The Fed can start tapering already this November, oil is rallying pushing the Canadian dollar up! Jump in to know more!
Upside hopes for the GBP?
The British monthly GDP is announced on Friday at 09:00 MT time.
Instruments to trade: EUR/GBP, GBP/USD, GBP/JPY, GBP/CHF
In December, Rishi Sunak, Chancellor of the Exchequer, said that the British economy hasn’t seen an economic crisis like the current one in the last 300 years. Brexit had its impact but has never been the main driver: fundamentals are what matters. And fundamentals are hardly positive for the UK at the moment, in most aspects of its economic well-being. The labor market is slowly picking up, but the overall state of affairs is quite difficult. Ultimately, it is all reflected in the country’s output: if it is lower than expected, it may press hard on the GBP.
- If the data is better-than-thought, the GBP will be boosted.
- Otherwise, it will fall.
The Bank of England will hold a meeting on Thursday at 14:00 MT time (GMT+3).
The US showed strong retail sales for August despite the spread of the Delta virus strain. As a result, the US dollar rocketed and gold dropped by 2286 points in half an hour after the release.
The bullish movement in the stock market is gaining speed, and Bitcoin ETFs are closer than they might seem. What do we need to know for the next trading week?
The Fed is ready to start tapering in November. Since the markets were expecting this and it wasn’t a surprise, the USD slumped allowing risk-on currencies and gold to rally up.
US Retail Sales will be out on October 15 at 15:30 MetaTrader time (GMT+3).