London trading veteran, Irfan Patel, calls in to join Merlin to talk about the “doldrums” of currency trading in the summer months. Irfan answers many listener questions on a wide range of currencies including the Pound, Kiwi, Canadian & US Dollar. Some of these are displaying great trading opportunities going forward.
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Editors’ Picks
AUD/USD keeps the bullish outlook above 0.6600
A negative session in the Greenback allowed AUD/USD to leave behind two consecutive sessions of losses and reclaim the area beyond the key barrier at 0.6600 the figure on Thursday.
EUR/USD: Next target emerges at 1.0800
In line with the broad improvement in the risk appetite, EUR/USD reversed part of the recent weakness and advanced to the vicinity of the 1.0800 region in response to the renewed selling pressure hurting the Dollar.
Gold poised to resume its advance
XAU/USD now gathers fresh steam and advances to the highest level in many sessions north of the $2,330 mark per troy ounce on the back of further selling pressure hurting the Greenback as well as mixed US yields.
Bitcoin price is down over 20% from its peak, but BTC macro uptrend remains very much intact
Bitcoin (BTC) price peaked at $73,777 in March, marking a new all-time high recorded over a month before the fourth halving. The bold move north has however been followed by a cascade of load-shedding exercises, though not enough to invalidate the big-picture bullish outlook for BTC.
Bank of England update: A mixed bag
As widely expected, the Bank of England (BoE) held the Bank Rate on hold at 5.25% for a sixth consecutive meeting, its highest level since 2008. However, what was key today was the central bank signalled it could be getting closer to easing policy in the summer, possibly as early as June’s meeting or in August, which is fully priced in at the moment.
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