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.
GBP/USD: outlook for June 5-9
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.
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