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After nosediving to 1.2401 level in the previous trading session, Sterling found some support in the early Asian hours on Friday, courtesy to the release of better than expected UK macro data. The GfK Consumer Confidence statistics came at -30 vs -36 forecasted. As of now, the cable is trading marginally higher by 0.04% at 1.2432. On Thursday, the pair came under intense selling pressure and registered a massive plunge of 165 pips. This was after the BOE intensified its response to counter the slowdown from the COVID-19 by announcing a 100 billion pound increase in its bond-buying program, while keeping its benchmark interest rates at 0.1%. Further, the BOE Governor, Andrew Bailey stated that the unemployment in Britain remains elevated, despite good rebound in the economy after ease in the lockdown restrictions. Besides, the greenback continued to attract the safe-haven bids as increasing concerns of the second wave of coronavirus across the globe, had directed investors to pr

Crude oil tumbles by 1.08% and is trading at $37.65 per barrel in the Asian session of Wednesday. The weakness in crude is in response to the rise in US Crude inventories that brings back oversupply concerns among investors. The industry backed API reported a jump in US Crude inventories by 3.9 million barrels to 543.2 million barrels for the week that ended on June 12. The data came much higher than the market expectations of 157,000 barrels, which spurred another dip in crude prices. Meanwhile, fears of coronavirus continues to take toll on investors’ sentiment after Beijing announced that it will shut down schools and will impose travel restrictions because of the risk of second wave of Covid-19. The resurgence of cases weighed on oil prices and could jeopardize the recovery rally in oil which was seen in last two months. Talking about previous session, crude oil oscillated and managed to settle higher by 2.17% at $38.10 per barrel as investors’ sentiments remain buoyed amid