The Sterling found support at the 1.2580 area earlier today, before bouncing up, favoured by a somewhat softer US Dollar during Thursday’s US Session. The pair, however, remains capped below 1.2665, which leaves the broader bearish trend unchanged.
The pair has been trading back and forth within a 100-pip horizontal channel, consolidating losses following a decline from Year-To-Date highs near 1.2900 in early March.
UK macroeconomic figures have weighed on the Sterling. The quarterly GDP revealed that the country entered recession in the last months of 2023 and inflation has cooled faster than expected, boosting hopes that the BoE could start cutting rates at the same time as the Fed, if not earlier.
In the US, Fed Governor Waller suggested that the Fed might keep interest rates higher for longer, which provided a fresh boost to the US Dollar. Investors are now looking at Friday’s PCE Prices Index to reassess the chances of a June rate cut
Macroeconomic data released on Thursday revealed that the US economy grew at a faster-than-expected pace in the fourth quarter while Weekly Jobless Claims declined, adding to the evidence of the strong US labour market. The impact on the US Dollar, however, has been minor.
Overview | |
---|---|
Today last price | 1.2628 |
Today Daily Change | -0.0013 |
Today Daily Change % | -0.10 |
Today daily open | 1.2641 |
Trends | |
---|---|
Daily SMA20 | 1.2719 |
Daily SMA50 | 1.2679 |
Daily SMA100 | 1.2649 |
Daily SMA200 | 1.2591 |
Levels | |
---|---|
Previous Daily High | 1.2641 |
Previous Daily Low | 1.2606 |
Previous Weekly High | 1.2804 |
Previous Weekly Low | 1.2575 |
Previous Monthly High | 1.2773 |
Previous Monthly Low | 1.2518 |
Daily Fibonacci 38.2% | 1.2628 |
Daily Fibonacci 61.8% | 1.2619 |
Daily Pivot Point S1 | 1.2617 |
Daily Pivot Point S2 | 1.2593 |
Daily Pivot Point S3 | 1.2581 |
Daily Pivot Point R1 | 1.2653 |
Daily Pivot Point R2 | 1.2665 |
Daily Pivot Point R3 | 1.2688 |
Keep up with the financial markets, know what's happening and what is affecting the markets with our latest market updates. Analyze market movers, trends and build your trading strategies accordingly.