2021-09-24 • Updated
The Bank of England has announced an important decision which sent GBP/USD up by over 1000 points. The central bank announced that it was concerned about the too-high inflation in the UK, which is likely to jump to “slightly above” 4% this year, double the BOE’s target level. Thus, the bank said that the case for higher interest rates "appeared to have strengthened".
The UK central bank claimed that it would raise interest rates earlier than initially thought. It encouraged GBP’s bulls and sent the pound soaring. The next meeting on November 4 is going to be interesting for the markets! Before it comes, the expectation of the hike rate will support the pound.
GBP/USD has bounced off the support line of 1.3600 and has jumped above the psychological mark of 1.3700. After a breakout, the pair pulled back to 1.3700. It should be just a natural sell-off before the further rally up. The jump above the late-August high of 1.3760 will open the doors to a mid-September high of 1.3850. Support levels are 1.3600 and 1.3700.
During the Asian session on Wednesday, the USD/CAD pair rebounded after two days of losses, reaching around 1.3590. This uptick is fueled by a stronger US dollar and lower crude oil prices, which put pressure on the Canadian dollar. The decline in Western Texas Intermediate (WTI) oil prices to approximately $80.70 is attributed to...
Gold prices rose on Monday as the US Dollar weakened amidst speculation about potential Federal Reserve rate cuts starting in June. This weakened Dollar was partly due to improved risk sentiment pushing US Treasury yields lower. Despite facing challenges from declining yields, gold prices recovered to nearly $2,170 per troy ounce, driven by the Dollar's weakness. Federal Reserve Chair...
Canadian retail sales showed a slight rebound in February, rising by 0.1% after a 0.3% drop in January. However, this failed to fully offset the steeper decline earlier in the year, suggesting a weakening momentum in consumer spending. The increase in February was driven by gains in sectors such as sporting goods, hobby retailers, and building materials. Despite the...
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
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