News background and trading ideas for 10/10/2018
Tuesday was expected to be rather weak on essential statistics and other fundamental events. Nevertheless, the dynamics in the dollar was quite volatile: it strengthened, then lost its positions, which provided opportunities for active trading.
Today regarding statistics promises to be much more interesting. This refers to a significant block of statistical data for a pound. On it and the features of the trade with the pound today we will dwell. We are waiting for data on UK GDP for August, the trade balance, as well as industrial production. If the data comes out better than expected (and this is very likely, because the forecasts look undervalued), then the pound will most likely receive an upward momentum. If the statistics come out weak, then this will also be an excellent opportunity for purchases, but you will need to wait until the first negative reaction takes place and try to buy it in the area of a minimum.
The point is that this statistics will be forgotten in a day, but the primary driver of the global pound movement - Brexit is still in the game. On our trading idea concerning working with the pound, we have already written earlier. So today we are looking for points for pound purchases both before and after the publication of data. Moreover, yesterday there was news that a group of 30-40 Labour’s is ready to go against the party leader’s will and support the plan of Theresa May.
Of particular interest are also data on producer inflation in the United States, but the consumer inflation will be in focus, and this one will be published on Thursday.
From other news, we note that oil prices were supported by information about the hurricane "Michael," which threatens oil production in the Gulf of Mexico. Particularly the US Bureau of Environmental Safety reported a suspension of work on 19% of platforms in the bay due to a hurricane. In this regard, we note that a hurricane is a temporary phenomenon and its impact on oil quotes is short-term. So we recommend using this upward momentum for more expensive oil sales. And one more news in support of this idea - the IMF has updated oil forecasts for the next and 2023 years.
According to their forecasts, the world oil supply will gradually increase, which will lead to a decrease in black gold quotations from $68.78 in 2019 to $60 in 2023. Recall one more time that the idea to sell oil is long-term. That is relevant not for a day or a week, but for months and even years.
In emerging markets, there is trouble near (the IMF stirred the pot, which lowered forecasts for the world economic growth, linking this with a sharp slowdown in the economic growth of emerging markets), and this is a good reason for selling the Russian ruble (one of our favorite trading ideas).
Among other current trading ideas: sales of USDCAD pair, buying a pair USDJPY, working on clock oscillators in gold with no clear preferences.
Today regarding statistics promises to be much more interesting. This refers to a significant block of statistical data for a pound. On it and the features of the trade with the pound today we will dwell. We are waiting for data on UK GDP for August, the trade balance, as well as industrial production. If the data comes out better than expected (and this is very likely, because the forecasts look undervalued), then the pound will most likely receive an upward momentum. If the statistics come out weak, then this will also be an excellent opportunity for purchases, but you will need to wait until the first negative reaction takes place and try to buy it in the area of a minimum.
The point is that this statistics will be forgotten in a day, but the primary driver of the global pound movement - Brexit is still in the game. On our trading idea concerning working with the pound, we have already written earlier. So today we are looking for points for pound purchases both before and after the publication of data. Moreover, yesterday there was news that a group of 30-40 Labour’s is ready to go against the party leader’s will and support the plan of Theresa May.
Of particular interest are also data on producer inflation in the United States, but the consumer inflation will be in focus, and this one will be published on Thursday.
From other news, we note that oil prices were supported by information about the hurricane "Michael," which threatens oil production in the Gulf of Mexico. Particularly the US Bureau of Environmental Safety reported a suspension of work on 19% of platforms in the bay due to a hurricane. In this regard, we note that a hurricane is a temporary phenomenon and its impact on oil quotes is short-term. So we recommend using this upward momentum for more expensive oil sales. And one more news in support of this idea - the IMF has updated oil forecasts for the next and 2023 years.
According to their forecasts, the world oil supply will gradually increase, which will lead to a decrease in black gold quotations from $68.78 in 2019 to $60 in 2023. Recall one more time that the idea to sell oil is long-term. That is relevant not for a day or a week, but for months and even years.
In emerging markets, there is trouble near (the IMF stirred the pot, which lowered forecasts for the world economic growth, linking this with a sharp slowdown in the economic growth of emerging markets), and this is a good reason for selling the Russian ruble (one of our favorite trading ideas).
Among other current trading ideas: sales of USDCAD pair, buying a pair USDJPY, working on clock oscillators in gold with no clear preferences.
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