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Oil & Yen pairs

by Ashraf Laidi
May 18, 2009 16:58 | 24 Comments

Oil & Yen pairs - OIL YEN PAIRS May 18 (Chart 1)

Oil's prior rally largely coincided with the recent gains in equities and a resulting sell-off in the yen. Any deepening retreat in global risk appetite is expected to further weigh on the pullback in oil prices. Our case for lower prices has already been made by touching upon the Gold/Oil ratio. Fridays report from the IEA forecasting a 3% decline in 2009 global oil from 2008 (bgigest since '81) also added to the selling. With prices seen capped at $58.90, prospects for any substantial yen declines remain limited. GBPJPY is likely to face increased initial selling pressure at 148.70, while EURJPY remains capped at 131.80. Currently, EURJPY faces more downside than GBPJP, but do watch EURGBP for clues of a recovery.

 

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Comments (Showing latest 10 of 24) View All Comments
Ashraf Laidi
London, UK
Posts: 0
16 years ago
May 27, 2009 11:11
Slaiman, oil just broke above its 200-day MA for the first time since Aug. With OPEC doing nothing we may reach 68 largely on dollar weakness and eurusd strength.

Ashraf
slaiman7
Lebanon
Posts: 31
16 years ago
May 27, 2009 6:31
Dear Ashraf,

what your outlook for oil?
B
Florida, United States
Posts: 9
16 years ago
May 26, 2009 4:31
Oil at this price is crazy. Notice how all Wall Street cheerleaders love Oil going up. Does your family benefit from rising oil? If so, I'd leave U.S, right away of fear of people like me. If you profit of oil's rise you are directly helping the destruction of God's 4.5 billion year gift to you. Goodluck the opposite.
Ashraf Laidi
London, UK
Posts: 0
16 years ago
May 23, 2009 1:43
bill, this dollar dollar decline is set to become even a great + for commodities if we see more convincing of signs of a bottom in world demand for energy. Remember the IAEA forecasts world demand to fall by its biggest pace since early 1980s. this means more $$ to flow into metals, which will outperform oil.

Ashraf
will poho
Toronto, Canada
Posts: 20
16 years ago
May 22, 2009 21:16
Hi Ashraf, You mention a turning point in many things this week including commodities. If money pours out of the US dollar it will likly find itself in commodities. Would you bunch oil into that group?

Thanks
Ashraf Laidi
London, UK
Posts: 0
16 years ago
May 21, 2009 21:09
Cougar, yes that should read OIL candle. thanks

Ashraf
cougr
Australia
Posts: 101
16 years ago
May 21, 2009 17:20
Ashraf should that read Oil candle?
Ashraf Laidi
UK
Posted Anonymously
16 years ago
May 21, 2009 17:00
Slaiman, Today's gold candle looks totally engulfed by Wednesday's candle, suggesting a breach of 60 as early as tomorrow.

Ashraf
slaiman7
Lebanon
Posts: 31
16 years ago
May 21, 2009 16:32
Oil is holding above $60 so far today. Do you think that 60 might be the floor for oil even if equities fall, taking into consideration weak dollar and inflation fears?

Sleiman
Ashraf Laidi
London, UK
Posts: 0
16 years ago
May 21, 2009 13:45
Pipples, no change no effect.

Ashraf
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