ONLINE FOREX BROKER
2021-05-04 • Updated
Bank of England will make a policy statement on Thursday at 14:00 MT (GMT+3). It’s widely expected that the bank may raise its growth projections and, more importantly, taper its quantitative easing programme, by cutting asset purchases. If it happens, the GBP will get a stimulus to rise.
Indeed, most of the recent economic indicators revealed that the British economy is recovering faster than the BOE forecast in February. Both manufacturing and services industries showed the strongest numbers in seven years in April. Retail sales jumped in March.
Well, but what if no policy tightening? In this case, the GBP is likely to fall.
GBP/USD has been trending up for over a year already. If it manages to break above the chain of recent highs of 1.4000, it will rally up to the high of February 24 at 1.4150. On the flip side, if it breaks below the low of April 30 at 1.3800, it may fall to the lower trend line, which the pair is unlikely to cross on the first try as it has failed to break below this line for over a year.
Oil prices rebounded slightly on Friday but are still expected to show losses for the week due to concerns about slowing growth in the US and China. US crude futures rose 2.7% to $70.41 per barrel, while the Brent contract increased by 2.5% to $74.33 per barrel.
China's economy is rocketing. On the other hand OPEC+ countries take the decision to cut the production. What will be the impact on the oil price?
The past two years have seen the biggest swings in oil prices in 14 years, which have baffled markets, investors, and traders due to geopolitical tensions and the shift towards clean energy.
Let's dive into the world of gold. Currently, the price of gold, represented by XAUUSD, is stuck in indecision, hovering around the $1,975 mark. The market is anxiously awaiting two important factors: the release of the Federal Reserve's meeting minutes and the extension of the US debt ceiling.
Hey guys, this is the last full trading week in May, and many forward-looking individuals like myself are already preparing themselves to seize whatever opportunities June may have in store. On this note, I will review a few commodities that have satisfied my quest for swing-trading opportunities in the coming month. Follow me!
The Bank of England (BoE) has dramatically shifted its economic forecasts. They no longer expect a recession in the UK and have upgraded their growth projections. This year, the BoE predicts GDP growth of +0.25%, a significant improvement from previous expectations. Next year's forecast is even more optimistic, with a projected growth of 0.75%.
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