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Kim Jong-un and Donald Trump |
Global
sentiment was initially elevated after the US President and North Korean leader,
Kim Jong-un, signed a
denuclearization agreement which eased geopolitical tensions. However, the lack
of insight offered on the steps taken by both sides to reach this monumental
goal left investors somewhat cautious.
There
is a suspicion that the muted reaction following the Trump - Kim summit could
be based on investors guarding themselves against the unpredictability of the
Trump administration. Markets seem to be taking Trump’s words with a pinch of
salt, especially when considering how he sowed chaos over the weekend, by
pulling out of a joint statement with the G7 allies.
In the
meantime, there may be a wait and see approach across financial markets until
fresh details are provided by the United States or North Korea regarding the
next key steps towards denuclearization.
Sterling softens
as wage growth disappoints
The
British Pound weakened against the Dollar after a mixed UK jobs report prompted
investors to scale back expectations over the Bank of England raising UK
interest rates this year. http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html
UK wage
growth unexpectedly eased to 2.8% from 2.9% during the three months to the end
of April, while the unemployment rate remained unchanged at 4.2% - its lowest
level since 1975. With the Pound partially driven by monetary policy
speculation, fading expectations of the BoE hiking rates could drag the
currency lower.
Technical
traders could continue to closely observe how the GBPUSD behaves above the
1.3350 level. A failure for bulls to defend this level could result in a
decline back towards 1.3300 and 1.3270, respectively. Alternatively, a decisive
breakout above 1.3420 could elevate prices towards 1.3450 and 1.3530.
Commodity
spotlight – WTI Oil
Oil
prices have slightly eased today as investors positioned themselves ahead of
the upcoming OPEC meeting next week. http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html
The
prospect of easing supply curbs from OPEC-led producers continues to be
reflected in Oil’s overall depressed price action. With rising production from
US Shale adding to Oil’s woes and reviving oversupply concerns, further
downside could be a possibility in the short to medium term.
In
regards to the technical picture, WTI Oil remains under pressure on the daily
timeframe. Repeated weakness below $66 could encourage a decline towards $64.90
and $64.30, respectively.
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