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/USD: euro liked pin bars
2019-11-11 • Updated
BUY 1.1925 SL 1.187 TP1 1.1995 TP2 1.2085
BUY 1.1985 SL 1.193 TP1 1.2085 TP2 1.2185
On the daily chart, bears’ failure to rise above 1.1845 points at their weakness. This is confirmed by a pin bar with a long lower wick. Traders should favor buying on the break of resistance aiming for 161.8%, 200% and 224 targets of AB=CD pattern.
On H1, EUR/USD may form 1-2-3 pattern on correction. The break of resistances at 1.1925 and 1.1985 will be a signal for long positions.
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.