UK
wage growth surprised to the upside by rising 2.9% in the three months to July
while the unemployment rate remained steady at 4% - its lowest level since
March 1975. Although the jobs report illustrates an encouraging picture of the
UK economy, this is unlikely to convince the Bank of England to raise interest
rates anytime soon. The central bank is poised to remain on hold until the
thick smog of uncertainty created by Brexit fully dissipates. http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html
Sterling’s
extreme sensitivity to Brexit headlines has clearly become a dominant market
theme. http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html The explosive price action
witnessed yesterday following encouraging comments from the EU’s chief Brexit
negotiator is a testament to this fact. http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html While a renewed sense of
optimism over a Brexit deal possibly secured within 6-8 weeks could push
Sterling higher, any hiccups during the talks are likely to expose the currency
to downside shocks.
Looking
at the technical picture, the GBPUSD is turning bullish on the daily charts.
Prices are trading above the daily 20 Simple Moving Average while the MACD is
in the process of crossing to the upside. http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html Bulls will remain in
control as long as the GBPUSD is able to keep above the 1.3000 level. However,
a breakdown below 1.3000 could inspire a decline back towards 1.2940.
Across
the Atlantic, the Dollar rebounded against a basket of major currencies as
rising global trade tensions boosted its safe-haven demand. http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html The Dollar is likely to
remain king across currency markets on the back of US rate hike expectations
and the bullish sentiment towards the US economy. http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html Taking a peek at the
technical picture, the Dollar Index could challenge 95.80 once bulls are able
to secure a solid daily close above 95.50.
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