US: The Fed left interest rates unchanged as expected. The macroeconomic projections were revised higher as the economy showed much stronger resilience than expected and the Dot Plot showed that the majority of members still expects another rate hike by the end of the year with less rate cuts in 2024. Fed Chair Powell reaffirmed
The Fed is waiting for the totality of the data to be released before deciding what to do at their September meeting. As of now, the data supports the soft-landing narrative as the disinflation in the core measures continues but the strength in the labour market and consumer spending might keep inflation higher for longer.
The GBPUSD is higher on the day and in the short term, the buyers are “in play”. Trading above the 100 hour MA tilts the bias in that direction but there is work to do. Looking at the daily chart, the technical picture is more in the buyer’s favor. What I like about it technically,
Share: GBP/USD remains on the defensive for the third successive day, albeit lacks follow-through. The emergence of some USD dip-buying turns out to be a key factor weighing on the major. The downside seems limited as traders seem reluctant ahead of the BoE meeting on Thursday. The GBP/USD pair struggles to capitalize on
As we finish the trading week and look toward the new trading week, the sellers are more in control in the AUDUSD. The bias is more to the downside on both the daily and hourly chart. Having said that, the pair has been mostly in an up-and-down trading range over the last 5 trading months.
