1. Dollar Headed For 1-1/2 Month High Versus Yen
The U.S. dollar is on track to reach a 1-1/2-month high against the yen on Friday, as risk appetite improved after tensions over Syria eased. The greenback has gained about 0.3 percent versus the yen this week as equities were boosted on Thursday in anticipation of strong corporate earnings. Recent U.S.-China trade tensions and the possibility of a U.S.-led missile strike on Syria also eased, allowing the USD to rally unhindered. It is also important to note that yesterday’s Fed minutes showed that officials were optimistic about the economy, something which has also supported the dollar.*
2. Oil Rides Biggest Rally Since July
WTI (USOIL) was last seen trading at $67.04/bbl as of 7:00 GMT after rising to a 2014-high Thursday. Oil is currently headed for the biggest weekly advance in more than eight months on speculation that tensions in the Middle East may lead to supply disruptions. On Thursday, President Donald Trump met with his national security team to discuss how the U.S. wound respond to an apparent chemical weapons attack in Syria, stirring potential for a future supply disruption.**
3. Pound-to-Euro Rate Could Hit 1.19
As the pound slowly climbs against its rivals after a dramatic post-Brexit decision fall, analysts debate the possibility of an upside break. Specifically, Kit Juckes, macro strategist at Société Générale, sees that the fundamental landscape for the sterling has improved in recent months. According to Juckes, we can now expect faster economic growth, less political disturbance (particularly around Brexit),and a Bank of England (BOE) more willing to raise interest rates; all of which can provide some much needed support for the pound. Juckes sees the GBPEUR rising to as much as 1.19EUR in 2018.
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