West Texas Intermediate (WTI), futures on NYMEX, posts a fresh weekly high near $68.00 in European trading hours on Monday. The Oil price strengthens on hopes that China's fresh monetary stimulus plan will boost domestic consumption. On Sunday, the Chinese ministry announced a comprehensive "special action plan" to ramp up economic growth. The ministry reported that the plan focuses on increasing residents' incomes, reducing financial burdens, and enhancing the consumption environment, Reuters report. Such a scenario is favorable for the Oil price given that China is the largest importer...
The Pound Sterling (GBP) jumps to near 1.2970 against the US Dollar (USD) at the start of the week. The GBP/USD pair rises as the US Dollar Index, which tracks the Greenback's value against six major currencies, declined to near 103.50. The USD Index weakens while investors await the monetary policy decision from the Federal Reserve (Fed) and the Bank of England (BoE), which will be announced on Wednesday and Thursday, respectively. Both the Fed and the BoE are expected to keep interest rates steady. According to the CME FedWatch tool, the Fed is almost certain to keep borrowing rates...
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, is getting ready for one the most important phone calls in nearly a decade history while the biggest central bank is considering its next steps in monetary policy this week. At the time of writing on Monday, the DXY index edges lower and trades near 103.40 after the United States (US) Retail Sales data release for February. On the geopolitical front, a high-stakes meeting between US President Donald Trump and Russian President Vladimir Putin is scheduled on Tuesday, with the two...