ONLINE FOREX BROKER
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.
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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