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Risk sentiment soured yesterday after the release of the hawkish FOMC Minutes. Stocks went lower and the U.S. dollar extended its winning streak to four consecutive days against most currencies. AUD/USD was also hit yesterday on tepid wage inflation data. If the current mode continues, the pair will be testing 0.775, and possibly 0.765, soon.
al_dcdemo's Blog
Cable jumps on hawkish remarks from MPC
Despite soft inflation report, hawkish remarks from Carney & Co. sent Cable more than 150 pips higher yesterday and it added another 20 pips overnight. It broke and is holding above Previous Week High (1.5628) ahead of the labour market report today at 8:30 GMT.
There appears to be some resistance at 1.5650 (late June / early July pivot, Weekly Resistance 1, 50's). 1.57 (Daily Resistance 1, 00's) may prove to be the next before stronger into 1.58 (June pivot, Weekly Resistance 2, 00's).
There appears to be some resistance at 1.5650 (late June / early July pivot, Weekly Resistance 1, 50's). 1.57 (Daily Resistance 1, 00's) may prove to be the next before stronger into 1.58 (June pivot, Weekly Resistance 2, 00's).