US Pending home sales (YoY) released yesterday saw a 3.3% drop in April, from a 0.8% growth in March, marking the biggest drop since June 2014. After the release of the data USD weakened across the board. USD/JPY hit a 2-week low of 110.47. On Thursday, June 1st, in early European trading session, the USD/JPY…
Read morePer the latest ‘poll of polls’ released yesterday May 31, conducted by the Press Association based on a 7-day rolling average of all published polls, approval ratings for the Conservative and Labour Parties are 44% and 35% respectively. The Conservatives’ lead is 9% which is higher than the previous shocking low 5% lead. Currently the…
Read more
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…
Read moreThe 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…
Read more
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…
Read moreThe 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”…
Read moreMarkets 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…
Read more
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…
Read moreOn 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…
Read more
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…
Read more