Today, the focus is on the threat of Saudi Arabia to increase production volumes, the crisis in Estonia, as well as the reduction in forecasts of UK GDP growth.
The UK is lowering its economic growth target for 2020. Affects GBP
The Bank of England sharply lowered its interest rate to 0.25%. Affects GBP
Saudi Arabia and the UAE plan to increase oil production to record levels. Affects Brent
The Minister of Finance of Estonia Martin Helme announced the onset of an economic crisis in the country. Affects EUR
US President Donald Trump again threatens war in Syria if a truce is delayed. Affects TRY
The US Producer Price Index will be published. The predicted rate of growth is -0.1%. If the real number is higher, USD will be able to strengthen.
The European Central Bank will decide on the interest rate. The market does not expect a change, however, the EUR trading volatility may increase significantly.
ECB President Christine Lagarde will deliver a speech at a press conference. The head of the department will describe the current economic situation, as well as give forecasts. This event may cause an increase in EUR volatility.
The UK government has lowered its forecast for economic growth in 2020 and has revised the benchmark for 2021. Perhaps the kingdom expects to receive positive feedback after a sharp decrease in the interest rate, as well as the approved stimulus package of $39 billion.
If we examine the situation of GBP/USD using Fibonacci levels, we will see that the most likely scenario is a decrease in quotes. At the same time, the target level is the level of 1.28000.
If the stock market does not stabilize, then Tesla could very well fall much lower – to 590 or 490. This is indicated by the Fibonacci levels.
This pair escaped from the influence of the oppressive sloping resistance level. Weakened oil led to a sharp decline in pesos. We believe that quotes can repeat the attack on the next resistance level of 22.00.
GBP/NZD on this day in history
- Since 2000, Mar. 12th has been a trading day 14 times.
- On 50% of those days, the asset finished trading with growth. 2
- The maximum strengthening range was 1.47%.
- The downward trend was limited to 1.58%.