Follow the BOE monetary policy and rate statements on August 6 at 14:00 MT time…
Market updates on November 11
Key events ahead:
British preliminary GDP growth rate – 11:30 MT time
British balance of trade – 11:30 MT time
- Friday’s trading session pulled the British pound against the USD down towards the 1.2770 level on H4. Today GBP/USD is awaiting the release of British GDP growth rate and balance of trade, which may potentially affect the pair. If the release supports the British pound, the cable will break the first resistance at 1.2802. After that, bulls will target the next level at 1.2831. The weak release may help bears to retest Friday’s lows at 1.2770. In case of a breakout, bears will target the 1.2738 level.
- The price of gold inched higher on the mixed news about US-China trade talks. The conflicting opinions came from the White House trade advisor Peter Navarro and US President Donald Trump. While Mr. Navarro said that the cancellation of tariffs is not in the phase one trade agreement, the president shared his opinion that talks were “moving along nicely”. The price of the yellow metal has risen higher. On H4, the next resistance will be placed at $1,471. If the risk sentiment is on, XAU/USD will fall below the $1,462 level towards the possible retest of the $1,457 level.
- As the risk sentiment faded, USD/JPY fell down, too. The pair has slid below the 109 level with bears focusing on the support at 108.81. The upside momentum is limited by the 109.02 level. If this level is broken, the next resistance will lie at 109.22.
The market sentiment improved amid the slowdown in virus cases. Let's have a closer look at the AUD, S&P 500, gold and the GBP.
The overall market sentiment is mixed as new virus cases continue rising throughout the world, but most economic indicators came out better than analysts expected. Let’s look at the main market movements.
The market has started the week with a mixed sentiment…
The US NFP will be published on August 7 at 15:30 MT time.
The market sentiment is indeed risk-on today. Stocks, riskier currencies and gold are rising amid the waning US dollar.