December 3, 2022
  • December 3, 2022

Active night-time foreign exchange transactions for the night session of May 20, 2021

By on May 21, 2021 0

Australia’s main commodity exports. Prices for iron ore, thermal coal and petroleum have all risen further since the previous statement, while a number of other commodity prices are also higher. The benchmark price for iron ore increased by

16 percent from the previous statement to beat its highest level in a decade. Demand for iron ore has been supported by continued strength in steel production in China, and steel mills continue to build iron ore inventories while profit margins are high. Chinese officials have signaled their willingness to keep steel production in 2021 capped at or below 2020 levels, which could put downward pressure on iron ore prices in the second half of this year. Steel mills in some steel-producing cities in China have been instructed to cut production for the rest of the year to reduce emissions. On the supply side, recent hurricane activity has reduced iron ore production in Western Australia, while market expectations for Brazilian exports for the rest of the year have been revised downwards following recent production lower than expected. In short, economic activity supports a strong Australian.

Earlier in May, the Bank of England‘s Monetary Policy Committee (MPC) set monetary policy to meet the 2% inflation target, and in a way that helps support growth and employment. At its meeting, which ended on 5 May 2021, the Committee considered that the current stance of monetary policy remained appropriate. The MPC voted unanimously to keep the bank rate at 0.1%. The Committee voted unanimously for the Bank of England to keep the stock of good quality non-financial corporate bond purchases, funded by the issuance of central bank reserves, at £ 20 billion. The Committee voted by an 8-1 majority for the Bank of England to continue its existing program of UK government bond purchases, funded by the central bank‘s reserve issuance, maintaining the target for the stock of those government bond purchases at £ 875. billion and therefore the total target stock of asset purchases at £ 895 billion.

Here are some trading ideas for a basket of currency pairs for the Thursday May 20 night session.e, 2021. We are currently in each of these trades from the entry range and in the direction indicated: