GBPUSD top-down analysis
GBPUSD has been range-bound but may be readying itself to test the upper boundary.
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GBPUSD has been range-bound but may be readying itself to test the upper boundary.
Watch today’s US Open for insights on the latest around the US debt ceiling, the hot PCE inflation data that added to the hawkish repricing around the Fed’s rate path and more
The pair finds support at the start of the week, despite Friday’s hot US PCE inflation, hawkish Fed repricing and debt ceiling agreement that still need Congress approval
The rand is trading near R19.70 against the USDOLLAR following a 50bps hike by the South African Reserve Banks. The SARB said that the hike was necessary to combat rising inflation but conceded that further rand weakness can be expected. At one stage yesterday it traded as low as R19.81 to the greenback.
Watch today’s US Open for insights on the latest around the US debt ceiling and Fed-speak, the dovish shock by the Reserve Bank of New Zealand, the UK inflation data that keeps pressure for more rate hikes, NVIDIA’s AI-driven strong quarterly report and more
Initial jobless claims came in at 229K, lower than the expected 249K. Moreover, last week’s number was revised downwards from 242K to 225K.
The pair slumped to new 2023 lows after RBNZ raised rates to what it believes to be the terminal level, just as expectations around the US Fed become more hawkish
The central bank of New Zealand increased rates to 5.5% today as anticipated, but expects this to have marked the peak, in a dovish shift against market expectations for more tightening ahead
Watch today’s US Open for insights on the developments around the US debt ceiling as we move closer to the estimated deadline, the latest Fed commentary and more
Yields Chart Uptrend Source: www.tradingview.com The top candlestick chart is the weekly US 2-year yield, with the weekly US 10-year yield underneath. The 2-year is a good proxy for monetary policy and the 10-year represents fixed income investors' sentiment. Both instruments have charted a higher trough followed by a higher peak, putting their yields into uptrend. This is in stark contrast to the sentiment shift of March (blue rectangles), where…
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