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15 January 2025,02:29
Trade Of The Day
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15 January 2025, 02:29
* PPI Power-Up: The pound sterling which traded against the dollar, reversed its gains and turned negative after the release of U.S. PPI data. The report showed annual headline U.S. PPI rising to 3.3%, higher than November’s 3.0% but slightly below the 3.4% forecast. Core PPI, which excludes the volatile food and energy categories, increased by 3.5%, up from November’s 3.4% but falling short of the anticipated 3.8%. On a monthly basis, headline PPI inched up 0.2%, while core PPI remained flat. The U.S. dollar’s broader outlook remains strong, underpinned by solid expectations that the Federal Reserve will implement fewer rate cuts this year. Market projections have shifted from two rate cuts to just one, driven by robust labor market performance and ongoing inflation pressures.
* Technical Breakout: GBPUSD was traded lower following prior retracement from its high. MACD which illustrate diminishing bullish momentum signal suggest the pair to likely 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 1.20950. Conversely, a potential reversal is also to be expected and the price could head back towards 1.23100.
Looking ahead, investors will turn their attention to key U.S. inflation indicators this week, which include upcoming Consumer Price Index (CPI), and Retail Sales data, to assess market sentiment and potential economic trends.
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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17 January 2025, 01:42 Crude Oil Falls as Houthis Suspend Red Sea Attacks
16 January 2025, 02:26 USD/JPY Declines on BoJ Hawkish Tone, Intervention Risk
15 January 2025, 02:29 Pound Weakens as US PPI Records Modest Growth
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