Intra-Day Market Moving News and Views
Update Time: 16 Jan 2020 04:30GMT
GBP/USD - 1.3044... The British pound proved to be quite tricky to trade on Wednesday. Although cable extended Tuesday's gain to 1.3042 in Asia, price met renewed selling and dropped to an intra-day low of 1.2985 in European morning on soft UK inflation data. However, the pair then rebounded to 1.3028, and then 1.3040 (Reuters) in New York afternoon before retreating to 1.3023. The pound then rose to 1.3057 in Australia today and move sideways in subdued Asian session.
Despite cable's resumption of decline from 1.3283 (December 31) to an 18-day low of 1.2955 on Tuesday, subsequent rebound to 1.357 today suggests temporary bottom is in place and consolidation with mild upside bias remains, however, loss of momentum should cap price below 1.3080 (38.2%) and yield retreat.
Bids are noted at 1.3035-30 with stops below 1.3005-00 while offers are tipped at 1.3065/70 with stops above 1.3100.
Although we have no economic data from UK later today, we have Bank of England Chief Economist Andy Haldane scheduled to speak at 18:00 GMT.
Trendsetter does not warrant or guarantee the accuracy, timeliness or completeness to its service or information contained therein. Trendsetter does not give, whatsoever, warranties, expressed or implied, to the results to be obtained by using its services or information it provided. Users are trading on their own risk and Trendsetter shall not be responsible under any circumstances for the consequences of such activities. Trendsetter and its affiliates, in no event, be liable to users or any third parties for any consequential damages, however arising, including but not limited to damages caused by negligence whether such damages were foreseen or unforeseen.
Recommended Content
Editors’ Picks
EUR/USD stays near 1.0850 after US housing data
EUR/USD trades in negative territory at around 1.0850 in the early American session on Tuesday. The US Dollar preserves its strength following the upbeat housing data and makes it difficult for the pair to gain traction. The two-day Fed meeting goes underway on Tuesday.
GBP/USD recovers modestly from two-week lows, trades near 1.2700
GBP/USD staged a modest rebound after touching its lowest level in two weeks below 1.2700 on Tuesday. The cautious market mood helps the US Dollar hold its ground and limits the pair's upside as markets gear up for the Fed and the BoE policy meetings.
Gold stays in daily range near $2,160
Gold fluctuates in a narrow band at around $2,160 for the second consecutive day on Tuesday. Ahead of the Fed's policy announcements, the benchmark 10-year US Treasury bond yield moves sideways near 4.3% and limits's XAU/USD's volatility.
Why is the crypto market crashing?
The two most important contribution to the ongoing bull market is the meteoric rise in Bitcoin due to the ETF approval and the sudden interest spike in Solana ecosystem. But the recent move suggests that the upward momentum is dissipating and a correction looms.
Shocker, Yen weakens after BoJ hike
The Bank of Japan (BoJ) scrapped its negative rate policy, raised the rates from -0.10% to 0%, ditched its YCC policy and ended the purchases of ETF and Japanese real estate investment trusts.