Saudi Arabia’s oil surplus may not last, France and Germany are on the same side with different plans, & The Bank of England forwarned of the trouble of a no-deal separation.
France and Germany are agreed on a strategy to respond to a global economic slowdown at a time of international trade problems but differ over how fast to move, French Finance Minister Bruno Le Maire said on Thursday, they want Berlin to do more with its budget surplus to engineer a recovery. Affects EUR
The Bank of England said Brexit uncertainty and slower world economic growth were increasingly causing Britain’s economy to perform below its potential, and that a failure to reach a deal to leave the European Union by Oct. 31 would worsen the problem. Affects GBP
U.S. and Chinese deputy trade negotiators resumed face-to-face talks for the first time in nearly two months on Thursday, as the world’s two largest economies try to bridge deep policy differences and find a way out of a bitter and protracted trade war. Affects the S&P 500
Saudi Arabia’s ability to avert a global oil supply crunch will only become clear in a few weeks because for now its crude held in storage can fill the gap and mask the scale of damage to its facilities, traders and analysts say. Affects Brent
Tesla Inc’s Model 3 electric sedan has earned the top safety rating from the Insurance Institute of Highway Safety (IIHS), becoming the first Tesla to do so. Affects Tesla
The Canadian Core Retail Sales (MoM) for July will be released. Core Retail Sales measures the change in the total value of sales at the retail level in Canada, excluding automobiles. Affects CAD.
Speculations that Saudi Arabia’s excess supply will last a couple more weeks before the effects of the bombing are truly felt. With a gap expected in supply, the price will rise as scarcity hits.
Until the supply crunch is felt the price will likely trade in its channel of $62.3 – 64.9.
The manufacturer’s 4H TF has shown a Bullish Engulfing signal indicating a continuation of the uptrend.
Cable’s 1H TF displayed a Bearish Engulfing signal, a renewal of the slow downtrend.