on trading sentiment as a result of the amount of fiscal and monetary aid on offer. Many investors have been reassured by the continuation of the Fed’s massive bond buying program as well as the huge fiscal aid package from the Biden administration. In addition, recent studies showing encouraging results about the effectiveness of vaccines are also contributing to the bullish trend resurgence. With the end of the pandemic now in sight, more and more investors are now betting on a strong economic recovery to come. It seems all the planets are now aligned for bullish investors as bearish leverages are harder and harder to find on stock markets. However, today’s slew of major US data will provide traders with more clues towards where the economy is going.
Pierre Veyret– Technical analyst, ActivTrades
The post Daily market commentary: Share markets edged higher amid rising risk-on trading sentiment appeared first on LeapRate.economic recovery pandemic fed recovery stock markets oil european
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