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Trading ideas for EUR/USD, GBP/USD and BRENT

June 29, 2022

EUR/USD: The euro declined on Tuesday after European Central Bank (ECB) President Christine Lagarde offered nothing new on the central bank’s policy outlook. The ECB is expected to follow its global counterparts and raise interest rates in July in order to control rising inflation, although analysts disagree over the extent of the rate hike. The euro held below $1.06 after Lagarde stated that the central bank would act gradually but with the possibility of decisive action at any deterioration in medium-term inflation, especially if there are signs of weakening inflation expectations.

SELL LIMIT 1.05375/TP 1.05055/SL 1.05455

 

GBP/USD: Sterling declined against the greenback on Tuesday, undermined by the UK’s bleak economic and political outlook compared to other major economies, including the government’s plans to repeal pre-agreed trade rules with Northern Ireland after Brexit. On Monday, U.K. Prime Minister Boris Johnson continued with plans to pass legislation through parliament to repeal parts of the post-Brexit divorce agreement regarding trade with Northern Ireland. The pound fell by 0.6 percent against the dollar to $1.2192. Against the euro, it fell to 86.200 after hitting a nearly two-week low.

SELL LIMIT 1.22125/TP 1.21755/SL 1.22220

 

BRENT: Oil prices are supported by the promises of the G7 leaders to set ceiling prices for the sale and purchase of Russian oil. Experts doubt that this idea will be implemented in the near future, since China and India are currently the largest buyers of Russian “black gold”. Moreover, in response to the sanctions, Russia itself may prohibit the export of its oil to the G7 countries, which will only contribute to higher prices and reduced supply.

BUY LIMIT 112.55/TP 114.95/SL 111.95