ONLINE FOREX BROKER
2020-09-29 • Updated
The US dollar became stronger last week amid the risk-off sentiment, but this week the demand for the greenback waned. It was caused by optimism over the US fiscal stimulus package and also some progress in the Brexit agreement. The impasse between Democrats and Republicans has been too long, therefore the recent announcement to unveil 2.2 trillion dollars improved the market sentiment and weighed more on the safe-haven yen. On the flip side, uncertainty over November’s US elections may underpin the JPY against the USD.
USD/JPY has been rising for almost a week except for Monday, but the strong resistance of the 50-day moving average at 105.80 may stop it from moving higher. In fact, it has already failed several times to cross it. However, if it manages to break it through, the doors towards 106.20 and then to 106.50 will be open. The RSI indicator has approached the 50.00 level. As you may know, if the RSI is above this point, momentum is considered up and there’s more sense to look for opportunities to buy. That’s why, the breakout may confirm further bullishness.
In the opposite scenario, if it falls below the key psychological mark of 105.00, the way to the low of September 17 at 104.50 will be open. Indeed, this scenario is quite possible as the long-term trend is bearish, and there is no sign of reverse yet. Wait what will happen next: breakout or pullback and join the flow!
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.
The oil prices rally and world central banks’ dovish monetary policy caused by the Covid-19 pandemic were the main reasons for current inflation growth…
After months of pressure from the White House, Saudi Arabia relented and agreed with other OPEC+ members to increase production.
On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.
The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates?
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.
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