London Market Open – June 23rd, 2022

Heading into the London morning session, WTI Crude Oil saw more relief as it traded down to the $104.50 region. A test of $100.00 to the downside looks increasingly likely before the end of the week.

After attempting to test 1.0600 to the upside yesterday, EUR/USD soundly reversed and traded all the way back down to the 1.0500 level (currently: 1.0506). The Euro looks increasingly on the back foot as we move deeper into summer.

PMI data out of the United Kingdom came in slightly weaker than expected at 53.4 (versus expectations of 53.7). The Pound resumed it’s downtrend and is now trading at 1.2205. The pair now has the key 1.2000 level in its sights once again.

After trading much of the week above $20,000, BTC/USD dipped several times yesterday below this key level which coul be a sign of price action to come in Bitcoin in the coming days. For the moment, the cryptocurrency continues to hang on and is trading near $20,700.