2019-11-11 • Updated
Sterling surged to 1.2575 in the course of the past week due to strong economic data out of the UK and lower USD. British manufacturers reported the fastest export growth in more than two years; UK consumer prices increased by 2.35 in March, average hourly earnings have finally edged up. Sluggish wage growth was cited as the major reason the Bank of England refuses to raise its interest rate despite surging inflation figures. The greenback was hit by Donald Trump punishing warlike countries for their military actions and talking down the nation’s currency at the latest press conference.
Next week pay closer attention to the Bank of England Governor Carney’s speech on Wednesday and Britain’s retail sales coming on Friday. From the US, we will get empire manufacturing index on Monday, building permits, housing starts and capacity utilization rate on Tuesday. On Thursday, keep an eye on the US manufacturing data, and don’t forget about the US Treasury Secretary Mnuchin’s speech scheduled for 8:15 pm MT time.
The technical outlook for the pair is bullish. It seems that sterling has time to regain its value before the official start of the EU-UK talks. On the upside, we see some strong resistances at 1.2575 (past-week high) and 1.2625 (200-day MA). A rollback is not ruled out, as the USD will probably try to win back its earlier losses. The immediate supports can be found at 1.2460,1.2415 (50-day MA) and 1.2380 (April 10 low).
Crude oil futures surged on Monday due to disruptions in Russian refining capacity caused by Ukrainian drone strikes and Moscow's decision to cut output to comply with OPEC+ targets. The West Texas Intermediate (WTI) contract for May settled at $81.95 a barrel, up $1.32, while the Brent contract for May settled at $86.57 a barrel, also up $1.32. Russia instructed...
Bearish scenario: Sales below 80.00 with TP1: 79.60... Anticipated bullish scenario: Intraday purchases above 80.70 with TP: 81.50...
Bearish Scenario: Sales below 78.99 with TP1: 77.93, TP2: 77.45, and upon its breakout TP3: 76.56 and TP4: 75.70 Bullish Scenario: Purchases above 78.00 (wait for a pullback to this area) with TP1: 1679.00 (uncovered POC*), TP2: 79.33, and TP3: 79.66 intraday
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
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Don’t waste your time – keep track of how NFP affects the US dollar and profit!
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