Crude Oil recovers from five-month low amid mixed concerns

Global market dwindle early Thursday as the US Dollar ignores softer Treasury bond yields and downbeat US employment clues ahead of more US statistics. In doing so, the greenback braces for next weeks FOMC, mainly due to the hawkish comments from US Treasury Secretary Janet Yellen and the recently firming clues about US soft landing.

Its worth noting, however, that the firmer US Dollar fails to weigh on the Gold and Crude prices on upbeat China data and calls for a Fed policy pivot.

That said, EURUSD and GBPUSD lack clear directions amid economic pessimism surrounding the Eurozone and the UK while USDCAD struggles to cheer firmer Oil prices on Bank of Canada‘s (BOC) dovish halt. Further, USDJPY traces downbeat Treasury bond yields but the policymakers’ defense of the Bank of Japans (BoJ) easy-money policy.

Elsewhere, BTCUSD and ETHUSD regain upside momentum after reversing from the yearly high as markets expect further hardships for the US Dollar and more inflow of funds to the crypto markets, especially amid the looming spot ETF approvals.

Following are the latest moves of the key assets:

• Brent oil licks its wound at five-month low, mildly bid at $74.85 by the press time.

• Gold price remains defensive after bouncing off weekly low the previous day, up 0.10% near $2,028 at the latest.

• USD Index prints four-day uptrend at 104.20 as we write, printing minor gains at the highest levels in three weeks.

• Wall Street closed with minor losses while Asia-Pacific stocks edged lower.

• BTCUSD and ETHUSD pick-up bids to reverse the previous days retreat from multi-month highs to around $44,000 and $2,255 by the press time.