Yesterday, the US dollar posted steep losses, which should in theory have led to a rise in all financial instruments, including crude prices. However, oil remained unchanged. Apparently, the only thing that could make the market budge is today's macroeconomic data from the United States, which is expected to be extremely negative.Against this background, oil prices may well return to the level of $88 per ounce.
Notably, Brent crude oil futures lost about 4% as a result of a correction, sliding to the 85.40 mark. To continue its downward corrective move, the quote needs to fix below $85 per barrel. In this case, the market will see another wave of selling. Alternatively, the volume of long positions will increase if the quote rises above $87.50. This will mark the start of a new upward cycle.
Meanwhile, gold hit a new local high amid a weaker greenback. However, it failed to break through the level of $1,950 per ounce and settled just below it. Most likely, today’s weak US statistics will support the yellow metal and allow it to overcome this level. In this case, the way to $2,000 per ounce will open. Gold will probably trade in this area just before the Fed meeting. Its outcome will be announced on February 1 and will shape the further development of events in the market.
The Russian currency slid and broke out of a tight range limited by the levels of 68 and 69 rubles per dollar. The ruble was weighed down by the news that Germany would supply Ukraine with armed tank vehicles. That is, the Russian currency remains heavily dependent on political factors. Nevertheless, the ruble’s weakening is mostly symbolic, while a continued decline in the greenback not only limits the downside potential of the Russian currency but also paves the way for its further strengthening. So the dollar is expected to return to the above range in the near future.
To do this, the quote needs to first dip below the level of 68.50.


00:00 Introduction
00:28 Brent
01:06 Gold
01:42 USD/RUB
02:28 Conclusion

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