Oil prices are rising and Russia banned the export of its petrol. What's happening in the markets?
GBPUSD May Strengthen Resulting the Fed and The BOE Meetings
Happy Tuesday, dear traders. Let's check the freshest news, moving the markets today!
- Citibank believes oil may briefly exceed $100 amid production cuts and geopolitical tensions, but the price is unlikely to stay above these levels.
- Huawei's breakthrough in chip production poses a new threat to Apple in China. Apple stock is down 10% from its all-time high.
- Saudi Arabia and Tesla are negotiating to build a plant in the country. However, the stock lost 3.30% on Monday.
- The world's largest central banks will announce rate decisions this week.
- The Fed: expected to keep the rate at 5.50%
- Bank of England: expected to increase by 0.25% to 5.50%
- Bank of Japan: policy expected to remain unchanged
- Direct investments in China have seen the most significant outflow since 2016, pressuring the yuan (CNH). Outflows from the financial market are accelerating, too.
- RBA considered a rate hike but decided the pause case was stronger. The bank determined to return CPI to the target in a reasonable timeframe.
GBPUSD broke the upper border of the bullish falling channel. Thus, traders may consider buying the pair toward the target at 1.2450. However, if buyers lose the 1.2370 support, GBPUSD may slide to 1.2307.
Have a great trading session!
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