All Articles Tagged - GBPUSD

Daily Market Comment – Aussie slips on RBA’s dovish taper; dollar extends rebound

Posted on September 7, 2021 at 8:44 am GMT

RBA sticks to tapering but delays next move; aussie climbs then falls Dollar on steadier footing, strong China trade data buoys stocks Bank of Canada and ECB not expected to rock the boat RBA takes middle ground as Delta rages on The Reserve Bank of Australia stuck to its exit strategy from QE on Tuesday, pressing ahead with its decision to reduce bond purchases by A$1 billion a week this month. However, the central bank postponed its next review of [..]

Technical Analysis – GBPUSD trades sideways but upside structure prevails

Posted on September 7, 2021 at 8:14 am GMT

GBPUSD has managed to settle above the 200-day simple moving average (SMA) around 1.3815 after a bounce within the support base of 1.3564-1.3621. The 100- and 200-day SMAs are endorsing the recently adopted neutral phase in the pair, while the negative bearing of the 50-day SMA has also eased. The unclear Ichimoku lines are not confirming any price direction, while the short-term oscillators are providing mixed signals in directional momentum. The MACD is above its red trigger line and is [..]

US Open Note – Dollar leads the FX space on Labor day; RBA policy decision eyed

Posted on September 6, 2021 at 1:24 pm GMT

US dollar in recovery mode after NFP loss A faster-than-expected slowdown in US employment growth has not entirely written off the case of bond tapering this year but was solid enough to kick the can down the road and raise speculation for a potential announcement in November rather than at this month’s FOMC policy meeting. A significant progress in the US labor market is a prerequisite for the Fed to start unwinding its massive stimulus program, but with jobs growth [..]

US Open Note – Dollar in tears after NFP miss; euro spikes above 1.1900

Posted on September 3, 2021 at 1:54 pm GMT

Nonfarm payrolls miss forecasts; dollar down US nonfarm payrolls took center stage on Friday, presenting an employment growth of 273k for the month of August, which was way below the forecast of 750k but still enough to press the unemployment rate to 5.2% as expected, and let average hourly wages to spike faster than analysts anticipated by 4.3% m/m. Despite some early warnings from the private ADP employment report and the ISM PMI business readings this week, the data spooked [..]

Week Ahead – Tapering high on the agenda as ECB, BoC and RBA meet

Posted on September 3, 2021 at 12:47 pm GMT

After the recent taper fever, the Fed may fall out of the limelight next week as other central banks take centre stage. The European Central Bank, Bank of Canada and Reserve Bank of Australia will hold their policy meetings. While a hawkish tilt is possible with the first two, the latter may lean in the opposite direction. With not a lot happening on the data front, the tapering timelines of each central bank look set to dominate the market theme [..]

US Open Note – Dollar consolidates losses as jobs day looms; stocks mildly up

Posted on September 2, 2021 at 1:37 pm GMT

US Jobless claims pin fresh low as expected The downbeat ADP private jobs survey and the dip in the employment component of the ISM manufacturing PMI created plenty of interest in the US initial jobless claims numbers on Thursday as anxiety continues to grow about whether Friday’s nonfarm payrolls will meet the criteria for the Fed’s bond tapering plans to start sooner rather than later. Encouragingly, though, the data presented a more or less expected outcome, showing an increase of [..]

Technical Analysis – GBPUSD trapped below SMAs; trend signals discouraging

Posted on September 1, 2021 at 3:36 pm GMT

GBPUSD bulls remain trapped below the 1.3780 – 1.3810 resistance territory and beneath the dashed resistance trendline at 1.3830 for another day despite today’s bullish appetite in the market. The RSI could not pick up above its 50 neutral mark either, while the downside reversal in the Stochastics is making traders wonder whether the latest bullish cycle is running out of fuel as the MACD is only gradually recovering in the negative area. Trend indicators paint a gloomy picture as the progressing bearish cross [..]

US Open Note – Downbeat ADP jobs data drive dollar lower; Wall Street opens higher

Posted on September 1, 2021 at 1:35 pm GMT

Global stocks have a good start to September Global markets had a solid start to September, with European equities following their Asian rivals higher and crawling back towards their recent record highs despite fears of a growth slowdown, the troubling supply shortages, and the scarcity of qualified employees, which keep production costs elevated. Of course, businesses can always raise margins and transfer the increased costs to consumers, making cost pressures less problematic as long as consumption remains solid and central [..]

US Open Note – Dollar set for positive monthly close despite weakness; stocks falter

Posted on August 31, 2021 at 1:36 pm GMT

Dollar falls to fresh lows, but outlook still promising The US dollar was down across the board on Tuesday, retreating below its post-Jackson Hole low earlier in the day to trade at 92.36 against a basket of six major currencies as investors remained in the dark about when the Fed will officially kick off its bond tapering phase. The outlook, however, is still promising for the greenback, which is set to close the month in the positive territory since the [..]

Technical Analysis – GBPUSD picks up bullish steam; crucial resistance nearby

Posted on August 31, 2021 at 7:23 am GMT

GBPUSD opened the day with strong positive momentum with scope to breach its simple moving averages (SMAs) currently within the 1.3780 – 1.3810 area. The bullish action is invoking a sense of déjà vu from late July, when attempts to pierce the 50-day SMA evaporated around the dashed descending trendline. From a technical perspective, downside corrections cannot be ruled out as the Stochastics are entering the overbought area, suggesting the bulls could soon run out of fuel. Nevertheless, the indicator [..]

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