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20 Jun 2013
GBP/USD higher post US Initial Jobless
FXstreet.com (London) - GBP/USD had been oscillating between 1.5436 and 1.5476 post FOMC and better than expected UK Retail sales figures which hit the wires this morning.
GBP/USD on US Initial Jobless Claims
GBP/USD was sat between 1.5450/59 pre data release and is moving to the upside after the jobless numbers came out worse than expectations of 340K. The pair now trades between 20-30 pips higher on the release.
Sterling has already dropped from 1.5668 to 1.5460 and drifted lower still until 1.5430 after the release of the FOMC overnight into the European session. This fall came in with the statements from the FOMC. While there were no changes to the current pace of QE, a comment was made as follows: "the downside risks to the outlook for the economy and the labor market as having diminished since the fall”, which sent the market in a ‘risk-off’ flurry again in broad based dollar rally. In all, the statement was a little more upbeat on the economy but showed little concern about inflation, except there being a more upbeat unemployment rate which might bring in a rate hike in a little closer. Next up comes US data in the form of Markit Manufacturing (12.58 GMT), Existing Home sales Change and Philly Fed (14.00GMT).
GBP/USD in slightly more positive territory
GBP/USD is moving away from EMA50, targeting 1.5490 resitance. Support below remains at EMA50 above the figure and the 61.8% fib at 1.5377 acts as next line, with 1.5307 as 50%fib, targeting in broader terms 1.5008 and 1.4833 to the down side.
GBP/USD on US Initial Jobless Claims
GBP/USD was sat between 1.5450/59 pre data release and is moving to the upside after the jobless numbers came out worse than expectations of 340K. The pair now trades between 20-30 pips higher on the release.
Sterling has already dropped from 1.5668 to 1.5460 and drifted lower still until 1.5430 after the release of the FOMC overnight into the European session. This fall came in with the statements from the FOMC. While there were no changes to the current pace of QE, a comment was made as follows: "the downside risks to the outlook for the economy and the labor market as having diminished since the fall”, which sent the market in a ‘risk-off’ flurry again in broad based dollar rally. In all, the statement was a little more upbeat on the economy but showed little concern about inflation, except there being a more upbeat unemployment rate which might bring in a rate hike in a little closer. Next up comes US data in the form of Markit Manufacturing (12.58 GMT), Existing Home sales Change and Philly Fed (14.00GMT).
GBP/USD in slightly more positive territory
GBP/USD is moving away from EMA50, targeting 1.5490 resitance. Support below remains at EMA50 above the figure and the 61.8% fib at 1.5377 acts as next line, with 1.5307 as 50%fib, targeting in broader terms 1.5008 and 1.4833 to the down side.