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EUR/GBP IG Client Sentiment: Our data shows traders are now at their least net-long EUR/GBP since Sep 29 when EUR/GBP traded near 0.86.
Traders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger EUR/GBP-bullish contrarian trading bias.
Oil Climbs on Supply Jitters as EU Plans Russian Oil Ban
France expects EU consensus on Russian oil ban by end of week OPEC set to stick to modest oil output rises amid price rally Rising oil prices buy Iran time in nuclear talks, officials say May 5, LONDON Reuters Oil prices extended gains on Thursday on supply concerns after the European Union laid out plans […]
OPEC Set to Stick to Modest Oil Output Rise amid Price Rally
OPEC likely to agree 432,000 bpd increase in June OPEC says Chinese lockdowns hitting demand Formal talks start at 1100 GMT LONDON, May 5 Reuters OPEC is likely stick to its plan for modest oil output increases on Thursday, arguing that the producer group cannot be blamed for global supply disruptions and saying China39;s coronavirus […]
Feds Hike with Toothless BoE could Knock GBPUSD Down to 1.2000
GBPUSD is hovering around 1.2500 for the sixth consecutive trading session. But this stabilisation is more like the calm before the storm than a new balance point. The Pound enjoys a fragile equilibrium as investors and traders choose to take a waitandsee approach ahead of the super week when the Fed later today and Bank […]
Dollars MakeorBreak Point
The dollar is near the extremes of the worlds most popular currencies. The dollar index is near the peaks of March 2020 and January 2017. Investors and traders have pushed the dollar to a vital turning point over the past six years, anticipating one of the most hawkish decisions in decades. Todays FOMC decisions will […]
Russian Rouble Hits Highest Level since March 2020; Sanctions Talk in Focus
May 5 Reuters The Russian rouble briefly reached its highest level against the U.S. dollar since March 2020 on Thursday, supported by capital controls, while stock indexes also climbed as the market watched developments around possible new sanctions against Moscow. The volatile currency hit a high of 65.31 per dollar in early trading on the […]
Lack of Alternatives Set to Drive Dollar Dominance
BENGALURU, May 5 Reuters The dollar will retain most of its recent gains for at least another six months, according to a Reuters poll of FX strategists who for years mostly held the view the greenback would weaken. Last trading just below a 20year high it hit last week, the dollar index is up over […]
USD Down, Risk assets Up as Powell dampens Fed rate expectations; Bank of England meeting, UK local elections
Rates as of 0500 GMT Market Recap The Fed did as expected it hiked the fed funds rate by 50 bps and announced that it will begin to run down its balance sheet in June. The statement and the press conference conveyed the Committees urgency around taming inflation, Fed Chair Powell indicated that they are […]