German inflation hit a fresh record high of 8.7% in May, above the 8.1% penciled in by analysts. The data gave a boost to the European Central Bank (ECB) hawks and helped the EURUSD extend gains to 1.0780. Crude oil extended rally as the European leaders finally announced their decision to partially ban the Russian oil.
Can The EU Affect OPEC's Move? Bitcoin's Rally
And people started asking, would the European decision to ban the Russian oil would impact the OPEC’s decision about production; would the OPEC nations pump more to replace the Russian oil for European exports? Elsewhere, the softish US yields help gold consolidate above 200-DMA, while other precious metals also gain, Bitcoin rallies above $31K and the US markets are back after a long-weekend break!
Watch the full episode to find out more!
- 0:00 Intro
- 0:25 German inflation hits record, revives ECB hawks
- 1:31 Europe announces to partially ban Russian oil, oil rallies
- 4:08 Go deeper: will EU decision affect OPEC strategy?
- 5:38 US LNG stocks extend rally
- 6:32 DAX, FTSE recover¨
- 8:00 Precious metals update. Gold, platinum, palladium
- 9:07 Bitcoin rallies, but gains remain vulnerable
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Ipek Ozkardeskaya has begun her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked at HSBC Private Bank in Geneva in relation to high and ultra-high net worth clients. In 2012, she started as FX Strategist at Swissquote Bank. She worked as a Senior Market Analyst in London Capital Group in London and in Shanghai. She returned to Swissquote Bank as Senior Analyst in 2020.
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