Today at 08:30 GMT, the PMI data for the UK construction sector will be published. An index value that is more than 50 signifies that the situation will improve. The expected value is 54.2. The GBP / USD has reached a multi-month high, despite the poorer position of the economy of the Great Britain in comparison with the US economy. Rather, the British Pound is growing against the backdrop of a global fall in the dollar index. This version is confirmed by the fact that the pound falls against the European currency, but grows to the dollar. The graph of the pound to the dollar painted a continuation figure - a flag. Time to open short positions on the pound did not come yet. Particular attention should be paid to the level of 1.3150. While the pair is trading above this level, the strengthening of the pound will continue.



The following relevant data will be published at 12:15 GMT. The change in the number of employed in the private sector is calculated by ADP, ADP Non-Farm Employment Change. After the release, a surge in volatility is inevitable. Weakness of the dollar to EUR is gaining momentum. The growth of the currency since the beginning of the year amounted to 14 figures. EUR / USD is stubbornly approaching the 1.19-1.20 mark and it is likely that we will see these levels in the near future. The level of support for this pair is around 1.1760.



For fans of black gold, the picture looks quite favourable. Despite the fact that OPEC production has increased to an annual high of 33 million barrels per day, the growth of prices continues, although a small correction should be expected from current levels within 2-3 percent. It is expected that Saudi Arabia, the largest oil exporter, is going to raise prices for light crude oil, which in turn will support prices. The deteriorating situation in Venezuela and the possible imposition of sanctions by the United States on the oil sector also add confidence to players who predict higher prices. It is worth recalling that Venezuela produces about 2.2 million barrels of oil and LNG per day. It is likely that we should continue to hold long positions and the fall in prices should be considered as a good opportunity to enter into long positions on oil.


Care: These reviews are a private opinion of ARUM CAPITAL and are provided for information only. In no way can the provided analysis be considered as an action signal, neither is it any sort of investment advice (for the purposes of EU Directive 2004/39/EC). ARUM CAPITAL waives any liability for the trading results which may arise after using these reviews. These materials contain NO warranties or guarantees, either direct or implicit, on the precise, complete or confirmed character of the details they contain.


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