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13 December 2024,02:06
Trade Of The Day
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13 December 2024, 02:06
* Persistent Inflation: The pound sterling, which had been trading higher against the dollar, reversed its gains and turned lower following the release of the U.S. Producer Price Index (PPI) data. The report showed headline PPI rising to 3%, beating forecasts and the previous reading of 2.6%. Similarly, core PPI, which excludes the impact of volatile food and energy prices, climbed to 3.4%, exceeding both the expected 3.2% and the prior 3.1%. Market expectations for the Federal Reserve’s December 18 meeting have firmed, with the CME’s FedWatch Tool showing over a 98% probability of a 25-basis point rate cut by the Federal Open Market Committee (FOMC).
* Technical Breakout: GBPUSD was traded lower while currently testing the support level 1.26700. 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 the level 1.25400 after it breach below the level 1.26700 Conversely, a potential reversal is also to be expected and the price could head back towards 1.27950.
With a sparse data schedule on both sides of the Atlantic, traders are turning their attention to the upcoming Purchasing Managers Index (PMI) figures, set to be released early next week.
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
Stay updated on US and UK 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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