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EUR/USD: Weekly Forecast 16th April - 22th April The EUR/USD went into the weekend within sight of its highs attained early on Friday, and continues to find speculative buying persists with the currency pair. The EUR/USD will start the week near the 1.09930 mark, which is a price that has last seen sustained values in March and April of 2022. Yes, the EUR/USD did trade above the 1.10000 level briefly in early February of this year, and this past Friday the currency pair did trade near a high of 1.10800 before faltering. However, sustained prices near these levels have not been accomplished for over a year and speculators who believe the EUR/USD can go higher are certainly looking at their long-term charts to gain perspectives. EUR/USD Battling Highs is a Solid Trend but Concerns Abound The ability to climb over 1.10000 on Friday and move even higher was significant. However, traders need to remain realistic, if the reversal lower didn’t cause concern then it should be remembered th

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

Oil prices turned lower on fresh oversupply concerns among investors after US Crude inventories increased to an all-time high level. This was after the government-backed EIA reported increase in US crude inventories by 1.2 million barrels for the week that ended on June 12, which came much higher than the market expectations of 157,000 barrels. The second consecutive week of rise in commercial inventories took the total count to all-time high of 539.3 million barrels. Adding to the already bleak sentiment, OPEC presented a gloomy assessment of crude in its monthly report on late Wednesday and warned that the crude market will continue to be in surplus for the remaining part of 2020 even as demand improves. This is because the agency expects the additional supplies of about 300,000 BPD from outside the group, which is much higher than earlier predictions. As of this moment, US WTI is trading 0.55% lower at $37.60 per barrel, while Brent crude is trading flat at $40.33 per barrel.