The Volatility of oil prices has turned into the forex market. The oil rebounding back above 140 has helped the single currency to come back again over 1.57 versus the greenback in what's seem an end of the profit taken wave after the ECB decision to hike interest rate by .25% last week has ended just above 1.56.
The gold came above 925 again and the British pound got over 1.97 in spite of the disappointing industrial and manufacturing productions earlier in the day which can not change the market sentiment towards the interest rate outlook in UK as the very high inflation rates currently above 3% ahead of the MPC meeting next Thursday.
In a day a mute of data the oil prices changes could contain the markets sentiments easily.
Best wishes
FX Consultant
Walid Salah El Din
E-Mail: mail@fx-recommends.com
