UK, oil news and gold forecasts
When leading economies stably show statistics worse than analysts' forecasts and signal a slowdown in economic development, Britain continues to surprise with industrial production and GDP outcome on Monday, then on Tuesday, the statistics on the labor market turned out to be better than forecasts. In particular, the unemployment rate went below the forecast, and the average salary, on the contrary, exceeded experts' expectations.
As the British Parliament temporary is not working, Johnson is in charge. After a series of humiliating defeats in the Parliament, the Prime Minister is seriously preparing for negotiations with the EU and a new deal.
Although nothing has been decided yet, we continue to recommend buying British pound with stops. At least for now when the fundamental background is that favourable.
The dollar strengthening in the foreign exchange market this week, in our opinion, is an excellent opportunity for selling the dollar when the price is high. The reason - the Fed will lower the rate next Wednesday, and this will be a powerful signal for dollar sales.
Citigroup analysts, meanwhile, are predicting a bright future for gold, + $ 2,000 an ounce. The argumentation of the new historical lows: the growing risks of the global recession, the easing of the monetary policy of the Fed and the zero interest rates of other central banks, geopolitical instability, as well as overheating of leading stock markets. In this light, we want to recall our basic recommendation to buy gold on the intraday basis. However, bears have temporarily are in charge, we do not see any serious changes in the fundamental background, which means that gold purchases remain relevant.
Another favourite position is that oil sales are becoming more and more relevant every day. But this week we want to wait for the OPEC meeting outcome before offering to open short positions. The fact is that a change in the Minister of Oil of Saudi Arabia could lead to a temporary artificial increase in market prices. This will be due to the need to provide better conditions for the initial public offering of Aramco.
As the British Parliament temporary is not working, Johnson is in charge. After a series of humiliating defeats in the Parliament, the Prime Minister is seriously preparing for negotiations with the EU and a new deal.
Although nothing has been decided yet, we continue to recommend buying British pound with stops. At least for now when the fundamental background is that favourable.
The dollar strengthening in the foreign exchange market this week, in our opinion, is an excellent opportunity for selling the dollar when the price is high. The reason - the Fed will lower the rate next Wednesday, and this will be a powerful signal for dollar sales.
Citigroup analysts, meanwhile, are predicting a bright future for gold, + $ 2,000 an ounce. The argumentation of the new historical lows: the growing risks of the global recession, the easing of the monetary policy of the Fed and the zero interest rates of other central banks, geopolitical instability, as well as overheating of leading stock markets. In this light, we want to recall our basic recommendation to buy gold on the intraday basis. However, bears have temporarily are in charge, we do not see any serious changes in the fundamental background, which means that gold purchases remain relevant.
Another favourite position is that oil sales are becoming more and more relevant every day. But this week we want to wait for the OPEC meeting outcome before offering to open short positions. The fact is that a change in the Minister of Oil of Saudi Arabia could lead to a temporary artificial increase in market prices. This will be due to the need to provide better conditions for the initial public offering of Aramco.
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