Global macro overview for 12/12/2017
December 12, 2017 3:21 pmVideo
Latest News
- USD/JPY: Simple Trading tips for novice traders on April 17th (US session) April 17, 2024
- GBP/USD: Simple trading tips for novice traders on April 17th (US session) April 17, 2024
- EUR/USD: Simple trading tips for novice traders on April 17th (US session) April 17, 2024
- GBP/USD: trading plan for the US session on April 17th (analysis of morning deals) April 17, 2024
- Technical Analysis – EURUSD takes a breather after sharp tumble April 17, 2024
- Market continues to price in a plethora of rate cuts for 2024 – Special Report April 17, 2024
- EUR/USD: trading plan for the US session on April 17th (analysis of morning deals) April 17, 2024
- Technical Analysis – EURGBP maintains bearish bias amid pennant formation April 17, 2024
- EUR/USD. April 17th. Jerome Powell supports the dollar April 17, 2024
- GBP/USD. April 17th. Inflation in Britain is falling, but not as much as the market wants April 17, 2024
- Tesla Q1 Earnings: Poor deliveries point to disappointing results – Stock Markets April 17, 2024
- Video market update for April 17, 2024 April 17, 2024
- Forex forecast 04/17/2024: EUR/USD, GBP/USD, Gold, Bitcoin and Ethereum from Sebastian Seliga April 17, 2024
- Technical Analysis – Gold struggles to jump above 2,400 April 17, 2024
- GBP/USD: trading tips for beginners for European session on April 17 April 17, 2024
- EUR/USD: trading tips for beginners for European session on April 17 April 17, 2024
- Market Comment – Geopolitics and Fedspeak keep stocks under pressure April 17, 2024
- Technical Analysis – USDJPY on the verge of hitting 155.00 milestone April 17, 2024
- Hot forecast for EUR/USD on April 17, 2024 April 17, 2024
- Overview for the GBP/USD pair on April 17th. British inflation could weigh on the pound April 17, 2024
The CPI data has beat the market participants expectations of 0.2% as the number released was at the level of 0.3% (0.1% prior). On yearly basis, the CPI jumped from 3.0% to 3.1%, but still, today’s November CPI inflation data has not become a pretext to a recovery rally in British Pound (although it can not be ruled out that the reaction will be delayed). The market participants will receive the labor market data (this is tomorrow), and the dynamics of retail sales and the Bank of England meeting (interest rate decision on Thursday). Moreover, Brexit concerns still weigh on British Pound – yesterday speculations appeared that the ministers in the government of Prime Minister May, Boris Johnson and Michael Gove (the faction opting for the so-called hard Brexit) had a different vision for access negotiations to the single market and expected that May will take into account their demands in exchange for the support they have given her in recent days when negotiating an agreement with the EU that can open the door to the second, key phase of the talks. It is difficult to assess how much of this truth – the media are still hacking the thread of “undisciplined” ministers – but it is a signal that the second and the most important from the point of view of the economic interests of Great Britain will not be so easy.
It will be important for global investors to see how quickly it will be possible to agree on the so-called EU transition period after Brexit (possibly to last about 2 years) and under what exact conditions. Only then will the market participants might witness so-called relief rally in British Pound, which will reduce concerns related to the so-called hard or chaotic Brexit.
Let’s now take a look at the GBP/JPY technical picture at the H4 timeframe. The price has dropped from the local high at the level of 153.38 and stopped at 38% Fibo at the level of 150.92. Currently, the price is testing the dashed black trend line around the level of 151.58. The key resistance is seen at the level of 151.91.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: