Market Analysis by The Forex Messiah
The Non-Farm Employment data exceeded expectations, coming in strong at 272K versus the forecasted 182K. This positive surprise caused the DXY to rally over 0.9%, reflecting a significant gain in the US dollar.
Given the GBPUSD's bearish reaction to this news, we anticipate a continued downward movement towards the 1.25 level. It's important to keep an eye on next Wednesday's CPI data. Should the CPI data come out positive, it will likely drive the GBPUSD further down.
The 1.28 level has demonstrated significant resistance over the past two weeks. Even if the CPI data is negative, it is expected that the 1.28 zone will continue to act as a strong resistance.
The following is news and data we need to keep an eye out for over the coming week:
Core CPI m/m, CPI m/m, CPI y/y
Federal Funds Rate
FOMC Economic Projections
FOMC Statement
FOMC Press Conference
Core PPI m/m
PPI m/m
Unemployment Claims
Prelim UoM Consumer Sentiment
Good luck guys!
The Non-Farm Employment data exceeded expectations, coming in strong at 272K versus the forecasted 182K. This positive surprise caused the DXY to rally over 0.9%, reflecting a significant gain in the US dollar.
Given the GBPUSD's bearish reaction to this news, we anticipate a continued downward movement towards the 1.25 level. It's important to keep an eye on next Wednesday's CPI data. Should the CPI data come out positive, it will likely drive the GBPUSD further down.
The 1.28 level has demonstrated significant resistance over the past two weeks. Even if the CPI data is negative, it is expected that the 1.28 zone will continue to act as a strong resistance.
The following is news and data we need to keep an eye out for over the coming week:
Core CPI m/m, CPI m/m, CPI y/y
Federal Funds Rate
FOMC Economic Projections
FOMC Statement
FOMC Press Conference
Core PPI m/m
PPI m/m
Unemployment Claims
Prelim UoM Consumer Sentiment
Good luck guys!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.