U.S. dollar had eased a little bit on Monday because investor waits to see global inflation data in this week. Pound rose higher on Monday and it may hold steady today. In my view, U.K. CPI at 16.30 p.m. which forecast lower to 2.9% may give positive for pound because the current inflation in U.K. is high. Moreover, BoE signaled to increase the interest rate and reduce the high inflation from 3% to 2%, if U.K. economic grow as the plan. GBP may need to break 1.400 point to rise again but it may fall lower to 1.3600, if it edge lower than 1.3800USD. In my opinion, pound may rise to 1.400 because CPI forecast lower and PPI expects higher but it may not break the resistance line as investor also eyes on U.S. inflation index.
Oil price may hold steady, if global markets recover. I suggest focusing OPEC monthly report which is tentative and IEA monthly report at 16.00 p.m. because it directly affect to Brent. I think oil may hold steady between 61-64 dollar per barrel or it may move flat today.
Bitcoin price rose higher than 9,000USD on last Saturday and dip again. I think Bitcoin may try to hold above 8,000USD but still cannot rise because of the small volume. Therefore, BTC may move between 8,000 – 9,000USD waiting for strong buy.
By Niramon Nitnitiphruet
Financial analyst, Olymp Trade.