feedback
The FxPro Analyst Team

Could NZD/USD Hold Above the 0.7100 Psychological Level?

NZD/USD has seen a noticeable 2.4% gain since May 22nd helped by outperforming New Zealand economic data. On the daily chart Kiwi bulls have successfully breached the major downtrend line resistance on May 22. Since then Kiwi has been trading above the downside 10 SMA support. The bulls further broke the next significant psychological resistance level at 0.7000 on May 23 with strong bullish momentum. This morning NZD/USD broke the next significant psychological resistance level at 0.7100, ...

The FxPro Analyst Team

GBP Under Pressure on Election Uncertainty and Brexit Dilemma

The Brexit negotiation process is one of the focuses of the upcoming UK election. Although the Conservative Party has pledged a smooth and orderly Brexit, Theresa May expressed on Monday evening that she will push for a hard Brexit without any deal than paying a hefty bill for leaving the EU. She expects a fair settlement to be reached between the UK and the EU. It is inspiring to see the country has a leader with a strong posture. However, if the UK leaves the EU without any deal, then UK ...

The FxPro Analyst Team

FTSE Bears Test Significant Support on Increased Election Uncertainty

The FTSE 100 index has seen a 6% surge over the past 5 weeks. The index broke the significant resistance level at 7500 for the first time on May 16, and then hit an all-time high of 7553.20 on Friday May 26. The rally was helped by market confidence in a Tory election victory. A weak pound also has boosted exports and corporate overseas revenue as 70% of the index components are international enterprises. The latest polls show the Conservatives’ lead is now down to just 5%; 43% vs. 38%. A ...

The FxPro Analyst Team

GBP/USD Rebounds Post a Slump on Increased Uncertainty

The UK general election will be held on June 8th –less than 10 days away. Currently the breakdown of the 650 seats in the House of Commons are as follows: The Conservative Party has 330 seats, the Labour Party has 229 seats, the SNP has 54 seats, the Liberal Democrats has 9 seats and “other” parties have 28 seats. With a narrow majority, the Conservative Party will likely encounter hurdles from other parties during the Brexit negotiation process. GBP/USD has rallied around 3.5% since Theresa ...

The FxPro Analyst Team

Chinese, UK and US Holidays = Muted Markets

Markets are generally quiet as Markets in China, the UK and the US are closed for National Holidays. As a result, markets have seen overall subdued trading. The recent gains in Asian equities have pushed back; falling short of pushing towards new two-year highs. GBP is currently trading above 1.2830 as it moved off Friday’s lows of 1.2775 (gaining 0.2%) after experiencing its biggest weekly decline since November as a result of UK Opinion Polls suggesting the Conservative lead over Labour has ...

The FxPro Analyst Team

Increased Election Uncertainty Weighs on GBP/USD

GBP/USD has rallied around 3.5% from Theresa May announced a snap general election until May 22, as markets have largely priced in the expectations on a Tory landslide victory. GBP/USD hit a high of 1.3047 on May 18, last seen September 29. However, the bullish momentum has waned since May 22, as the difference of approval rating between the Conservative and the Labour narrowed to 9% after Theresa May proposed cancellation of free school lunches and reduction of free healthcare services for ...

The FxPro Analyst Team

Oil Slumped Post OPEC Extension Announcement

On Thursday, OPEC announced that the existing output cut agreement will be extended for an additional 9 months, which was in line with market expectations. However, the scale of output cut remains the same at 1.8 million barrels a day. Besides, no new OPEC member states will join the agreement extension. In addition, the market witnessed some profit-taking pressure which weighed on oil prices resulting in a drop of 5%. On early Friday morning, WTI spot and Brent crude spot hit a 2-week low of ...

The FxPro Analyst Team

WTI Corrected After OPEC Meeting Outcome

Latest EIA data recorded a 4.43mn barrel decline in inventories for the latest week. WTI traded higher this morning, hitting the highest level of 51.96, last seen on April 19. However, it was followed by a retracement after OPEC announced the existing output cut agreement to be extended for 9 months, as markets have largely priced in the expectations. The announcement was in line with the consensus. The price rebounded after testing the significant support line at 50.00, where provide a ...

The FxPro Analyst Team

Could USD Rebound After FOMC Less Hawkish Stance?

The FOMC released its May meeting minutes last evening stating that the overall economic assessment was little changed. The Fed sees to raise rates once again is ‘soon be appropriate’. Markets assume that it signals a rate hike in June. The minutes also signals further tightening is expected if the incoming economic data shows improved economy. The Fed sees the weak economic performance in Q1 as transitory, caused by soft consumer spending and inventory investment. Fed members considered it ...