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.
GBP/USD: pound dreams of waves
2019-11-11 • Updated
BUY 1,291 SL 1,2855 TP1 1,291 TP2 1,294,
SELL 1,264 SL 1,2695 TP1 1,251, TP2 1,245.
On the GBP/USD daily chart, there is consolidation in the trading range of 1.264 - 1.28. If quotes move beyond the upper border of the range, the Wolfe Waves pattern will be realized. In contrast, a break of the support at 1.264 should activate the AB = CD pattern with a target 200% (1.245).
On the GBP/USD hourly chart, the Bears' failure to return quotes to the borders of the triangle will indicate their weakness. In contrast, a successful test of the resistance at 1.281 may result in the pullback of quotes towards 1.291 and 1.294.
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?
Get ready for some suspense as the Bank of Canada faces a tough decision on whether to raise interest rates or keep them on hold. The resilient Canadian economy and the goal of curbing inflation further are at the heart of this dilemma. While some money markets and economists predict another rate hike, others believe the central bank should exercise caution and wait, hinting at a possible increase later in the summer.
Let's take a closer look at Australia's recent economic performance. Brace yourselves for some interesting developments. The country's economy experienced its slowest growth since late 2021 in the first quarter, raising doubts about the Reserve Bank of Australia's rapid interest rate increases. Despite the bank's record-breaking 12 rate hikes in the last 13 months, the resource-rich economy only grew by a modest 0.2% in the quarter, falling short of economists' expectations.
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.