
Greetings to a brand new week full of events, economic releases and US debt frictions. We are here to tell you everything you need to know!
The USD is weaker, other currencies are recovering.
There is a chance that the pound will strengthen after the release of the White Paper, as any progress on the deal is a key to the GBP growth.
Up to now, GBP/USD has been moving to the resistance at 1.3225 (the pivot point). Positive signals after the release will pull the pair above it. The next resistance is at 1.3280. Otherwise, the pair will turn around to the support at 1.3155.
WTI rebounded from the support at $70.63. The resistance is at $72.20.
If there is no shocking news in the near future, oil has chances to recover. MAs are moving up on Brent and WTI charts. This is a good signal for the oil prices.
A forecast form ANZ.
According to the bank, a net production will increase by 600K bbl a day in the second half of 2018. The increase will come at the cost of the spare capacity. The possibility of the production rise in 2m bbl a day by Saudi Arabia is unlikely because it will diminish the spare capacity to 0. OPEC supply will be limited with further disruptions (Iran, Libya, Venezuela, Angola).
What about demand? Trade wars tensions will affect the economic growth and as a result, the oil demand. The forecast for the oil market: oil prices will remain volatile. Prices will be in a range of $75-80 a barrel in the second half of 2018.
That’s all for today! Follow market news with FBS!
Greetings to a brand new week full of events, economic releases and US debt frictions. We are here to tell you everything you need to know!
The US dollar index breaks one resistance after another. Read the report to learn the next target for the US dollar index!
The United States has one week before default, and NVIDIA may become the next Tesla. What else drives the market?
The situation on the labor market still looks optimistic. Today we expect the Unemployment rate data. 3.5% is expected.
The first day of June should’ve brought us the US default. Unsurprisingly, the US House passes the debt ceiling bill at the latest possible moment.
About 24% of global central banks intend to increase gold reserves in 2023. Rising inflation, geopolitical turmoil, and worries about interest rates are reasons to increase gold reserves.
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