Euro & pound weakness, oil and our recommendations
Macroeconomic statistics came out better than expected on Thursday, even the fact that data on Eurozone balance crossed the “+” level did not help the euro. The euro was under pressure and below 1.1200 again. That is not a reason for panic. The US will not impose additional tariffs on European automotive industry’s products it means that the States has decided not to escalate the trade war’s pressure with China. For the euro, this is definitely a good signal. So our position on the euro today is buying EURUSD below 1,1200.
The same problems the pound was suffering from. The pound is depressing against euro 9 days in a row. That has not been observed since 2000. Markets are still discounted under another failure on Parliament voting agreement on withdrawal. We recommend staying away with buying the pound even if you noticed that entry points become more attractive. We are waiting for better entry points. However, the most impatient traders could open a long position on the pound starting with current prices.
Oil continued to grow yesterday. The reason - the aggravation of the situation in the Middle East. This refers to the increase in tension between the United States and Iran. Despite the fact that oil is going to close the current week with a solid “plus”, we recall that this may be a swan song of an uptrend before a prolonged fall. Recall, International Energy Agency reminds us that things are going not that great on the oil market. The concern about world oil demand reduction in 2019.
The sharp increase in oil reserves in the United States (grew by 5.4 million over the week).
Our plan for trading on Friday is as follows: we will look for points for buying the euro and the Canadian dollar against the US dollar, sales of oil and the Russian ruble, as well as buying gold and the Japanese yen.
The same problems the pound was suffering from. The pound is depressing against euro 9 days in a row. That has not been observed since 2000. Markets are still discounted under another failure on Parliament voting agreement on withdrawal. We recommend staying away with buying the pound even if you noticed that entry points become more attractive. We are waiting for better entry points. However, the most impatient traders could open a long position on the pound starting with current prices.
Oil continued to grow yesterday. The reason - the aggravation of the situation in the Middle East. This refers to the increase in tension between the United States and Iran. Despite the fact that oil is going to close the current week with a solid “plus”, we recall that this may be a swan song of an uptrend before a prolonged fall. Recall, International Energy Agency reminds us that things are going not that great on the oil market. The concern about world oil demand reduction in 2019.
The sharp increase in oil reserves in the United States (grew by 5.4 million over the week).
Our plan for trading on Friday is as follows: we will look for points for buying the euro and the Canadian dollar against the US dollar, sales of oil and the Russian ruble, as well as buying gold and the Japanese yen.
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