Blogs

The European Central Bank’s Chief Economist, Philip Lane said that it's unlikely that the economy will come back to its pre-crisis level before 2021.

Oil prices touched higher than $30 per barrel for the first time since March as oil producers in the United States and other countries continued to reduce production efforts.

Market updates for May 18: Gold makes a new 7-year high at $1762; stock markets recover; British Pound is weak.

During the trading week, the USD/JPY tried to avoid further collapse, which pushed it towards the 106.74 support, where the pair bounced to the 107.45 level by the end of trading last week and closed the week trading around the 107.16 level.

Increasing global geopolitical and commercial tensions contributed to more interest by investors to buy more gold bars, which pushed the price of gold to the $1752 level, the highest for eight years.

The exchange rate losses of the GBP/USD exacerbated during last week's trading until it reached the 1.2100 support level, the lowest since the end of last March's trading.

Throughout last week's trading, the price of the EUR/USD pair was trying to avoid a breakdown below the 1.08 psychological support in order not add to losses, especially with the continued strength of the US dollar as a safe haven.

The Euro has gone back and forth during the trading session on Friday again, and as a result it is obvious that the market has been dancing around the 1.08 level.

The US dollar has gone back and forth during the trading session on Friday, to close out the week on a relatively positive note as the candlestick looks a bit more like a hammer

The Australian dollar has broken down during the trading session on Friday, reaching towards the 50 day EMA.