G20: what did the leaders decide?
The G20 summit took place in Bali, Indonesia, on November 2022…
Deutsche Bank upgraded UK forecast
Information is not investment advice
What happened?
Deutsche Bank, a well-known German investment bank, has raised its growth forecasts for the UK for the current year. The bank claimed the British economy will almost fully recover to its pre-pandemic levels by the end of the year. Unlike the UK, the forecast for the EU was downgraded. While the Euro Area pauses its vaccination campaign, the UK keeps the current pace, which should help the country to rebound faster.
What does it mean?
The market optimism over the UK will underpin the pound and help it to rally up further. Besides, the worse-than-expected US sales data came out today and pushed GBP/USD upwards, allowing GBP/USD to regain its recent losses. If it manages to break the 50-period moving average of 1.3900, the way up to the intersection of the 100-period moving average and the 38.2% Fibonacci retracement level of 1.3950 will be open. It seems that the bullish potential is really strong, so we may expect a further rising. The breakout above 1.3950 will lead the pair to the psychological mark of 1.4000. Support levels are at the intraday low of 1.3800 and the next round number of 1.3750.
Follow the Bank of England's statement this Thursday at 14:00 MT time! To get ready for this event, read our article "Will the GBP stay steady?"
Similar
The End of Era: What Might the UK Face Next?
The deafening news shocked the whole world yesterday: the British Queen Elizabeth II died peacefully at the age of 96…
Why didn't oil prices calm despite OPEC+ attempts?
After months of pressure from the White House, Saudi Arabia relented and agreed with other OPEC+ members to increase production.
Popular
What Will Happen with the Euro? An Economic Perspective.
eurusd-is-falling-what-to-expect-from-the-future-price-movement
Will Australia's "Rampant Inflation" Prevail in May?
Greetings, fellow forex traders! Exciting news for those with an eye on the Australian market - the upcoming interest rate decision could be good news for Aussies looking to refinance or take out new loans. The Mortgage and Finance Association Australia CEO, Anja Pannek, has...
How Will BoJ Meeting Affect the Yen
Hold onto your hats, folks! The Japanese yen took a nosedive after the Bank of Japan (BOJ) left its ultra-loose policy settings unchanged, including its closely watched yield curve control (YCC) policy. But wait, there's more! The BOJ also removed its forward guidance, which had previously pledged to keep interest rates at current or lower levels. So, what's the scoop? Market expectations had been subdued going into the meeting, but some were still hoping for tweaks to the forward guidance to prepare for an eventual exit from the bank's massive stimulus
Choose your payment system
