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Although both the UK and the Eurozone inflation data were released yesterday, none of that mattered as the Bank of England openly announced earlier this week that it would continue to tighten monetary policy, while the acceleration of inflation in the euro area from 9.1% to 9.9% is no different from the preliminary estimate, meaning it does not affect the mood of market participants in any way.
Inflation (UK):
What's more, the political crisis that is unfolding in the UK is in the spotlight as despite a change in the finance minister and the abandonment of the proposed tax cut plan, more and more officials are demanding the resignation of the prime minister. Liz Truss was even forced to speak in the House of Commons to defend and justify her actions as head of government. This is clearly a full-fledged political crisis developing in the context of a growing economic crisis, which obviously does not give a pound of optimism.
In the US, unemployment claims are due out today, but they are unlikely to make a difference. The number of initial appeals should increase by only 2,000, while repeated appeals may increase by the same amount. This means that market players have no choice but to rely on the events in the UK when deciding when and at which level to trade.
So far, the current environment hints that there is no way that pound will show noticeable growth, so traders should expect further weakening. Euro is also likely to show this scenario.
EUR/USD is currently in the stage of a rebound from 0.9850, so short positions jumped on the market. This returned the quote below 0.9800. If such a pace is maintained, euro may fall to 0.9700. But despite the existing fluctuations, the pair is still in an upward cycle. A return to 0.9850 may bring back long positions.
As for GBP/USD, it bounced back from the resistance area of 1.1410/1.1525 and returned to 1.1200. The quote will continue to decrease if pound stays below 1.1150.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
