Black Gold Plunges As Inventories Indicator Shows 2.421M. FOMC To Put US Dollar Even Higher!?

Black Gold Down, Hawkish Fed Is Here, Warren Buffet Is Shopping

It’s been a day full of important economic data coming from around the world. In Europe next sanctions are being discussed and Polish interest rate decision has been announced. In the USA crude oil inventories exceeded 2M and FOMC Meeting Minutes will be released shortly. Not only Minutes will influence DXY, but also rhetoric of Fed’s Harker has done. All of these events definitely influenced markets. Forex pairs fluctuated and commodities are triggered.

Throughout the day crude oil has been trading quite high, over 2% higher. The closer crude oil inventories has been, the lower the price gone. 24H chart shows a rebound on the right hand side followed by another drop which is probably caused by Fed’s rhetoric and crude oil inventories indicator.

Crude Oil Price Chart – 24 hours

Black Gold Plunges As Inventories Indicator Shows 2.421M. FOMC To Put US Dollar Even Higher!? - 1

FOMC Meeting Minutes and Fed’s members rhetoric can make markets really volatile. Some fluctuations were highlighted by Investing.com. Stock markets may plunge further if the rhetoric to persist throughout the month. The next interest rate decision release takes place on May 4th.

US Dollar Index – DXY – 24 hours

Black Gold Plunges As Inventories Indicator Shows 2.421M. FOMC To Put US Dollar Even Higher!? - 2

If dollar strengthens some may say Bitcoin plunges. This time they’re right. It’s ca. 3.5% down and two significant drops are visible on the chart. The first one was noticed in the morning, and another one after Harker’s testimony.

Bitcoin Price Chart – 24 hours

Black Gold Plunges As Inventories Indicator Shows 2.421M. FOMC To Put US Dollar Even Higher!? - 3

Source/Data: Investing.com, TradingView.com

Charts: Courtesy of TradingView.com

Black Gold Down, Hawkish Fed Is Here, Warren Buffet Is Shopping

Mikołaj Marcinowski

Business Development Manager FXMAG

Journalist, finance passionate