2019-11-11 • Updated
Sterling was really volatile in the course of the past week as we approach the general election on 8 June. The recent polls indicated that Theresa May’s lead has narrowed. This made the pound to lose its ground in the beginning of the week. The UK economic fundamentals helped GBP to regain in strength as Thursday’s Manufacturing PMI indicated industry expansion, and Friday’s Construction PMI spiked to 17-month high in May. On Friday, YouGov election poll posted another soggy result for Theresa May’s party: it lacks of 13 seats of an overall majority. The pound tumbled below 1.2850.
Next week, ahead of the UK general election, GBP will continue experiencing some volatile moves. On the economic data front, receive services PMI will be released on Monday, Halifax house price index and Britain’s manufacturing production figures will be released on Wednesday and Friday accordingly. On June 8, the UK general elections will be held. On the same day, in the US, the former FBI director Comey will testify before the Senate intelligence committee on whether Donald Trump asked him to drop investigations into ties between US President’s former national security adviser, Michael T. Flynn, and Russian entities. Once this is confirmed, the US dollar will likely suffer.
At the present moment, the GBP/USD is neutral. An immediate support can be found at 1.2840. A break below 1.2800 will result in restoration of the downtrend. Then, the quotes may decline down to 1.2760. The key resistances are located at 1.2920, 1.3000.
China has issued new oil product export quotas to allow oil companies to send surplus barrels overseas, particularly Sinopec, which has the highest volume among quota holders. While the exact quota volume remains undisclosed, oil companies are forecasted to export approximately 3.5 million metric tons of clean oil products in September, a 10% increase from August.
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.
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.
As the US Non-Farm Payrolls (NFP) take center stage, this month's data gains special attention, particularly after the unemployment rate took a concerning turn in the previous month. The US ADP Employment Change reveals a significant decline, with the economy adding 298K new jobs...
As the year winds down and the festive spirit takes hold, the stock market often presents a curious yet anticipated phenomenon known as the Santa Rally. Within this whirlwind of festive trading, let’s look at how two titans of the tech world, Amazon and Apple, might fare during this unique season.
Gold price (XAU/USD) experienced a notable turnaround, gaining fresh bids after a $125 pullback from its recent peak. Federal Reserve Chair Jerome Powell's recent speech suggested a reluctance towards aggressive rate cuts, dampening speculations of immediate policy easing. Market sentiment leans towards the belief that the Fed has concluded its tightening cycle, with a growing...
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