Good morning traders,
Last Friday marked the day that the GBP would see some changes. The report and commentary from the Bank of England (BOE) in the first Quarterly Inflation Report (QIR) was published, and it seemed that all was going well and like the GBP would make a turn around and increase. However, seems that their spokesperson also said that they do not foresee a huge rise and that the currency and may very well fall into negative territory within the next few months. The BOE seemed happy with the trajectory growth, monetary policy as well as the long-term outlook for inflation for 2015. Comparing their forecast of growth to November they are positive that the inflation will come back to at least 2% within 2 years and possibly rising higher after that. Rising to a 6-week high on the back of the QIR is the GBP, why wouldn’t it increase? Great Britain has one of the best economic prospects just shortly taking second place, to the USA.
The Euro (EUR) was one of the good performers in the G10 last week, in spite of the hysteria in Greece, the Euro managed to shine through this sand storm. With Germany also playing a part in the destruction of the Euro it was a pleasant sight to see it rise, even though it was only slightly. Looking at this from a market perspective, investors just may not feel the large swings in market sentiment during the upcoming negotiations during this week, the market may just have reached a point of boredom over the Greek bankruptcy issues. Perhaps by the end of the month there may be some downswings as the markets may just have had enough of it altogether. For the time being I see that the bullish market will survive till the 2-week deadline hits.
With all this drama and reports being announced the greenback (USD) seems fairly untouched. I feel that if you trade the USD against any of its majors it will still come out on top. AUD / USD, EUR / USD and the GBP / USD if they continue on their downward trends the USD is set to make you a safe profit for this week.
On the commodities, Gold did seem to hit a small high last week but, for this week seems that it may just be hitting another low for the third straight week. In short, Gold for the moment is a poor investment. From me: Enter at your own risk!
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