Economic News Releases
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A quiet day in terms of economic data with the majority of the data releases happening early doors in the Asia session as they centred around China. With a lot of positive data coming out of China we have seen the Renminbi gain today, currently sitting up 0.30% on the day.
Taking a look at the USDollar 4 Hour chart we can see the effect a softer dollar is having today, as we failed to clear the highs from early on into February, we are now seeing a bit of a slide. However, we do have the supporting bullish trendline (thick orange line) below, so we will have to see what the next week brings to see if we can pick a definitive trend.
As the extension on the deadline for Brexit settles in and the odds of a no deal Brexit diminish somewhat, the Cable rate is digesting this and seemingly finding a footing and beginning to resume its gradual grind higher.
On the technical front, we have rallied to meet the declining trendline and since come off a little. However, this could be a degree of profit taking and stops above the 1.31 level being triggered. So currently we are still both capped & supported by the existing trendlines but close eyes will be kept to these next week to see whether we can pick a definite push lower or higher.
GBPUSD – 4 Hour
Forex Majors Summary
Oil is back on the front foot again today, currently trading up +$0.58 a barrel or +0.91% on the day. However, looking at the chart we can see how the price is capitulating between the $64 and $64.50 mark, currently stick there, wavering between demand concerns. Keep an eye on our Chart of the Day as this will feature early next week.
Metals are very muted today, with both Gold & Silver making very little movement throughout the day. Gold currently down $038 an ounce or -0.03% and Silver is up $0.08 an ounce or +0.51%.
A positive day across the board for Global Indices with Europe opening lower on the day but quickly recouping that loss and ending the day in the green. FTSE however, after hitting its highs has seen a bit of a slide to where we have settled today.
In the U.S., Indices have followed suit, opening higher on the day and holding on to those gains with the Dow Jones leading the charge, sitting healthily in the green to end the week.
Cryptocurrencies a little mixed today after yesterdays slump. Dash & XRP seeing a little bit of a slide but the rest of the major digital assets are all sitting pretty in the green today, with Bitcoin holding on to that significant milestone and staying above the $5,000 level.
For the latest Chart of the Day by our click here.
By Alex Simcock
This article is written by a GO Markets Analyst and is based on their independent analysis. They remain fully responsible for the views expressed as well as any remaining error or omissions. Trading Forex and Derivatives carries a high level of risk.
Sources: GO Markets MetaTrader 5, Datawrapper, Tradingview, CoinMarketCap, Bloomberg, Twitter