Welcome trading legends,
In this blog, we’ll be trading the EUR/GBP asset using the signals provided by the Tools Trades website and the IQ Option broker. Be sure to stick to the end of the video as I’ll be sharing a special promo code with you.
Allow me to explain why I’m trading this particular asset.
The pound to euro exchange rate saw a new record close for 2021 this week as sterling capitalized on its vaccination rollout, while the BoE was happy to sit on their hands with rates and stimulus. The euro was hit by the AstraZeneca vaccine halt and regulators eventually reported that they were happy, but the rollout in the bloc has just been delayed further.
The pound to euro rate was trading above the 1.17 figure on Friday as the pair tries to get traction towards the 1.20 highs from 2020.
UK Employment Will Dominate But Furlough Reigns
The calendar is light for the Eurozone next week, but the pound has the latest employment figures on Tuesday with the inflation rate released a day later.
Another drop in employment is expected with a -114k loss in employment and the numbers have had a habit of being worse lately as the country remains locked down with confidence hit. Boris Johnson’s reopening roadmap was likely too late to save the February figures, but job losses are still the current path despite the furlough being extended. The BoE said recently that the furlough extension would cap their unemployment expectations but it is clear that there is underlying damage to the economy.
Inflation on Wednesday could move the pair as the UK saw inflation tick higher last month to 0.8%. Central banks have set 2% targets across the board and if the UK number pushed towards 1% it could see pressure on gilts.
Central banks are cool on the matter because if the yields do rise, they will come in with a sledgehammer to knock them lower and protect government budgets from exploding higher.
Trade figures were hurt at the start of the post-Brexit trading era with the UK and EU seeing trade plunging by records.
Eurostat statistics showed exports from Europe to the UK had plummeted by 27 percent from a year earlier to 18bn euros. Behind the drama of that figure, January from 2020 was at the height of the smooth economy, ahead of the virus and ahead of the Brexit deal.
Policymakers also worsened the situation by dragging Brexit talks to the wire and giving companies minimal time to prepare. Borders were congested due to paperwork and France also blocked its borders temporarily over the virus.
This all made a nice day for a Forex Signal from Tools Trades.
As you can see the signals from the Tools Trades website have worked!
The promo code that you see on the screen will give you more trading signals if you use them on the Tools Trades website.
Be sure to watch my other videos on the channel and read the blog page so you learn more. If you want more videos like this be sure to like and subscribe. Thanks for watching and
May the Forex be with you.
Comments