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2025-07-29 18:16:12
[Oil Prices Soar, Is the US Dollar Striking Back? Unveiling the Forex Market's Stunning Reversal] ⑴ At 18:14 Beijing Time on July 29th, Brent crude oil broke through $70, reaching a high of $70.53 per barrel. ⑵ The continued rise in oil prices is upending many current bets in the foreign exchange market. ⑶ The market is generally bullish on the Euro, Japanese Yen, New Taiwan Dollar, and Singapore Dollar, but higher oil prices will significantly impact these long positions. ⑷ The US dollar, as a major oil-producing currency, will benefit from rising oil prices, a stark contrast to traders' previous selling of the dollar. ⑸ Brent crude oil is approaching the key 200-day moving average of $71.20 per barrel and has already touched the upper limit of the 20-day Bollinger Band near $70.57 per barrel, indicating strong technical rebound momentum. ⑹ Currently, most forex traders are choosing to take profits.
