Welcome to this week’s Market Blast Fundamentals where we will look at GBPUSD, USDCNH, the Hang Seng (HK50), Brent Crude (UK Oil), and WTI (US Oil).
Last week’s Crude contracts expired without the crash of last month and we see the Contango between the spot and contract prices dropping to normal levels.
Increased demand, such as air travel and factory production will help the price of both WTI and Brent Crude.
Generally, the global stock indices resemble the S&P 500 with steady gains, however the Hang Seng from Hong Kong has fallen due to civil unrest and uncertainty about the future and, similarly, the Chinese A50 has fallen due to unrest in Hong Kong and the US/China trade relations.
Any good news on both these issues will help these indices.
The Renminbi is weaker as well with USDCNH at levels from last October.
The British Pound is weaker with pessimism regarding Brexit talks.
The US Majors are mixed but we have lots of economic news this week from the US so watch for volatility Tuesday and Thursday on Home Sales, Consumer Confidence, Goods Orders and GDP.
That’s all for now. Happy trading with Valutrades and we will see you tomorrow.
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Disclaimer:
The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice. If such information is acted upon by you then this should be solely at your discretion and Valutrades will not be held accountable in any way.
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