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12 September 2024,02:28
Trade Of The Day
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12 September 2024, 02:28
* Data Dilemma: The pound sterling fell against the dollar as market reactions to recent U.S. inflation data weighed on it. U.S. core CPI held steady at 3.2% year-over-year in August, meeting expectations, while monthly CPI and core CPI increased by 0.2% and 0.3%, respectively, surpassing forecasts. This led traders to lower the odds of a 50-basis-point Fed rate cut, now anticipating an 85% chance of a 25-basis-point cut, which bolstered the dollar. The pound was also pressured by underwhelming UK GDP data, which remained flat at 0.0%, missing the 0.2% forecast.
* Technical Breakout: GBPUSD was traded lower following prior breakout below the previous support level 1.30450. MACD which illustrate bearish momentum signal suggest the pair to likely further extend its losses.
* Resistance and Support: If the bearish momentum persists, there’s a strong likelihood that the price will potentially head towards 1.29400. Conversely, a potential reversal is also to be expected and the price could head back towards the level 1.31450 after it breach back above the level 1.30450.
Moving ahead, investors will remain focused on upcoming economic data releases, particularly initial jobless claims and the Producer Price Index (PPI), to gain further insights into the economic outlook and potential market direction.
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
Stay updated on US data, central bank updates and any shifts in the US Dollar’s strength by following PU Xtrader’s financial news page.
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