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Correlation between the British currency and oil

Correlation between the British currency and oil | 13 September 2021

13 September 2021, GBP/USD

Correlation between the British currency and oil

GBPUSD trading plan:

The bullish rally in the oil market will have a positive impact on the value of the British currency, as assets correlate with each other. About three quarters of the U.S. Gulf's offshore oil production, or about 1.4 million barrels per day, has remained halted since late August. Both grades posted a small gain on the week. Brent has rallied 41% this year on supply cuts by the Organization of the Petroleum Exporting Countries and some demand recovery from the pandemic. Oil and equity markets also got a boost from news of a call between U.S. President Joe Biden and his Chinese counterpart Xi Jinping. The call raised hopes for warmer relations and more global trade, analysts said.

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David Johnson
Analyst of «FreshForex» company
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