Livre britannique contre Dollar canadien W1 Live Forex Chart
Graphique GBPCAD,W1 de heavenly25
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heavenly25
Aug 24, 2023 at 05:06
Rising US Treasury Yields Spur Investor Caution, Hurting the Pound
● Data indicated a significant decline in British manufacturing output.
● Data unveiled a smaller-than-anticipated budget deficit for Britain in July.
● Last week, the pound had a strong week against the dollar, climbing by 0.4%.
Rising US Treasury yields have caused investors to exercise caution recently, favoring the safe-haven dollar and hurting the pound. This trend continued on Tuesday, resulting in losses for risk-sensitive currencies.
British manufacturing output shows a notable decline.
On Tuesday, data indicated a significant decline in British manufacturing output over the three months leading up to August, marking the most substantial drop since September 2020.
Additionally, data unveiled a smaller-than-anticipated budget deficit for Britain in July. This offered Finance Minister Jeremy Hunt a glimmer of hope that he could implement tax cuts later this year, ahead of an expected 2024 election.
Nonetheless, some economists cautioned that an impending economic slowdown might curtail Hunt's chances for pre-election giveaways.
The pound registered a 0.4% gain against the dollar last week.
Last week, the pound had a strong week against the dollar, climbing by 0.4% - its best performance since mid-July. This surge followed robust data, including GDP and wage figures, which exceeded predictions. This reinforced expectations that the Bank of England (BoE) would maintain its course of raising interest rates.
Pound hits 30-SMA after the 1.2800 hurdle.
On the technical side, the pound has collapsed to the 30-SMA support after finding resistance at the 1.2800 level. Although the price has made higher highs and lows, price action shows that bulls and bears have almost equal strength.
Moreover, the price has been consolidating with resistance at 1.2800 and support at 1.2700 and 1.2650. Therefore, the price will likely break below the 30-SMA to retest the support levels.
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● Data indicated a significant decline in British manufacturing output.
● Data unveiled a smaller-than-anticipated budget deficit for Britain in July.
● Last week, the pound had a strong week against the dollar, climbing by 0.4%.
Rising US Treasury yields have caused investors to exercise caution recently, favoring the safe-haven dollar and hurting the pound. This trend continued on Tuesday, resulting in losses for risk-sensitive currencies.
British manufacturing output shows a notable decline.
On Tuesday, data indicated a significant decline in British manufacturing output over the three months leading up to August, marking the most substantial drop since September 2020.
Additionally, data unveiled a smaller-than-anticipated budget deficit for Britain in July. This offered Finance Minister Jeremy Hunt a glimmer of hope that he could implement tax cuts later this year, ahead of an expected 2024 election.
Nonetheless, some economists cautioned that an impending economic slowdown might curtail Hunt's chances for pre-election giveaways.
The pound registered a 0.4% gain against the dollar last week.
Last week, the pound had a strong week against the dollar, climbing by 0.4% - its best performance since mid-July. This surge followed robust data, including GDP and wage figures, which exceeded predictions. This reinforced expectations that the Bank of England (BoE) would maintain its course of raising interest rates.
Pound hits 30-SMA after the 1.2800 hurdle.
On the technical side, the pound has collapsed to the 30-SMA support after finding resistance at the 1.2800 level. Although the price has made higher highs and lows, price action shows that bulls and bears have almost equal strength.
Moreover, the price has been consolidating with resistance at 1.2800 and support at 1.2700 and 1.2650. Therefore, the price will likely break below the 30-SMA to retest the support levels.
join canal telegram via
https://t.me/FIFTILINE
