WTI Falling Below $80. GBP Stronger on Tax News. GBP & NZD Strong – CAD Weak.
Hey Valutraders! Did you see the strength in the Pound?
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I’m Brad Alexander and in this week’s Market Blast Fundamentals let’s take a look at WTI (USOil), USDCAD, the FTSE 100 (UK100), NZDUSD, EURGBP, and GBPUSD.
Better economic news out of the UK, a bit of political stability, and the fiscal policy on raising taxes have helped the GBP.
We see strength against all other currencies except NZD which is also strong.
These news items might cause the FTSE 100 to stall as it has been in a bull run recently and we will keep an eye on this.
Speaking of NZD, we looked at the rebirth of the currency in a previous video.
The strength continues and the markets are awaiting Wednesday’s Interest Rate decision from New Zealand where 4.5% is predicted.
If the announcement comes out lower than 4.5%, we may have some great counter-trend pullbacks to trade.
We are also expecting news from Canada this week with Retail Sales tomorrow and a BoC speech Thursday.
CAD is the weakest currency right now and we will look at this from the technical standpoint tomorrow.
The CAD weakness may be due to the price of crude which has fallen below $80 per barrel with support below at $76.
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