GBP/USD had retested the resistance at 1.435 points since Monday. It seems monetary policy of BoE is working well and pound may rise to 1.45, if it can break the resistance line. Investors focus on U.K. inflation data which reduced to 2.7% now. U.K. CPI in March at 15.30 p.m. still forecast the same at 2.7% but PPI may rise higher. These factors may support pound hold steady. I think GBP/USD may swing under political pressure. While euro also try to rise above 1.2400 this week but its bullish trend is not as strong as pound. EU core CPI and CPI at 16.00 p.m. predict the same so they may support euro hold steady.
Major stock market in Asia including Thailand drifted lower on Tuesday after China GDP of first quarter and industrial productions upset markets. U.S. crude oil inventories may decrease and this factor may support Brent rise above 72.6 USD again. Bank of Canada may hold interest rate at 1.25% at 21.00 p.m. so Canadian dollar may hold steady. I suggest support line of USD/CAD at 1.2545 points. If Loonie fall lower than the support line, it may fall to 1.2500 points.
Russia bans “Telegram” after the company presales ICOs around 2 billion dollar. Moreover, Taoboa a subsidiary of a giant Ecommerce company Alibaba also bans cryptocurrencies and ICOs. Bitcoin price try to hold above 8,000 USD but it may edge lower to 7,500 USD because sell volume is rising.
By Niramon Nitnitiphruet
Financial analyst, Olymp Trade.