18 October 2024,02:19
Trade Of The Day
18 October 2024, 02:19
* Weak Pound: The pound remains weak as the U.S. dollar strengthens, bolstered by stronger-than-expected U.S. economic data. U.S. Retail Sales rose by 0.4%, exceeding the 0.3% forecast and surpassing August’s 0.1% increase, with robust demand at retail and food stores and for clothing. Additionally, jobless claims dropped to 241K, below the expected 260K, signaling resilience in the labor market. As a result, market participants are not anticipating significant Federal Reserve rate cuts, with expectations of 25-basis-point reductions in November and December. Rising expectations of Donald Trump winning the 2024 presidential election are further supporting the dollar, as investors foresee looser financial policies, higher tariffs, and tax cuts under a potential Trump administration.
* Technical Breakout: Recent bearish market structure breakout and MACD which signal diminishing bullish momentum signal suggest the pair to likely extend its bearish trend.
*Resistance and Support: If the bearish momentum persists, there’s a strong likelihood that the price will potentially head towards the level 1.29400. Conversely, a potential reversal is also to be expected and the price could head back towards 1.30900.
Understand how technical analysis can help you in this trading opportunity.
Looking ahead, investors will turn their attention to the upcoming UK Retail Sales figures, set to be released later today. Expectations are modest, with the median forecast predicting a -0.3% decline for September, following August’s relatively strong growth of 1.0%. Markets are not anticipating any significant surprises.
Know how to manage trading risks with risk management strategies.
Stay updated on US and UK data, central bank updates and any shifts in the US Dollar’s strength by following PU Prime’s market insights and daily financial news.
Grab the trading opportunity and dive into the action risk-free with a free demo account. It is the perfect way to hone your skills and explore the exciting world of trading!
Open Your Free Demo Account And Start Trading Risk-Free
Join Now
Disclaimer: Trading derivatives involves high risks, and market conditions can change rapidly. The content is for informational purposes only and should not be considered as financial advice. Traders should conduct their own research and consider risk management strategies.
Step into the world of trading with confidence today. Open a free PU Prime live CFD trading account now to experience real-time market action, or refine your strategies risk-free with our demo account.
This content is for educational and informational purposes only and should not be considered investment advice, a personal recommendation, or an offer to buy or sell any financial instruments.
This material has been prepared without considering any individual investment objectives, financial situations. Any references to past performance of a financial instrument, index, or investment product are not indicative of future results.
PU Prime makes no representation as to the accuracy or completeness of this content and accepts no liability for any loss or damage arising from reliance on the information provided. Trading involves risk, and you should carefully consider your investment objectives and risk tolerance before making any trading decisions. Never invest more than you can afford to lose.
Trade forex, indices, metal, and more at industry-low spreads and lightning-fast execution.
Sign up for a PU Prime Live Account with our hassle-free process.
Effortlessly fund your account with a wide range of channels and accepted currencies.
Access hundreds of instruments under market-leading trading conditions.
Trading Platforms
Learn
About PU Prime
Corporate
Please note the Website is intended for individuals residing in jurisdictions where accessing the Website is permitted by law.
Please note that PU Prime and its affiliated entities are neither established nor operating in your home jurisdiction.
By clicking the "Acknowledge" button, you confirm that you are entering this website solely based on your initiative and not as a result of any specific marketing outreach. You wish to obtain information from this website which is provided on reverse solicitation in accordance with the laws of your home jurisdiction.
Thank You for Your Acknowledgement!
Ten en cuenta que el sitio web está destinado a personas que residen en jurisdicciones donde el acceso al sitio web está permitido por la ley.
Ten en cuenta que PU Prime y sus entidades afiliadas no están establecidas ni operan en tu jurisdicción de origen.
Al hacer clic en el botón "Aceptar", confirmas que estás ingresando a este sitio web por tu propia iniciativa y no como resultado de ningún esfuerzo de marketing específico. Deseas obtener información de este sitio web que se proporciona mediante solicitud inversa de acuerdo con las leyes de tu jurisdicción de origen.
Thank You for Your Acknowledgement!
18 October 2024,02:19
Trade Of The Day
18 October 2024, 02:19
* Weak Pound: The pound remains weak as the U.S. dollar strengthens, bolstered by stronger-than-expected U.S. economic data. U.S. Retail Sales rose by 0.4%, exceeding the 0.3% forecast and surpassing August’s 0.1% increase, with robust demand at retail and food stores and for clothing. Additionally, jobless claims dropped to 241K, below the expected 260K, signaling resilience in the labor market. As a result, market participants are not anticipating significant Federal Reserve rate cuts, with expectations of 25-basis-point reductions in November and December. Rising expectations of Donald Trump winning the 2024 presidential election are further supporting the dollar, as investors foresee looser financial policies, higher tariffs, and tax cuts under a potential Trump administration.
* Technical Breakout: Recent bearish market structure breakout and MACD which signal diminishing bullish momentum signal suggest the pair to likely extend its bearish trend.
*Resistance and Support: If the bearish momentum persists, there’s a strong likelihood that the price will potentially head towards the level 1.29400. Conversely, a potential reversal is also to be expected and the price could head back towards 1.30900.
Understand how technical analysis can help you in this trading opportunity.
Looking ahead, investors will turn their attention to the upcoming UK Retail Sales figures, set to be released later today. Expectations are modest, with the median forecast predicting a -0.3% decline for September, following August’s relatively strong growth of 1.0%. Markets are not anticipating any significant surprises.
Know how to manage trading risks with risk management strategies.
Stay updated on US and UK data, central bank updates and any shifts in the US Dollar’s strength by following PU Prime’s market insights and daily financial news.
Grab the trading opportunity and dive into the action risk-free with a free demo account. It is the perfect way to hone your skills and explore the exciting world of trading!
Open Your Free Demo Account And Start Trading Risk-Free
Join Now
Disclaimer: Trading derivatives involves high risks, and market conditions can change rapidly. The content is for informational purposes only and should not be considered as financial advice. Traders should conduct their own research and consider risk management strategies.
Trade forex, indices, metal, and more at industry-low spreads and lightning-fast execution.
Sign up for a PU Prime Live Account with our hassle-free process.
Effortlessly fund your account with a wide range of channels and accepted currencies.
Access hundreds of instruments under market-leading trading conditions.
Sign up for a PU Prime Live Account with our hassle-free process.
Effortlessly fund your account with a wide range of channels and accepted currencies.
Access hundreds of instruments under market-leading trading conditions.
