Steven Woodcock. FX Analyst, Plutus FX, shares the outlook for the FX space, and mentions that the markets have traded in the direction of data, but moves have not been sudden like before.
GBP/USD: Kiss of death from Carney?
GBP/USD still trading heavy, EUR/GBP has managed to move about 0.70 which is keeping the pressure on cable. Woodcock expects the cross to dip towards 1.5250. Mir mentions how Carney’s comments might be the reason behind GBP/USD’s downside move. Woodcock explains how the Bank of England is not doing what it is supposed to do, the forward guidance remains in shambles.
GBP/JPY: Unable to break above 195
Has failed to break above 195, most sterling crosses look to have made a temporary top, notes Woodcock. He believes that GBP crosses might pullback lower and GBP/JPY might see a dip towards 184 soon.
AUD/NZD: sees downside potential towards 1.09
Commodities have remained under pressure and the Kiwi has faced the pressure. Aussie has shifted back to weakness. The AUD/NZD might head lower towards 1.09 area, forecasts Woodcock. Both AUD and NZD set to weaken but the Aussie might be in for some more weakness.
EUR/USD: Supported as Greek fears decline
EUR/USD has been more resilient this week due to ease in Greek fears. EUR/GBP remains preferred for trading the Euro, according to Woodcock. He further believes the single currency has been data-responsive this week.
We are not authorised by the Financial Conduct Authority of England and Wales. The information and/or data on this website is provided by us and any data providers which may be used by us for your general information and use only and is not intended for trading purposes or to address your particular financial or other requirements. In particular, the information and/or data on the website:
(1) does not constitute any form of advice (financial, investment, tax, medical, legal, spread -betting or otherwise); and (2) does not constitute any inducement, invitation or recommendation relating to any of the products listed or referred to; and (3) is not intended to be relied upon by you in making (or refraining to make) any specific investment, placing any bet or making any other decision; and (4) has not been issued or approved by Tip TV for the purposes of section 21 of the Financial Services and Markets Act 2000 (as amended from time to time).
Opinions expressed by speakers in the videos, writers of the blogs are only opinions and not expert advice. These opinions do not necessarily agree with those held by Tip TV, its directors, agents or employees who disclaim any intent to make betting, securities or securities markets recommendations. The value of investments and the income derived from them may fall as well as rise. APPROPRIATE EXPERT INDEPENDENT ADVICE SHOULD BE OBTAINED BEFORE MAKING ANY INVESTMENT, PLACING ANY BET OR MAKING ANY OTHER DECISIONS.
Recommended Content
Editors’ Picks
EUR/USD clings to gains above 1.0750 after US data
EUR/USD manages to hold in positive territory above 1.0750 despite retreating from the fresh multi-week high it set above 1.0800 earlier in the day. The US Dollar struggles to find demand following the weaker-than-expected NFP data.
GBP/USD declines below 1.2550 following NFP-inspired upsurge
GBP/USD struggles to preserve its bullish momentum and trades below 1.2550 in the American session. Earlier in the day, the disappointing April jobs report from the US triggered a USD selloff and allowed the pair to reach multi-week highs above 1.2600.
Gold struggles to hold above $2,300 despite falling US yields
Gold stays on the back foot below $2,300 in the American session on Friday. The benchmark 10-year US Treasury bond yield stays in negative territory below 4.6% after weak US data but the improving risk mood doesn't allow XAU/USD to gain traction.
Bitcoin Weekly Forecast: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.
Week ahead – BoE and RBA decisions headline a calm week
Bank of England meets on Thursday, unlikely to signal rate cuts. Reserve Bank of Australia could maintain a higher-for-longer stance. Elsewhere, Bank of Japan releases summary of opinions.