Corporate foreign exchange news

Published by Mark Smith-HalvorsenCrude oil prices are likely to rebound above their year-to-date high of $83.93 a barrel, forex hedging strategists have claimed.According to FXTechstrategy.com, crude will reverse the two days of losses seen this week after support for the commodity topped out at $80.75, unless two price points are decidedly broken.The foreign exchange trading analysis site identified the Feb 03 high of $78.01 and its current long-term rising trendline support at $76.43 as key price thresholds for the commodity.A weaker dollar will be likely to provide further support for oil, as favourable exchange rates make the commodity more attractive to foreign investors.In electronic trading on the New York Mercantile Exchange this morning (February 24th), Asian markets have helped to lift oil prices back above $79 a barrel, a rise of 14 cents on yesterday's settle price.The rally has been broadly attributed to the dollar's weakening in foreign exchange trading this morning.For more information on foreign exchange treasury services and risk management, visit our Corporate FX site