Author: FX
GBP/USD News and AnalysisGBP/USD weekly chart reveals further longer-term upside potentialCable’s bullish posture likely to hold heading into CPI and BoE meeting next weekMajor risk events: UK CPI and the BoE rate decisionThe analysis in this article makes use of chart patterns and key support and resistance levels. For more information visit our comprehensive education library Recommended by Richard Snow Learn how to set up ahead of major data releases GBP/USD Weekly Chart Reveals Further Longer-Term Upside PotentialLooking at the weekly GBP/USD chart, bulls have enjoyed three strong weeks after bouncing off of support around the 50% retracement of the…
The new forecast by Goldman Sachs sees them expecting the ECB to lift rates to 4.00%, a similar view to what many are calling as seen from earlier here. This article was written by Justin Low at www.forexlive.com. Source link
Share: Extra gains could see GBP/USD revisiting the 1.2900 region in the next few weeks, according to UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang. Key Quotes 24-hour view: We highlighted yesterday that “while severely overbought, the advance in GBP has room to break above 1.2700 before the risk of a pullback increases”. We added, “The next major resistance at 1.2790 is highly unlikely to come into view”. We did not expect GBP to accelerate upwards to within one pip of 1.2790 (high of 1.2789). Today, GBP is likely to break 1.2790. In view of…
Breakout alert! USD/CAD is trading juuust under a major support level! Will this mean more losses for USD/CAD? USD/CAD Daily Chart by TV As you can see, USD/CAD is already trading below the 1.3300 psychological level that has been supporting the pair since November 2022. Keep in mind that the pair had already broken below a key trend line support a couple of months back. What makes the daily chart even more interesting today is that its 100 SMA is showing a bearish SMA crossover against the longer-term 200 SMA. Are we looking at a reversal in the making? Before…
US Dollar, Japanese Yen, USD/JPY, BOJ – Talking Points:BOJ kept ultra-loose policy settings unchanged, in line with expectations.USD/JPY rose slightly in reaction to status quo on policy.What is the outlook for USD/JPY and what are the signposts to watch? Recommended by Manish Jaradi How to Trade USD/JPY The Japanese yen fell slightly against the US dollar after the Bank of Japan’s (BOJ) maintained ultra-loose policy settings, especially the closely watched yield curve control (YCC) policy, in a bid to support the nascent economic recovery and sustainably achieve its inflation goal.The BOJ was widely expected to maintain its ultra-easy monetary policy…
Recommended by IG Improve your trading with IG Client Sentiment Data Wall Street looks set to deliver its fifth consecutive week of gains, pushing ahead with another round of stellar gains overnight (DJIA +1.26%; S&P 500 +1.22%; Nasdaq +1.15%). Considering that the Fed is still data-dependent, market participants have not been buying into the Fed’s hawkish guidance, with the Fed funds futures continuing to price for one last 25 basis-point hike in July and rate cuts as early as next year. This serves as a pushback against the Fed’s guidance of 50 basis-point hike by the end of 2023 and…
This is in brief from Deutsche Bank’s look at the European Central Bank’s ‘as expected’ rate hike of 25bp to 3.5% yesterday and outline what’s still to come from the Bank. Our baseline expectation is a final 25bp hike in July to a terminal rate of 3.75%. The risks remain clearly to the upside. We expected more emphasis on the intention to hold at the terminal rate for longer. In our view, this message was implicit rather than explicit. One could interpret the combination of the dovish elements (recognition of inflation declining, tentative signs of underlying inflation softening, upside inflation…
Share: NZD/USD eases from three-week high to print the first daily loss, so far, in four days. Business NZ PMI marks activity contraction for the third consecutive month in June. 100-DMA, previous resistance line join bullish MACD signals to favor Kiwi buyers. NZD/USD takes offers to refresh intraday low around 0.6230 amid the early hours of Friday’s Asian session. In doing so, the Kiwi pair takes a U-turn from the highest levels since May 24, marked the previous day, while also snapping a three-day uptrend, amid downbeat New Zealand (NZ) data. NZ Business PMI for June came in…
Toltek/iStock via Getty Images Prices for U.S. wheat, soybeans and corn all surged Thursday on the Chicago Board of Trade, as forecasts for continued dry weather in key areas of the Midwest crop belt raised concerns about yield prospects. The latest weekly data from the U.S. Department of Agriculture estimated 57% of the domestic corn crop and 51% of soybeans are dealing with drought conditions, up 12% from last week for both, as the trouble spreads in the Midwest and Plains. A three-month seasonal drought outlook by the U.S. Climate Prediction Center forecast drought conditions persisting or developing from eastern…
We’ve got a fresh batch of U.K. inflation figures comin’ right up soon. How could these updates potentially impact the BOE’s policy bias and GBP price action? Event in Focus: U.K. Consumer Price Index (CPI) and inflation data for May 2023 When Will it Be Released: June 21, 2023 (Wednesday), 6:00 am GMT Use our Forex Market Hours tool to convert GMT to your local time zone. Expectations: Headline CPI y/y: +8.4% y/y forecast vs. +8.7% y/y previous Core CPI y/y: +5.8% y/y forecast vs. +6.8% y/y previous PPI input m/m: +0.4% m/m forecast vs. -0.3% m/m previous PPI output…