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GBPUSD has charted a lower peak followed by a lower trough on the daily time frame (left). This is a defined down trend. Yesterday, GBPUSD appreciated following its flash PMI beats. However, there is no follow through today.
The Canadian trimmed CPI y/y came in at 5.1%, less than the previous 5.3% y/y and below the consensus of 5.2% y/y. This measures consumer inflation but excludes the 40% most volatile items. Core retail sales also declined, printing at -0.6% m/m/ against the -0.1% expected.
The UK services sector expanded in February according to today’s preliminary data, sending the Pound higher
The accounts of this month’s policy decision by Australia’s central bank had a hawkish tone, but the pair is cautious, as markets now brace for a slew of US data and the minutes of the US Fed
The pair is having a bad month and posted another losing week, but managed to avoid new year lows on Friday and now trades with caution ahead of Wednesday’s policy decision by the central bank of New Zealand
FXCM’s USDOLLAR has charted a lower peak followed by a lower trough. This is a defined down trend.
The pair heads towards its best week of the year after this week’s hotter than expected consumer and factory gate inflation from the US, as well as continued hawkish comments by Fed officials
The pair comes from two straight negative weeks, but tries to stop its losing streak, as it bounces off of critical tech levels
Australian Unemployment rose to the highest in eight months and the pair’s kneejerk reaction was lower, but quickly covered the losses
The AUDUSD charted a spinning top yesterday. This is a candle of uncertainty. Bulls tried to take price up and bears tried to take price down. Neither was successful, with AUDUSD closing fairly flat on the day.
UK headline inflation dropped to 10.1% with a 4% drop in petrol and diesel prices in January. The core inflation rate decreased below 6%. The continuous disinflation trend in goods categories due to improving supply chains and lower consumer demand is linked to the decline in core inflation.
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