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2025-07-29 17:56:43
[Currency Conundrum Amidst Soaring Crude Oil: Who Will Be the Next Winner?] ⑴ On July 29, Brent crude oil prices climbed to $70.53 per barrel. ⑵ This is within striking distance of the influential 200-day moving average ($71.20 per barrel). ⑶ Meanwhile, oil prices have approached the upper limit of the 20-day Bollinger Band ($70.57 per barrel), indicating potential overbought conditions in the short term. ⑷ Rising crude oil prices will impact a significant number of current foreign exchange positions. ⑸ Currently, market traders are betting on the strength of the euro, yen, New Taiwan dollar, and Singapore dollar. ⑹ However, these major foreign exchange bets will be adversely affected by rising oil prices. ⑺ As the currency of a major oil-producing and exporting country, the US dollar is expected to benefit from rising oil prices. ⑻ Importantly, foreign exchange traders are currently primarily focused on profit-taking, which may exacerbate market volatility.
