July 08, 2021
GBP/USD: The Great Britain pound traded practically unchanged against the US dollar on Wednesday. UK data didn’t impress. The country published the June Halifax Price Index, which was worse than expectations. Also, the UK reported over 32 thousand new coronavirus cases, the biggest one-day increase since late January. Despite this, there is no news suggesting that restrictive measures will be maintained after July 19. There is no important macroeconomic statistics from the UK on Thursday. The local support level can be seen at 1.3770. A break below could take the pair towards 1.3690.
USD/CAD: The US dollar rose against the Canadian dollar on Wednesday due to falling oil prices. The Fed Minutes showed that despite growth in the economic output, the Fed was not ready to signal that it would consider tapering its bond purchase program. The data from the US showed on Wednesday that the number of job openings on the last business day of May was little changed at 9.2 million. The local resistance level can be seen at 1.2530. A breakout to the upside could take the pair towards 1.2575.
BRENT: Oil prices fell more than $1 a barrel on Wednesday due to disagreement within OPEC that could trigger a more volatile period for oil. Oil prices initially rose to a six-year high on news that the Organization of the Petroleum Exporting Countries and its allies finished their meeting Monday with no action and no new meeting date. A proposed plan by OPEC, Russia, and other allies to bring 400 thousand barrels a day back to the market was disrupted by the United Arab Emirates’ objection to other aspects of the deal. Many market participants expect the rise in oil prices due to disputes among members of OPEC and think prices could still climb despite the sell-off. After three days of meetings, there was also a deadlock over whether the deal would include an extension of the plan to the end of 2022, which was opposed by the United Arab Emirates. Today we are also expecting statistics from EIA on crude oil and natural gas.