The British Pound stabilized following yesterday’s inflation data and forex traders are now awaiting retail sales data which is scheduled for release this morning. Economists predict a monthly contraction, but a pick-up in activity on an annualized basis. Will this suffice to pressure the GBPJPY into a short-covering rally? Which impact will the Bank of England Bank Liabilities and Credit Conditions Survey have on the British Pound? Today’s fundamental analysis will cover the potential for price action moves in both directions. Here is the...
On Wednesday, the British pound continued to decline, trading at a new 27-month low against the US dollar, below the 1.24 USD mark. Markets continue to react negatively to the increased likelihood of a British exit from the European Union without any treaty. According to forecasts, the main skeptic and supporter of tough Brexit, Boris Johnson, will be elected next week as the leader of the Conservative Party and, therefore, will become the next prime minister. Investors believe that the emerging political situation is increasingly forcing...
Eurozone CPI for June will be released this morning, but expectations call for a tame reading which may further entice the European Central Bank to stimulate the economy further. Eurozone construction output is anticipated to show weakness as Italian new industrial orders and sales are on track to paint a disappointing picture. The EURCAD is trading at a strong support level, will today’s data result in a breakdown? This morning’s fundamental analysis will highlight the risks to the downside as well as the chances for an upside surprise. Here...
After the GBPUSD slid to new multi-month lows due to the rise in Brexit tensions which elevated the chances of a no-deal Brexit, forex traders will get key inflation data this morning. The Bank of England has reminded markets that their mandate is not Brexit, and with inflationary pressures on the rise they would raise interest rates. While many analysts believe this to be an unlikely outcome, the risk for a more hawkish central bank persists. Will today’s inflation data inspire a short-covering rally in the GBPUSD? Follow the PaxForex Daily...
Inflationary pressures rose in the second-quarter in New Zealand as oil prices were pressured to the upside. New Zealand is heavily exposed to commodity exports which are under pressure as the global economy cools, but the tensions between the US and Iran have supported oil prices. The NZDUSD has rallied into strong resistance and while the trend is expected to continue, a short-term reversal on the back of profit taking is anticipated. Subscribe to the PaxForex Daily Fundamental Analysis where you will earn more pips per trade! Here are the...
