FOREX GBP USD: W-Shaped Model on Daily 08.10.2015

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The end of yesterday saw the dollar down against the UK pound to 1.5314. Meanwhile, the dollar index was trading in a sideways trend. The pound received support from UK industrial production data which came out better than expected. On Thursday there are some important events planned for the currency market. First will be the Bank of England’s base rate decision, then the ECB minutes and those of the FOMC. At 21:00 EET the BoE’s Mark Carney is giving a speech.

FOREX EUR USD: Expected Return to LB

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Yesterday’s Trading:
On Tuesday the euro/dollar renewed from 1.1171 to 1.1278. No important US macroeconomic data came out. The ECB’s Mario Draghi didn’t mention monetary policy in his speech. I believe that a fall in the USD was provoked by the Canadian dollar which has been strengthening with the price of oil. Brent is up 5.6% to 52.15 USD. The commodities market has reacted positively to OPEC General Secretary Abdallah Salem el-Badri’s speech in which he mentioned the readiness of OPEC’s 21 member states to meet other oil producer states to discuss global oil prices.

FOREX GBP USD: Fall Expected During European Trades

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In the euro review I wrote about what I think caused the dollar to fall against the key currencies. The pound/dollar is back up to 1.5256. At 11:30 EET, the UK is publishing manufacturing and industrial production values for August. These reports could cause fluctuations on the pound of between 50 and 60 points. In my forecast I’ve gone for a fall to the LB. If the price of oil heads up, the USDCAD will head downwards and everything else will follow it, as had happened yesterday.

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