Hey Valutraders! Have you seen the fall in Crude Oil?
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I’m Brad Alexander and in this week’s Market Blast Fundamentals let’s take a look at the NASDAQ (US100), GBPCAD, Brent Crude (UK Oil), EURGBP, the USD Index, and GBPUSD.
We are seeing USD weakness right across the board, which, let’s face it, is good for the global economy with rising USD-denominated Emerging Market debt.
The USD Index tells the same story and we will look at this from the technical side tomorrow.
On the other side, we see that GBP is the strongest currency with price action moving since the first week of the month.
Brent Crude has fallen dramatically and opened with a gap this morning, based on unrest in China, which has affected forecasts for demand.
This weakness in Crude Oil has had the usual effect on CAD so we see this as the weakest currency.
Therefore, if we do our strong/weak analysis we are drawn to GBPCAD.
If we look at the daily chart we see that we have room to move to the upside but we might want to wait for a pullback on a lower time frame.
We will look at this from the technical side tomorrow.
Despite a rally earlier in the month, US Indices, like the NASDAQ, are still in a downturn based on continuing Interest Rate rises by the Fed and unrest in China.
Meanwhile, this Fed will be watching this week’s US GDP and Non-Farm Payrolls figures to get some idea of where the economy is headed.
As you can see, there is a lot on the calendar this week so let’s all pay attention.
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