Good morning, London!
Here are some ideas for the session..
AUD
We start with the Aussie.
RBA ⬇️
- The market decided to focus on the fact that a higher AUD could be problematic. So, despite the upbeat tone seen in the statement, the Aussie quickly reversed.
- Copper continued last week's downtrend. Although, be aware that today the red metal rebounded overnight.
- After a surge, the Australian Dollar quickly reversed and broke structure to the downside.
EUR
ECB ⬇️
- Draghi stated that the risks to the euro area outlook remain tilted to the downside.
- Maria Le Pen is rising on the French polls.
- Fed’s Harker (Voter, Neutral) stated that a March rate hike should be on the table.
- The EUR/USD broke the 1.07 handle to the downside.
CAD
Oil ⬇️
- WTI futures dropped almost 3$ this week, after rumors that Iran might raise oil production amid US tensions. On top of that, yesterday's API showed the second largest build on record. The risk aversion seen these days doesn’t help either.
- The USD/CAD broke a 7days high to the upside, yesterday.
Last but definitely not least comes the GBP.
GBP
BoE ⬆️
- BoE’s Forbes reignites rate hike prospect.
- The GBP/USD broke the 1.25 handle to the upside.
Hope you enjoyed the analysis and that you'll be able to profit from it.
If you need any extra explanation just leave a comment and I will answer the best I can.
Much Love!