Global macro overview for 13/06/2018
June 13, 2018 11:23 amVideo
Latest News
- Analysis of GBP/USD pair on May 2nd. The final chord for the dollar May 2, 2024
- Analysis of EUR/USD pair on May 2nd. The market calmly responded to the FOMC meeting May 2, 2024
- Technical Analysis – GBPJPY returns to pre-intervention levels May 2, 2024
- JPY terrifies traders May 2, 2024
- Fed makes tough decision May 2, 2024
- USD/JPY: Simple trading tips for novice traders on May 2nd (US session) May 2, 2024
- GBP/USD: Simple trading tips for novice traders on May 2nd (US session) May 2, 2024
- EUR/USD: Simple trading tips for novice traders on May 2nd (US session) May 2, 2024
- GBP/USD: trading plan for the US session on May 2nd (analysis of morning deals). The pound was pushed below 1.2521 May 2, 2024
- EUR/USD: trading plan for the US session on May 2nd (analysis of morning deals). Euro bought around 1.0700 May 2, 2024
- EUR/USD. May 2nd. US statistics disappoint once again May 2, 2024
- Technical Analysis – EURUSD capped by 20-day SMA as rebound falters May 2, 2024
- Forex forecast 05/02/2024: EUR/USD, USD/JPY and Gold from Sebastian Seliga May 2, 2024
- USD/JPY: trading tips for beginners for European session on May 2 May 2, 2024
- GBP/USD: trading tips for beginners for European session on May 2 May 2, 2024
- EUR/USD: trading tips for beginners for European session on May 2 May 2, 2024
- Market Comment – Dollar slides as Powell rules out rate hikes May 2, 2024
- RBA decision: will a rate hike be back on the table? – Preview May 2, 2024
- Video market update for May 02, 2024 May 2, 2024
- Technical Analysis – Bullish pressure in AUDUSD lingers May 2, 2024
The UK Consumer Price Index data in May was as dynamic as in the previous month, which is 0.4% or 2.4% on a yearly basis. The same situation applies to the base indicator, which maintained the value of 2.1% y/y. Both publications were exactly in line with market expectations.
The secondary inflation indicators of RPI and PPI are usually treated as secondary as they reflect trends in prices in retail trade and producer prices. The PPI Input data (a monthly survey that measures a change in input prices as incurred by UK manufacturers. Input prices include the cost of materials used plus operating costs of running the business) were released at the level of 2.8%, sharply higher than market expectations of 1.7% and better than the last month figure of 0.6%. On the yearly basis, the PPI Input prices rose from 5.6% to 9.2% already. The PPI Output data (a monthly survey that measures the price changes of goods produced by UK manufacturers. The figure is also known as “Factory Gate Price” because it usually matches the price of goods when they first leave the factory) were released at the same level as a month ago, that is 0.4%, a tad higher than the anticipated figure of 0.3%. On the yearly basis, the PPI Output prices rose from 2.6% to 2.9%.
Today’s readings do not bring much new to expectations in relation to the probability of interest rate hikes in August. It is worth noting, however, that yesterday, consistent with consensus, information from the labor market helped the pound, today readings with similar characteristics were unable to do so. Until the August meeting, one set of monthly data has actually become one and the increase is estimated at 51%.
Let’s now take a look at the GBP/USD technical picture at the H4 time frame. After the reading, the pair noted a temporary deepening of the morning slide towards the 61% Fibo at 1.3306, but it was quickly erased and the rate returns to 1.3340. There is a technical resistance at this level, so the bulls might be very active here if they want to keep the bounce valid. In a case of a successful breakout, the next target for bulls is seen at the level of 1.3369.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: