Foreign Exchange Rates
Pence sterling (GBX) is a subdivision of Pounds sterling (GBP). Pounds are official currency of the United Kingdom, but pence are often used when trading stocks. Despite the latest rally,the market continues to be very well capped into medium-term resistance around 0.7800. Ultimately, any moves to the topside are therefore classified as corrective with the market expected to stall out and roll over again. Look for a break back below 0.7500 to strengthen this outlook and accelerate declines.
The EUR/USD chart will show another strong influence on the euro-dollar relationship-i.e. the political instability among the members of the European Union. If differences among the 16 European nations are serious or threatening, the dollar is will strengthen against the euro.
Copper conducts electrical current very well and its conductivity is only surpassed by that of silver. Copper is also resistant to corrosion and can be shaped easily. Because of these properties, today the construction industry and the electrical industry are the main areas where copper is used. The boom in the construction industry in developing and industrialised countries, such as China, is the main factor behind the demand for copper.