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13 December 2024,02:02
Trade Of The Day
13 December 2024, 02:02
* Persistent Inflation: The pound sterling which traded against the dollar have reversed its gains and turned negative following the release of U.S. Producer Price Index (PPI) data. The report revealed that headline PPI rose to 3%, exceeding both estimates and the previous figure of 2.6%. Meanwhile, core PPI, which excludes volatile food and energy prices, increased by 3.4%, surpassing expectations of 3.2% and the prior reading of 3.1%. Market expectations for the Federal Reserve’s December 18 meeting have solidified, with the CME’s FedWatch Tool indicating a more than 98% likelihood 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.
Understand how technical analysis can help you in this trading opportunity.
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.
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Stay updated on US and UK data, central bank updates and any shifts in the US Dollar’s strength market insights and daily financial news.
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