All eyes on USD/RUB ahead of the CBR interest rate decision
The main bank of Russian will likely turn hawkish today. Time to sell USD/RUB?
Trade ideas for June 14-18
The Bank of Canada and the European Central Bank held meetings last week. Both regulators upgraded economic forecasts, but the ECB didn’t talk about monetary tapering. That makes the CAD stronger than the EUR. Now all eyes are turning to the Federal Reserve and the US dollar.
Trade ideas
XAU/USD
In our opinion, gold offers one of the best opportunities to trade on the US data releases and the Fed. American inflation jumped to the highest level since August 2008. However, the Federal Reserve keeps saying that the rise in prices is only temporary, so there is no need to act. If the central bank sticks to this view on Wednesday, XAU/USD will get green light for the further advance. If the Fed uses its press conference as a chance to announce a shift in its mood, gold will decline.
EUR/USD
The most popular currency pair keeps trading between 1.22 and 1.21. The Fed’s meeting will determine whether it manages to stay within the medium-term uptrend or moves lower. Overall, the strength of the single currency will be put to test.
British pound
Keep an eye on the pairs with the pound, such as EUR/GBP, GBP/JPY, and GBP/USD. If the tensions between the EU and the UK subside, the British currency should enjoy a boost.
Oil
Oil price optimism has been increasing in recent weeks. Brent rose to levels above $72. It seems that Iranian oil won’t return to the market soon and the demand is recovering. With the increase of the Coronavirus cases being the main risk for the bullish scenario, we turn our eyes to higher levels.
Similar
The GBP may be supported
Great Britain will publish its trade balance for April on June 11, at 09:00 MT time.
Is all good with the AUD?
The RBA Rate Statement comes on June 1, at 07:30 GMT+3.
Latest news
Bitcoin is on sale, oil is on the way to $75
The Bitcoin “death cross” has occurred. The S&P 500 rallied the most in five weeks! Crude oil and gold jumped as the US dollar weakened.
BofA: oil may reach $100 a barrel next year
Optimistic forecasts on oil prices, nuclear talks with Iran, and upcoming OPEC+ meeting. How to trade oil these days?
Top UK stocks to trade in June
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