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Oil demand could plummet

Germany and other eurozone countries publish rather weak indicators, which indicates a recession in the global economy. Analysts are concerned about the impact of the US-China trade and economic conflict, as well as tensions in the Middle East on global financial markets. Some of them fear a sharp drop in oil demand, as a result of global instability.

Economic calendar
11:00 (GMT+3) Germany published the September IFO business climate index. The index was 94.6, which is higher than forecast and positive for the euro (EUR).

17:00 (GMT+3) September CB consumer confidence index will be published in the USA. If the data is above 134.1%, this may support the dollar.
Economic calendar Sept 24
Oil. Oil rose more than 1% due to the conflict between the US-Saudi Arabia and Iran but is declining on Tuesday. In the morning, WTI crude oil is $ 58.2. Brent futures are trading near $ 64.2.

Gold. The protective metal slightly lost ground on September 24 but remains above $1,520. In the morning, gold is trading at around $1,521.
Currency. On Tuesday, the DXY dollar index is stable. In the morning, DXY is 98.7 against the basket of major currencies.

On the morning of September 24, the dollar remains virtually unchanged against the yen. In the morning, the pair USD/JPY is trading at 107.5.

Euro (EUR) is declining on Tuesday. In the morning, the EUR / USD pair drops by -0.03% and is trading near 1.0989.

Pound Sterling (GBP) is kept low enough. On the morning of September 24, the GBP/USD pair is trading around 1.2420.

Cryptocurrency. Bitcoin (BTC) is recovering from a sharp fall and is trading around $9,743. In the morning, Ethereum (ETH) is down -0.6% and is trading near $199.4. Litecoin (LTC) is growing at 0.7% and is $66.7.

 Trading Signals
(Interval one day)
Signals Sept 24 fxSignals Sept 24 fx

Important. This article does not contain any calls for transactions or trading recommendations. Traders are responsible for their decisions. The judgments presented here are the personal opinions of the author.