In the UK, the change in the number of claimants for September missed expectations of 2.3 thousand with a total of 20.4 thousand, while the claimant count rate rose to 4% from 3.9% in the previous period. On Tuesday, the preliminary S&P Global US Manufacturing PMI for September exceeded expectations at 49.5 with a reading of 50, while the Services PMI exceeded a reading of 49.9 with a reading of 50.9. The change in new home sales for this period was 12.3%, compared to a change of -8.2% in the previous period. New home sales in the United States exceeded expectations of 0.68 million with a total of 0.759 million in September. On the economic side, the GBP/USD is trading under the influence of economic data results. Also, the US dollar remains the stronger currency due to the momentum of demand for it as safe havens asset, in addition to the positive economic data results that continue to support the tightening of Federal Reserve policy. Therefore, we recommended selling GBP/USD from every upward level, as the pressures on sterling remain stronger. This is after giving up this week's gains, which reached the resistance level of 1.2288 at that time.As a result, the GBP/USD currency pair has returned to its broader downtrend, with losses towards the support level of 1.2076 at the time of writing this analysis.The increase in global geopolitical tensions has restored the US dollar to its status as safe havens asset.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |