- Brent Oil rises to highest level since July 2015
- WTI also moving higher ahead of US inventory data
- GDT plummets to weigh on NZD
- Bitcoin struggles with recent highs as Goldman forecasts $8000
The strong recent rise seen in Brent Oil has seen another move to the upside with the market just about moving above Monday’s high to record another peak. There has been a succession of year-to-date peaks made in recent weeks and you have to go all the way back to the summer of 2015 to find higher prices.
the WTI grade stormed $55 which had constituted a major resistance. Given the stellar performance seen in crude lately one may assume that the market will be vulnerable to fresh data. Keep in mind that a weekly API report will be released this evening and the more widely viewed DOE number is due out tomorrow.
The fortnightly Global Dairy Trade (GDT) auction has seen a large drop in the main price index in what could be a worrying development for the New Zealand dollar. A reading of -3.5% is the largest decline seen for several months and with the two prior readings also showing drops there is a fairly clear downtrend developing in milk prices.
Bitcoin has slowed down its rally since the beginning of this week after trying to achieve a round $8000. Even as the price has drawn a potential bearish candlestick of late, Goldman Sachs sees further space to gain. As a result the US bank made an update of a technical view of Bitcoin forecasting that it might be poised to breach $8000 before long.