Global macro overview for 30/07/2015

Global macro overview for 30/07/2015:

The crude oil prices gained more than 1.4% yesterday after the crude oil inventories news release was a big miss. The market expected 700k barrels, but the inventories declined by -4203k barrels in the week to July 24. Moreover, the gasoline inventories dropped by 363k vs. 512k expected gain. As a result, the oil prices rallied to the level of 49.51, but then were capped by the strengthening US dollar due to the Fed data release. Currently, the crude oil (current month contract) is trading at the level of 48.77 at the time of writing. Any breakout above the level of 49.76 will be considered as bullish (bounce/rebound) and any breakout below the level of 48.43 will be considered bearish (downtrend continuation).

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