The US dollar was relatively unmoved on Thursday. Oil prices have been dropping over the past 24 hours, falling below $50 a barrel: a key psychological level. Investors will be keen to see if this drop in oil price stimulates the US economy – as predicted by the Federal Reserve in 2015.
Looking at the bigger picture, there are key support levels around $48.35 and $44.08. Breaks below these levels will open the door to a bearish move and retracement back to $40 per barrel.
Average hourly earnings, non-farm employment change and unemployment data are all due out today, but no major moves are anticipated on the back of this.
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