ONLINE FOREX BROKER
2021-04-26 • Updated
The UK has published a set of encouraging economic data on Friday. UK Retail Sales came out with better-than-expected data as well as PMI reports, which measure the economic health of the manufacturing and services sectors.
The British pound surged after this positive news. GBP/USD has even jumped above the 50-day moving average. The pair has approached the resistance of 1.3900. If it manages to break it, the way up to the high of April 19 at 1.4000 will be open.
Despite the better-than-expected data, the GBP keeps losing against the EUR. It seems that traders have already priced in the UK reopening amid the successful vaccine rollout, now all eyes are on Euro Area. EUR/GBP has just broken through the resistance of 0.8690. The way up to the high of February 26 at 0.8730 will be clear. Support levels are the recent lows of 0.8650 and 0.8600.
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.
After months of pressure from the White House, Saudi Arabia relented and agreed with other OPEC+ members to increase production.
Last Friday’s NFP was disappointing. The reaction of the markets was astonishing. Will it last longer? Let's find out the main trade opportunities for the upcoming week.
Western countries are trying to find other options for oil and gas supplies after a 10th package of sanctions, which will put more pressure on Russian oil and decrease global oil supply. Italy, for example, is in talks with Libya.
Last year was tough for the Japanese yen. USDJPY gained more than 30% over 2022, striking above 150 in October. While anticipation of slower Fed rate hikes pulled the pair below the 130 level at the start of 2023, the speculations over the destiny of BOJ’s yield control policy grabbed the attention of the Japanese assets in the middle of January. What lies ahead for traders of the Japanese yen?
Today, at 5:00 pm (GMT +2), the Bank of Canada will publish the Overnight Rate, which represents short-term interest rates, and is pivotal to the overall pricing of the Canadian Dollar in the global markets. Let's look at how the markets are faring ahead of the BoC rates release.
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