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.
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