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The FxPro Analyst Team

Canadian Retail Sales and CPI Data on the Agenda Today

At 09:30 GMT, UK MPC Member Saunders is due to speak at the University of Strathclyde's Fraser of Allander Institute, in Glasgow. Comments made may affect GBP pairs. At 11:30 GMT, German Buba President Weidmann is due to participate in a press conference at the International Monetary Fund's Spring Meeting, in Washington DC. EUR pairs may be impacted by any comments made. At 12:30 GMT, Canadian Consumer Price Index (MoM) (Mar) is expected to be 0.4% against 0.6% previously. BOC Consumer Price ...

The FxPro Analyst Team

FxPro Forex Analysis: BOE Governor Carney Sends GBP Tumbling with Rate Hike Comments

Bank of England Governor, Mark Carney, was interviewed by the BBC yesterday, where he made the comment that he didn’t want to get too focused on the precise timing of the next hike and that it's more about the general path. He went on to say that the market should prepare for a few interest rate rises over the next few years, that economic data has been mixed and any rate hikes would be gradual and could be delayed by Brexit. He also noted that uncertainty around Brexit had prevented what ...

Alexander Kuptsikevich

FxPro Forex Analysis: Saudi Arabia ‘Pumps’ Oil Prices Higher

The main focus today is on oil prices, which, since late 2014, have continued to rise to new heights. Saudi Arabia announced their desire to see the prices reach $80-100 per barrel on Wednesday, causing oil to jump $2 (3%) to $73.40. Saudi Arabia’s comments were seen as an intent to continue limiting oil production, although oil stores are currently close to the 5-year average. It’s worth mentioning that Saudi Arabia plans to sell a 5% stake in their largest oil company, Saudi Aramco, and ...

The FxPro Analyst Team

FxPro Forex Analysis: AUDUSD and GBPAUD Analysis – April 19, 2018

The Australian Dollar (AUD) is leading commodity currencies higher, after shrugging off soft employment data. The Australian jobs report saw a weak headline figure and a drop in full-time employment, with a downward revision of last month’s number. 4.9k jobs were added in March, well below expectations of 20.3k. The Aussie (AUDUSD) initially dropped on the data but has since recovered. Australia is a major exporter of commodities to Asia, and in particular China, so the markets will react to ...

The FxPro Analyst Team

FxPro Forex Analysis: Gold and NZDUSD Analysis – April 19, 2018

The commodities block has been rising, with oil and metals leading the way. Gold has tested its down trend line resistance again at 1354.00, with a close above this level targeting resistance around 1365.30. The creation of higher lows strongly reinforces this move but caution must be taken that the market doesn’t enter a sideways pattern. A move above resistance leads to 1370.00, followed by 1378.00 and 1390.00. The 1400.00 area remains a target gold bulls will relish achieving but focus will ...

The FxPro Analyst Team

UK Retail Sales and US Unemployment Data on the Agenda Today

At 08:30 GMT, UK Retail Sales (YoY) (Mar) is expected to be 2.0% from 1.5% previously. Retail Sales (MoM) (Mar) is expected at -0.5% against a prior 0.8%. Retail Sales Ex-Fuel (YoY) (Mar) is expected to be 1.4% from 1.1% previously. Retail Sales Ex-Fuel (MoM) (Mar) is expected at -0.4% against a prior 0.6%. Yearly figures are expected to show an increase but monthly numbers are expected to miss expectations and show a fall in sales. It is a volatile data set, however, it does provide an ...

The FxPro Analyst Team

FxPro Forex Analysis: House of Lords Sinks PM May’s Plans, Wants Stronger Customs Union with EU

A vote in the UK’s House of Lords last night defeated the Government's plan to leave the customs union with the EU. The House voted down the proposal 348 to 225. While this does not prevent the UK leaving, it does show some of the opposition that is building up against aspects of the withdrawal. The vote now demands that the Government explores the option of staying in the customs union with the EU. Market reaction to the vote was muted but it does change the playing field, as investment in ...

The FxPro Analyst Team

FxPro Forex Analysis: US WTI Oil Analysis – April 18, 2018

U.S. West Texas Intermediate (WTI) crude oil rose to trade over $67 after the weekly report by the American Petroleum Institute (API) on Tuesday showed that inventories fell by 1 million barrels. Crude oil prices have been boosted recently due to the high risk of potential supply disruptions resulting from the conflict in the Middle East. There is also concern that the supply from Iran could be lost if President Trump does not agree to extend the sanctions waiver on May 12. Venezuela is also a ...

The FxPro Analyst Team

FxPro Forex Analysis: GBPCAD and USDJPY Analysis – April 18, 2018

The GBPCAD pair is holding just under 1.80000 after testing the level yesterday. The high at 1.80922 from the 9th of April takes on an important significance, as a move above this level would create a higher high and confirm a resumption of the move higher. The current retracement reached a low of 1.78080 last week, and this is forming the base that price has built from. A move higher would target the 1.82646 area, with the previous high at 1.84148. A break above here would target 1.85000, ...