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GBP in swinging move gaining more demands on GBP cross

USD stays in choppy consolidation on FOMC as expected since keeping the rate unchanged at 1.5% with slightly hawkish tone. The market currently pricing the 88% of FOMC March rate hike by 0.25% and this year remains in 3 hikes. USD sold down gradually after turning all the facts except for USDJPY which remains in some short coverings after the BOJ keeping the bond buying and higher in US stocks and rising UST yield effect. But still in corrective nature overall with under 110 handle.

GBP rebound sharply to 1.4268 earlier from the Tokyo low of 1.4156 with increasing more demands for GBP cross (EURGBP, GBPJPY) that driven the underlying move. But overall GBP remains in large swinging move.

The leaked in EU memo suggests that EU is threatening UK with extreme consequences if it tries to become more competitive after leaving. The rebound in EUR is made by following GBP strength and the effect on retracing broad USD. And today’s the Eurozone Manufacturing PMI will have some shallow impact.

Commodity currencies remains in firm tone with the unchanged broad USD weaknening trend in short term. Today US Jobless claims, unit labor cost, construction spending, manufacturing PMI, ISM manufacturing data as well as stock/bond market move will dominate the intraday action.

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    At Hantec Global Ltd we provide an execution only service. Any opinions expressed by analyst Richard Perry should not be construed as investment advice or an investment recommendation. This report does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. Forex and CFDs are leveraged products which can result in losses greater than your initial deposit. Therefore you should only speculate with money that you can afford to lose. Please ensure you fully understand the risks involved, seeking independent advice if necessary prior to entering into such transactions.