WTI Price Analysis: Oil extends recovery from multi-month low towards $72.00

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WTI Price Analysis: Oil extends recovery from multi-month low towards $72.00
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WTI Price Analysis: Oil extends recovery from multi-month low towards $72.00 Oil WTI Technical Analysis ChartPatterns Commodities

EUR/USD picks up bids to refresh intraday high, extends Friday’s rebound towards multi-month high marked late April. US Dollar bears the burden of mixed jobs report, mixed feelings about US debt ceiling and bank crisis. Hawkish ECB rate hike contrasts with Fed’s dovish rate lift to propel Euro price.GBP/USD gains traction for the fourth straight day and climbs to a fresh one-year high on Monday. Dovish Fed expectations keep the USD depressed and remain supportive of the ongoing move up.

The precious metal benefits from the softer US Dollar and the market’s cautious optimism as traders prepare for the key US Consumer Price Index and Producer Price Index .On May 6, Ethereum Foundation transferred nearly $30 million in Ether to the Kraken cryptocurrency exchange, causing jitters in the market about a potential selloff event. ETH price fell 4.8% to $1,900 on the day, but the decline has been negligible so far amid a wider recovery trend.

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