Daily Alert – Wednesday 13th July 2022: Oil crashes (again)

Mark NugentDaily Alert, July 2022

Daily Alert – Wednesday 13th July 2022: Oil crashes (again)

Good morning.

Yesterday was risk-off. US equities fell (a bit). Both the USD and the US 10-year yield couldn’t really be bothered doing anything. Our star performer was WTI (oil) which decided to take another nosedive off the pier, falling 7.5 percent over the course of the day, only coming to a screaming halt when the price hit support. Shall we trade the reversal? Yes, we shall.

My GBPUSD short was knocked out at breakeven. Breakeven trades are the secret to our success. So many traders will fight to the bitter end and never get out at breakeven. The trouble with that is you get bitter. And it will be the end.

Elsewhere, there’s life in the old UK economy, with monthly GDP for May coming in at 0.5 percent versus an expectation of 0.0 percent. Hurray!

The remaining highlight of today will be US CPI.

I will watch WTI keenly. I will also focus on GBPUSD (short) as a return to USD strength should take it down.

I’ll be back tomorrow.

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