Over the past week and a half, market participants have been forced to reduce their Bank of England rate hike expectations due to the recent soft patch in UK economic data.
The EUR/USD pair went sideways initially on Friday, and then had a very volatile session as the jobs number in America came out much longer than anticipated.
The Australian dollar initially slid a bit at the open on Friday, but then bounced significantly towards the 0.76 handle.
The EURUSD pair initially dropped a bit on Thursday, but then shot towards the 1.14 level above.
The Australian dollar went sideways and a very choppy session on Thursday, finding resistance just above the 0.76 handle.
After yesterday’s big sell-off, European equities have bounced back and US index futures point to a higher open on Wall Street.
The ascending channel on Cable’s daily time frame is still intact and price is heading towards the resistance around 1.3400. A countertrend opportunity could arise if reversal candlesticks form around this area.
The EURUSD pair initially tried to rally during the session on Wednesday, but then fell significantly towards the 1.13 level below.
The AUDUSD pair initially tried to rally on Wednesday, but found enough resistance near the 0.7625 handle to turn around and drop towards the 0.7580 level.
Believe it or not, crude oil is actually up for the fifth consecutive day now. Despite on-going bearish news flow and downbeat sentiment, oil prices appear stable ahead of the official US weekly crude inventories data from the Energy Information Administration (EIA) later this afternoon.