GBP/USD holds above the 1.2600 mark, UK Retail Sales, US PPI data eyed
The GBP/USD pair manages to hold above the key 100-day Exponential Moving Average (EMA) of 1.2580 during the early Asian session on Friday.The recovery of the major pair is bolstered by weaker-than-expected US Retail Sales, which drag the USD Index (DXY) lower.Investors will shift their attention to the UK Retail Sales and US Producer
Price Index (PPI), due later in the day.At press time, GBP/USD is trading at 1.2600, adding 0.04% on the day.
On Thursday, US Retail Sales dropped 0.8% MoM in January from a 0.4% rise in December, worse than the market expectation of a 0.1% decline.Retail Sales Control Group came in at -0.4% MoM versus 0.6% prior.
The downbeat Retail Sales data raise hope that the Federal Reserve (Fed) will soon start cutting interest rates in the coming months.This, in turn, exerts some selling pressure on the Greenback and acts as a tailwind for the GBP/USD pair.
Furthermore, the New York Empire State Manufacturing Index arrived at -2.4 in February, a big improvement from the previous reading of -43.7.
Read more…
GBP/USD struggles to find acceptance above 1.2600, trades in the red ahead of UK Retail Sales
The GBP/USD pair continues with its struggle to find acceptance or build on the momentum beyond the 1.2600 mark and meets with some supply during the Asian session on Friday.Spot prices currently trade around the 1.2585 region, down less than 0.10% for the day, and remain on track to register modest weekly losses.
Thursday’s UK GDP report confirmed a technical recession, which, along with softer UK consumer inflation figures released on Wednesday, reaffirmed bets that the
Bank of England (BoE) will start cutting interest rates soon.This, in turn, acts as a headwind for the British Pound (GBP) and keeps a lid on the GBP/USD pair’s recovery move from the vicinity of the weekly trough amid a modest US Dollar (USD) uptick.
GBP/USD
|Overview
|Today last price
|1.2584
|Today Daily Change
|-0.0013
|Today Daily Change %
|-0.10
|Today daily open
|1.2597
|Trends
|Daily SMA20
|1.2654
|Daily SMA50
|1.2676
|Daily SMA100
|1.2504
|Daily SMA200
|1.2565
|Levels
|Previous Daily High
|1.2601
|Previous Daily Low
|1.2541
|Previous Weekly High
|1.2643
|Previous Weekly Low
|1.2518
|Previous Monthly High
|1.2786
|Previous Monthly Low
|1.2597
|Daily Fibonacci 38.2%
|1.2578
|Daily Fibonacci 61.8%
|1.2564
|Daily Pivot Point S1
|1.2558
|Daily Pivot Point S2
|1.252
|Daily Pivot Point S3
|1.2499
|Daily Pivot Point R1
|1.2618
|Daily Pivot Point R2
|1.2639
|Daily Pivot Point R3
|1.2677
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[]https://www.fxstreet.com/analysis/asia-open-all-eyes-on-ppi-202402160101
Market attention is now focused on the upcoming release of the Producer Price Index in the US on Friday, which could very well play a significant role in shaping market sentiment.The PPI’s implications for the Fed’s preferred inflation gauge make it a closely watched indicator.
https://www.fxstreet.com/analysis/asia-open-all-eyes-on-ppi-202402160101.
