1. US Oil Tops $70 In Massive Rally
As investors continue to digest last week’s trade talks and U.S. jobs numbers, U.S. crude oil (USOIL) has reached $70 for the first time since 2014. Specifically, USOIL settled 2 percent higher in the last session and has added an additional 1% this morning to last trade at $70.38 as of 7:00 GMT. Gains on Monday came as markets focused on both the possibility of the U.S. re-imposing sanctions against Iran and an economic crisis in Venezuela.*
2. Dollar Seals In Profits After US Jobs Data
The dollar reigned from its 2018 peak on Monday morning, disregarding some rather disappointing U.S. jobs data back on Friday. It appears that the weaker-than-expected U.S. jobs and wages data did little to water down perceptions of the strength of the U.S. economy. The dollar index stood at 92.461, holding near its firmest level since late December. The USD also added 0.2 percent against its Japanese counterpart as risk appetite continued to rise.**
3. Pound Set For Gains Ahead of BoE meeting
The Bank of England’s monetary policy will be the main highlight of the week amid market expectations that a May rate hike is forthcoming. It should be noted that the pound has retreated 6% from its 22-month high of $1.4376 set in April as a series of weak economic data and a faster-than-projected fall in inflation have cast doubt about the need to raise interest rates so soon.
The question that will decide the fate of the GBP this week is now evident: Will BoE keep to their word or postpone the move to until later in the year, as hinted recently by the Governor, Mark Carney?***
You can find and trade all of the above mentioned equities and commodities on BDSwiss Forex/CFD platforms.
Upcoming Earnings Reports This Week:
8/5/2018 – The Walt Disney Company (#DIS) to report post-market
8/5/2018 – Electronic Arts Inc. (#EA) to report post-market
9/5/2018 – Siemens AG ADR (#SIEGY) to report pre-market
10/5/2018 – BT Group plc (#SIEGY) to report pre-market