One of the big questions for this week is whether commodities will rebound from the crash last week. A quick refresher- Brent crude tanked below $47 per barrel – it’s lowest since OPEC officially announced it would cut production, gold slid below $1230 per oz following a ‘hawkish hold’ in interest rates by the Federal Reserve and copper nosedived below $2.50 per lb following soft China PMI data.
The belief Emmanuel Macron will easily win the French presidential election at the weekend has been encouraging investors back into European stocks with the German DAX hitting a record high last week. The final result could mean this is less of a factor moving forward.
The Bank of England meeting could be the determining factor as to whether GBP/USD can break and sustain above 1.30. No change in policy is expected but it seems like the central bank is back-peddling from its hasty rate cut following the EU referendum. Elsewhere in currency markets, 1.10 in EUR/USD is a big level to watch.
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