The market opened this week at/near 94.60s, balancing in last week's lower cluster, 95.30s-94.40s, before sell programs entered, driving price below Key Structural Support at/near 94.20s, ultimately achieving the Weekly Stopping Point Low, 93.05s, where buy programs entered, driving price higher, establishing the Structural Stopping Point Low following the recent weeks' sellside auction.
The market auctioned higher into midweek, achieving the Weekly Stopping Point High, 95.40s, at/near prior Key Structural Resistance as the Balance phase of market development began. The market balanced, 95.30s-93.80s, pricing in EIA narrative and the unexpected ECB rate cut, closing the week at/near 94.50s
Graphics
- NFP, 932k Decline In Labor Force & Participation Rate @ 35Yr Low. Smells Like Green Shoots. (Zerohedge)
- German Trade Balance. (Trading Economics)
- China Trade Balance. (Trading Economics)
Central Banks
- Forward Misguidance: Central Bankers' Milieu. (Quartz)
- NY Fed Head Says Mega Banks Lack Respect For Law. Hello, Earth To Dudley. (Huffington Post)
- ECB Rate Cuts, (ECB) Draghi Statement. (ECB)
Geopolitics
- Limited Iran Nuclear Deal Imminent, Sayeth FT Punditry. (FT)
- P5 +1: Talks Yield No Deal. (AP)
Supply/Demand & Markets
- China's Oct Crude Imports Decline 14% YoY. (Platts)
- Sustainable North American Shale Would Have Complicated Impact On OPEC. (Platts)