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%.
EUR/GBP: bulls got scared
2019-11-11 • Updated
TP1 0.8945 TP2 0.8900 TP3 0.8850
On the daily chart, the inability of bulls to make EUR/GBP settle above the upper border of the 0.8700-0.9020 consolidation range points at their weakness. If bears manage to return the pair to its middle, a “Shakeout-Fakeout” pattern will be triggered. As a result, the risks of reversal of the current trend will increase.
On H1, EUR/GBP reached the targets of “Three Indians” near the convergence level (127.2% target of AB=CD). Bears seized the initiative, so there’s sense to use breaks or pullbacks from resistance levels for selling the pair.
On Wednesday, the US dollar weakened in anticipation of the US CPI data, which could influence market exposure. A Bloomberg survey predicts a year-on-year read of 5.0% to the end of April. Market sentiment is affected by the US debt ceiling and issues with regional banks. While the major APAC equity indices are...
The influence of the dollar as the world reserve currency is gradually falling. Is it possible that the euro will replace it? We are not so sure about that.
Let's dive into the latest developments shaping the global economic landscape. Good news first: the threat of an unprecedented US debt crisis has receded, as US lawmakers passed a bill to raise the debt ceiling and avoid a catastrophic default. Phew! But don't pop the champagne just yet, because storm clouds are still looming. High inflation, rising interest rates, and sluggish growth are challenges that have yet to disappear.
Thanks to the incredible advancements in horizontal drilling and fracking technology, the United States has experienced a mind-blowing shale revolution. They've become the heavyweight champion of crude oil production, leaving Saudi Arabia and Russia in the dust. They even turned the tables and became net exporters of refined petroleum products in 2011.
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.