This week will be crucial for the currency pair as several key economic data releases are scheduled, potentially impacting its direction.

  • 1.2546 current rate, eyeing 1.24 support or recent 1.27 highs.
  • Tuesday:
    • 3pm HKT: UK employment figures
    • Later: Critical US inflation data expected at 3.1% (down from 3.2%).
  • Wednesday:
    • 3pm HKT: UK growth figures for October (expected slight increase to 0.1%).
    • Weaker numbers could fuel recession fears.
  • Thursday:
    • 3am & 3:30am HKT: Fed rate decision and press conference.
    • 8pm HKT: Bank of England interest rate decision followed by retail sales data.
    • Thursday expected to set the trend for the week.
  • Positive signs:
    • Private sector activity index shows growth after 3 months of decline.
    • This could be an early indicator of a 2024 economic revival.
  • Market expectations:
    • No change in Fed rates this week.
    • Optimistic outlook for the market, despite warnings of tech stock concentration.
Categories: Market News

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