Brexit – what will go next?

A big day of the United Kingdom because BoE chair, Carney will give a speech at 7.00 a.m. and Prime minister, May also gives speech at 17.00 p.m. today. Investor focuses how Bank of England will decide for reducing interest rate as well as how the Brexit will go next step. While pound fell lower on Wednesday because of the steady greenback. GBP/USD may edge lower to 1.3600 points. U.K. construction PMI in February at 16.30 p.m. forecast higher at 50.4 so it may give positive for pound. In contrast, I think GBP/USD may continue its local bearish trend and the index may decrease lower than expected.
Loonie may hold steady because Canadian dollar may get good support from annualized GDP at 20.30 p.m. of Canada. In my opinion, USD/CAD may rise to 1.300 point, if it can break resistance level at 1.2900 points. According to the steady greenback, gold price may drop lower but it may try to hold above 1,300USD. Oil price fell lower 1$ on Wednesday after U.S. crude oil inventories increase 3 million barrel but it try to hold steady on Thursday. I think Brent may move side way today.
Krung Thai Bank is the second bank in Thailand that close TDX account after BoT ask for stopping every transaction of cryptocurrency in the country. Thai people may need to wait to see a new rule for cryptocurrency on 8th March. While bitcoin still hold above 10,000 USD and it may rise to 12,000USD, if it can break 11,000USD.

By Niramon Nitnitiphruet
Financial analyst, Olymp Trade.

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