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June 07, 2023Even though markets are flat, GBP/NZD and GBP/CAD are up and make this list of surprising top currencies gainers.
Markets are mixed with USD/JPY drawing back 0.29% to 139.22. EUR/USD trades at 1.0691 with no major change.
This limbo state is reflected by market data published as United States API Weekly Crude Oil Stock came out at -1.71 million, while a consensus of analysts was expecting 1.5 million.
What are surprising gainers?
Surprising Gainers are low-performing assets that soared suddenly, and, inconsistent with their past behavior. To be labelled as a "suprising gainer", the stock must gain more than its expected daily return, thus making it surprising. The following list rates assets according to the difference between expectation and actual return: the bigger the difference, the higher the rank.
Sterling-Canadian dollar gains 36 pips to erase previous losses, trading higher at 1.6656 after 7 weeks and a half low
GBP/CAD dropped to 1.662, hitting its lowest point in 7 weeks and a half. It later recovered 36 pips and is now trading at 1.6656. In contrast to today's gains, Sterling-Canadian dollar has been on a 5 day bearish trend during which it lost 238 pips of its value.
GBP/NZD | +0.1% to start today's session
Although on a downtrend for 5 days, Today's positive session could indicate a brief correction amid a broader downtrend, or, the start of a potential reversal. GBP/NZD posts light gains on a low-volatility day, ranging between 2.0386 – 2.0558 and is now at 2.0449.
