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GBP/USD calm ahead of UK GDPThe UK economy has been struggling and Friday's GDP is expected to indicate negative growth, with a market consensus of -0.1% q/q for the third quarter. In Q2, GDP showed a small gain of 0.2%. August GDP is expected at 0.0% m/m, after a 0.2% gain in September. A soft GDP report will raise speculation about a recession and could weigh on the pound. Bank of England Chief Economist Huw Pill appeared to backtrack earlier today after saying on Wednesday that market pricing of a rate cut in August 2024 was "not totally unreasonable". Pill stated on Thursday that the BoE expected to maintain restrictive rates for an extended period, but would not make any promises. On Wednesday, Governor Bailey dismissed the possibility of rate cuts in the short term, and Pill may have wanted to put to rest any speculation that his remarks contradicted Bailey's comments. The BoE maintained rates at 5.25% last week and holds its next meeting on 14 December. Federal Reserve Chair Jerome Powell didn't discuss monetary policy in public remarks on Wednesday, and the markets will again be looking for some hints about monetary policy when Powell speaks later in the day. Earlier this week, two Fed members sounded hawkish about inflation. On Wednesday, Philadelphia Fed President Harker said he expected rates to stay higher for longer and there were no signs that the Fed would trim rates in the near term. This followed Dallas Fed President Logan, who said that inflation remains too high and looks to be trending towards 3% rather than the Fed's 2% inflation target. Logan warned that the Fed would have to maintain tight financial conditions in order to bring inflation back to target. 1.2287 is a weak resistance line. Above, there is resistance at 1.2340 There is support at 1.2214 and 1.2175
by OANDA
NZD/USD edges higher ahead of manufacturing PMIThe New Zealand dollar is in positive territory on Wednesday. In the European session, NZD/USD is trading at 0.5926, up 0.26%. New Zealand's manufacturing sector has been in decline for seven consecutive months and little change is expected from the October PMI, which will be released on Friday. The market consensus stands at 45.0, compared to 45.3 in September, which marked a 2-year low. Business activity in the manufacturing sector has been dampened by weak global demand and elevated borrowing costs have exacerbated the prolonged slump. China has been struggling with a significant slowdown, which is bad news for the New Zealand economy, as China is New Zealand's number one trading partner. China is grappling with deflationary pressures, and the October inflation report was softer than expected due to a sharp decline in the price of pork. Inflation in China fell by 0.2% y/y in October, down from 0.0% in September and lower than the market consensus of -0.1%. Monthly, CPI declined by 0.2%, versus a 0.2% rise in September and below the market consensus of 0.0%. If deflation continues, it could cause a downturn in inflation expectations that could dampen consumer spending. Federal Reserve Chair Jerome Powell didn't discuss monetary policy in public remarks on Wednesday, and the markets will again be listening carefully as Powell speaks later today. Earlier this week, two Fed members sounded hawkish about inflation. On Wednesday, Philadelphia Fed President Harker said he expected rates to stay higher for longer and there were no signs of rate cuts in the near term. This followed Dallas Fed President Logan, who said that inflation remains too high and looks to be trending towards 3% rather than the Fed's 2% inflation target. Logan warned that the Fed would have to maintain tight financial conditions in order to bring inflation back to target. NZD/USD continues to test support at 0.5929. The next support line is 0.5858 There is resistance at 0.5996 and 0.6069
by OANDA
Pound moves higher, BoE points to pressure on consumersThe British pound is higher on Tuesday. In the North American session, GBP/USD is trading at 1.2273, up 0.29%. The Bank of England's financial policy committee (FPC) voiced concern about consumer borrowing. The FPC noted that consumers were taking longer mortgages and increasing spending on credit cards in response to being squeezed by higher interest rates and the cost-of-living crisis. These practices have raised concerns about consumer debt levels. The FPC found that the UK banking system was "relatively stable". The UK economy has been sputtering, and the IMF raised its 2023 growth forecast for the UK to 0.5%, up from 0.5% in the previous forecast. However, the IMF cut the 2024 growth forecast to 0.6%, down from 1.0% previously. The IMF noted that the BoE would need to maintain elevated interest rates into 2024 due to weak growth and sticky inflation. US yields have been rising, and that could affect Fed rate policy. On Monday, Fed members Jefferson and Logan said the spike in long-term bond rates could mean less of a need for the Fed to raise rates. The reason is that borrowing had become more expensive and inflation could ease without the Fed needing to raise rates. US 10-year yield rates rose as high as 4.8% last week, a 16-year high, compared to 4.0% in July. Higher yields on Treasuries have led to an increase in other borrowing costs, including mortgages and consumer loans. This could put the Fed's hopes for a soft landing in jeopardy and are providing support for the Fed to hold rates until next year. The odds of a rate hike before the end of 2023 have dropped to 24%, compared to 39% just one week ago, according to the CME FedWatch Tool. 1.2179 and 1.2097 are providing support There is resistance at 1.2321 and 1.2403
by fisherkj4
LOGAN PAUL PARTNERS WITH $SUPERBID - WHAT'S NEXT?This is not a joke. Chart is looking great, consolidating under ATH and... LOGAN PAUL JUST WENT LIVE ON INSTAGRAM ANNOUNCING HIS PARTNERSHIP WITH $SUPERBID, THE FUNDAMENTALS BEHIND WHAT IT ACTUALLY DOES (SOCIAL MEDIA AUCTIONING APP GOING LIVE IN JULY). The marketcap is only 50m. The mix of platform fundamentals, phenomenal/ influential team, and marketing genius is making 500 marketcap a no brainer. I'm expecting $1B real quick. Logan Paul will be wearing "$SUPERBID" on his shorts during the fight in Miami vs. Floyd Mayweather. This is going to be insane publicity. After the fight, they have several HUGE things planned: They just signed a brand name rapper that will be selling a feature for their new album on SUPERBID Phase 2 starts after the fight -Giving away stuff from the fight -Giving away an experience where Logan Paul fly's you out to Puerto Rico for a crazy weekend Several superstars already signed -Multiple features with major rappers -Experiences with NFL/ NBA players Their app goes live in July Get it on Uniswap with ETH. www.coingecko.com Uniswap link below: app.uniswap.org BEST TO ALWAYS USE THE UNISWAP LINK ON COINGECKO TO AVOID PHISING.
SLong
by cryptoert
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