UKOIL (Brent Oil)sinking lower
UKOIL (Brent Oil) sank 2% as prices fell from multi-month lows, with data showing a surprise build in stockpiles. Brent slumped to its lowest level this month, as a global stock market rout deepened on concerns about a potential recession after recent weak jobs data. With heightened tensions in the Middle East, the black gold could be in for a rocky ride until the end of the year. An uptick in optimism could trigger a rally back towards 69.00, with 65.20 serving as fresh support.
GBPUSD continues the bear rally
Cable has had a nightmare start to September, as prices look to regain some momentum after shedding over 200pips so far. With UK GDP looking likely to fall further this week, sentiment shifted as the thought of more borrowing costs heaped pressure on the pound. With the Fed holding firm for now, cable will be seen as an unattractive bet for most investors for the time being. 1.3500 is the threshold, and 1.3350 is the closest support.
SPX 500 looking for a record
The US stock market looks to cover the recent gap and head for a fresh peak, but some economists are concerned that the correction is far from over. Weak ADP and NFP data from last week should be enough reasons for the Fed to begin cutting rates soon, as recession fears loom over the economy. The index is on its way to break 6500, with 6200 as the first support, as we head towards the fourth and final quarter.
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