Pounded Pound Stages Relief Rally On Strong UK Data
The pound, already out of favour ever since the Bank of England’s last policy meeting a couple of weeks ago, fell further yesterday in response to softer-than-expected UK inflation figures.
London
Threat Of Deflation Gone: Draghi Sends Euro Surging
While it may be a quiet day for macroeconomic data, it hasn’t been the case for the markets. Stocks fell sharply at the London open, before paring back their losses sharply, while gold has managed to hold onto its gains after its suspicious-looking drop on Monday.
GBPUSD Forecast June 19, 2017, Technical Analysis
The British pound rose slightly during the day on Friday, grinding towards the 1.28 handle. The 1.28 level is obviously offering a bit of resistance, but it appears that the market is stubbornly trying to break above there.
Dollar Unlikely To Go Down Without A Fight
Financial markets opened in a bit of a panic mode overnight in the wake of Trump’s failure to repeal Obamacare. Stock index futures slumped while the dollar index fell to its lowest since mid-November as the yen and euro both gapped higher. The dollar’s losses steepened after the London open as the GBP/USD climbed to near 1.26 handle and EUR/USD neared 1.0900. European stock indices bounced off their lows slightly.
No Monday Morning Blues For The Indices
With the Nikkei having fallen over 2% at the start of a new trading week and month, European and London traders could be forgiven for thinking their respective markets and Globex would simply follow suit.
Canada And The Loonie Under The Cosh
Of the currencies likely to be in focus this week, I really did not expect the week to start with a further move lower for the Loonie (and the Canadian economy) which have both been badly affected by falling oil prices (USO, quote) .
GBPUSD Forecast July 24, 2015, Technical Analysis
The GBPUSD pair initially rallied during the session on Thursday, testing the 1.57 region. However, we sold off rather drastically and crashed into the 1.55 handle.
Even Oil Inventories Fail To Put The Brakes On
For oil traders and speculators hitting the sell button has become almost automatic, as the heavily bearish tone for the commodity shows no signs of abating just yet, with another solid move lower yesterday offering low risk trading opportunities once again.
Forex Markets Prepare For An Interesting Week Ahead
As another trading week and month gets underway, it’s time to take a look at several of the major currency pairs in the futures market ahead of what is likely to be an interesting time.
For a Clear View On Risk, Check Out the NQ E-mini
As always, whenever there is a market correction, and for whatever reason, the bears take heart, emerging from the undergrowth to call the top of the market once more!