Analyst
Instrument: GBPJPYBullish Preference: Buy position is envisaged if price trades above 151.264 with take profit at 151.683.
Bearish Preference: Sell position is envisaged if price trades below 150.002 with take profit at 149.612.
None with direct impact on the pair.
Comment: The dollar edged higher in early European trading Wednesday, but remained near two-week lows after bond yields fell sharply despite further signs of strong U.S. economic growth. The market will get a little more insight into what Fed policymakers were thinking about inflation and the current state of the bond-buying program when the minutes of last month's Open Market Committee meeting are released later today. The gradual reopening of the UK economy–amid the highly successful vaccination distribution program–helped limit any further losses for the British pound. In fact, UK Prime Minister Boris Johnson announced the second phase of lockdown easing on Monday and confirmed that nonessential stores may reopen from April 12.
Bullish Preference: Buy position is envisaged if price trades above 63.21 with take profit at 63.44.
Bearish Preference: Sell position is envisaged if price trades below 62.31 with take profit at 62.09.
None with a direct impact on the commodity.
Comment: Oil was down Thursday morning in Asia, as an unexpected build in U.S. gasoline stocks raised concerns about weakening demand for crude in the world’s biggest oil consumer alongside rising stockpiles. Meanwhile, the global crude oil supply is also increasing as Russia reportedly increased its output from average March levels in the first few days of April. Iranian supply could also increase, as talks on reviving a nuclear deal with the U.S. and other countries continue and raise the possibility that some sanctions could be lifted.
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