London Market Open – July 6th, 2022

Heading into Wednesday’s trading session, WTI Crude Oil was still trading below $100 per barrel which could be a sign of price action to come in upcoming trading sessions. Oil was currently traing at $99.50.

Both Euro and Pound were able to recover some of their deep losses from the previous day with EUR/USD trading at 1.0270 and GBP/USD trading at 1.1980 heaing into the London trading session.

On a day when the economic calendar is lightly, all eyes will be on the FOMC minutes that come out at 14:00 EST. If the FED indicates further interest rate tightening is imminent, the US Dollar could see a continued rally.

Bitcoin had a decent run late in yesterday’s trading up to $20,700 before retreating to its current price level of $20,100.