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Agreements and negotiations between the oil exporting countries focus the eyes of the market

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From a macroeconomic and fundamental point of view all eyes have been put on the negotiation of oil-exporting countries and the agreements that have come from several of them to freeze oil production. Saudi Arabia and Russia lead this alliance to which apparently, will be joining more partners. The other hot spot has been the Eurogroup meeting where, among other things, the members has been discussing with the Prime Minister of United Kingdom several issues related to the permanence or not, of the British country in the EEC. On Friday evening we had CPI data from the United States where the increase of the indicator, which was higher than market expectations (2.2%) could increase the chances of an increase in interest rates by the Fed in coming days, if the upward trend continues.

Regarding the behavior of the currency pairs, we have:

  • EUR/USD: Heavy losses of -1.03% generated by the currency pair in the weekly period. During the weekend the price was on the medium term support of 1.1135, a  level which will be vital in the beginning of the next week. We will be very attentive to the behavior of the quote on this pair.
  • USD/CHF: Resistance bounded by medium-long term congestion at the 0.9943 level has been preventing price increases which nevertheless has had hefty profits of 1.23%, closing on 0.99. The 0.9943 level will be vital in the following days.
  • AUD/USD: Erratic and indefinite movements produce range market conditions in the range in which the bears movements are stopped in 0.7081, while upward movements stop and start off at 0.7141 (the rise is only 0.49%).
  • GBP/USD: This pair has shown extreme short-term volatility in prices, first by the results of the meeting of Cameron last week with officials from the European Union, and second by the statements of the mayor of London, which supports " Brexit ". This volatility is likely to continue in the coming weeks.

The USD/JPY moved downwards by -0.71, remaining above the long-term support at 112.73. The EUR/JPY also lose ground by -1.74% and is currently supported by the psychologically barrier of 125.00 and GBPJPY generates very large losses of -1.67% to close above the 161.59 level.

Major stock indexes respite from the downward pressure that mark this year 2016 and generated profits of different intensity.

At the beginning of this week the focus of the market is not for the dollar and the monetary policy of the Fed but  the British Pound and the forthcoming referendum to be held in the UK on July 23, 2016, to ask the people to decide on their stay in the European Union.


 

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