The market is still under the influence of expectations of interest rate hike in the United States. Today the US currency strengthened against its major rivals prior to the publication of the Fed’s meeting minutes. Investors expect confirmation of “hawkish” attitude and hints on the timing of rate hikes.
Yesterday, the price of Brent crude oil hit the 7-week highs. The optimistic forecast about fulfilling the OPEC’s plan on cutting oil extraction provoked the growth of UKBrent price to the level of 57.32.
The pair continues its fall that started last Friday having reached its key support level at 1.0500.
Upward correction possibility.
On the 4-hour chart, the price remains in an upward trend. At present, it is trading near the level of 3.6075 and there is a potential for further fall (Stochastic is directed down). Otherwise, an upward correction is possible towards the levels of 3.6790 (23.6% correction, in…
The USD/JPY pair was growing during the trade session on Tuesday. This was caused by hawkish comments of some FRS officials. US stocks were growing too, which influenced dollar rate positively, putting pressure on the yen.
The USD/CAD pair continues trading in an ascending channel despite recent growth in oil prices.