If sterling were to climb higher next week then its best bet would be against a weaker currency like the Swiss franc. The franc weakened a little yesterday after the Swiss National Bank reiterated its commitment in keeping monetary policy extremely loose and intervening in the forex market if necessary to weaken the currency. Thus, the British pound/Swiss franc (GBP/CHF) currency pair remains fundamentally supported.
Crude oil and product prices are putting in what should be a major seasonal bottom as global oil demand surges and the U.S. Petroleum Industry looks to fill the globe’s needs. In fact, the U.S. petroleum industry is doing their part to try to reduce the trade gap by exporting record amounts of oil and products. The U.S. shale revolution is touching the world in ways thought unimaginable by many just a few years ago.
Stocks extended their short-term losses on Wednesday, as they retraced most of last week's Friday's rally. The broad stock market failed to continue its rebound from February 9 low despite technology stocks reaching new record highs.