Important events today:

15:00 UTC – US: Fed Board of Governors Chairman Jerome Powell will deliver a speech.

Britain pleased the market with strong statistics on business activity in the construction sector. The sector was showing strong stagnation last year and now we can make a cautious conclusion that the worst is over and we will soon see a strong increase in housing starts, which is good for the UK’s GDP growth and will have a positive effect on the pound. Additional support for the British currency will come from the oil market, as black gold and the pound are historically well correlated with each other.

Investors continue to buy oil contracts on expectations of a strong imbalance of supply and demand on the global hydrocarbons market. Russia has cut exports by nearly 10% since March 1, while other OPEC+ countries are reluctant to increase exports because they do not have enough spare production capacity. Low investment in new field development between 2017 and 2020 has left the world’s largest oil producers unable to ramp up production quickly.

Recommendations: Buy 1.2015/1.1975 and TP 1.2112.