EUR/USD 1.12287
-0.080%
Gold 4174.29
0.134%
Oil 97.404
-1.434%
USD/JPY 158.020
0.018%
GBP/USD 1.33289
0.008%
GBP/JPY 210.628
0.027%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On October 19th, QCraft and HERE Technologies, a provider of location platforms and mapping technologies, signed a Memorandum of Understanding (MOU). The two companies will jointly explore the integration of location intelligence and navigation-assisted driving technologies, accelerating the localization and application of intelligent driving solutions in international markets such as Europe.On October 19th, according to South Korean financial media ChosunBiz, Cathy Wood, known as "Sister Wood," commented on the recent volatility in the South Korean stock market due to foreign capital outflows on the 16th: "Foreign capital is not withdrawing because of deteriorating fundamentals. I think algorithmic trading has a greater impact." Regarding the sharp drop in South Korean semiconductor stocks, she stated, "Now is indeed a suitable time to enter a buying range." When asked about the decisive reason for the outflow of foreign capital, Wood said, "When memory chip stocks peaked and fell in June this year, the Korean won also reached a record high against the US dollar. This is not because there are any fundamental flaws in the market itself, but because the combination of falling stock prices and exchange rate factors led to a surge in mechanical algorithmic trading." Regarding the recent correction in memory chip stocks, Wood believes it is a reaction to the previous rapid price surge, "Because the unit price of memory chips rose too quickly, the retail sales of electronic devices dropped sharply. This factor has already been reflected in the stock prices." The South Korean Kospi index opened down more than 3% today, then rebounded, and is currently slightly down as of press time.Mitsubishi Electric Corporation: Formed a strategic alliance with Foxconn Precision Industry Co., Ltd. to jointly operate automotive equipment business.October 19th - Public opinion polls show that Japanese Prime Minister Sanae Takaichis approval rating has declined following the resignations of cabinet members due to scandals. A poll conducted by All Nippon News Network (ANN) from October 17th to 18th showed that the Takaichi cabinets approval rating dropped 11.2 percentage points to 47.1%, the most significant drop among similar polls conducted by multiple media organizations. A poll by the Yomiuri Shimbun showed her approval rating dropped 2 percentage points to 57%. Last week, Agriculture, Forestry and Fisheries Minister Kazuo Ryō announced his resignation, with media reports alleging he violated election funding regulations; furthermore, he had boasted that he had reduced funding to local governments that did not support his campaign in the February election.Note: October 19th is the Chung Yeung Festival holiday in Hong Kong, and the Hong Kong stock market will be closed today.

GBPUSD bulls surpass 1.18 despite conflicting UK employment data

Daniel Rogers

Nov 15, 2022 16:55

 截屏2022-11-15 下午4.26.14.png

 

GBPUSD buyers surpass 1.1800 to resume intraday highs near 1.1810 amid mixed data from the United Kingdom's most recent employment report, which was released early Tuesday morning in London. The Cable pair may have done so in response to the US Dollar's sluggish movement and Britain's geopolitical woes.

 

The Claimant Count Change for the United Kingdom increased to 3,300 against estimates of -12.6K and previous readings of 25.5K, while the Unemployment Rate soared to 3.6%, above market expectations and prior readings of 3.5%.

 

The Times reports that rumors that UK Prime Minister Rishi Sunak will propose a plan to increase the national living wage and provide cost-of-living payments of up to 1,100 pounds ($1,292.61) to eight million households also benefit GBPUSD buyers. According to the report, "Chancellor of the Exchequer Jeremy Hunt and Sunak will accept an official recommendation to increase the living wage from £9.50 per hour to about £10.40 per hour, a roughly 10% rise."

 

Aside from this, recent Fed policymaker pronouncements appear to have boosted expectations for fewer rate hikes by the US Federal Reserve (Fed), which has also bolstered GBPUSD bulls. Vice Chair for Supervision of the Board of Governors of the Federal Reserve System, Michael Barr, remarked that the rate of inflation is overly high. Vice-Chair Lael Brainard previously backed a 50 basis point (bps) rate rise, but she conceded, "We have additional work to do." Christopher Waller, governor of the Federal Reserve, called for a 0.50 percentage point rate hike on Monday and cautioned against the market's interpretation of the pivot.

 

At press time, S&P 500 Futures report intraday gains of 0.50% near the monthly high, as US 10-year Treasury rates grind higher around 3.87%, threatening the US Dollar Index's (DXY) recovery near 107.00.

 

Prior to the US Producer Price Index (PPI) for October, which is expected to be 8.3% YoY versus 8.5% before, GBPUSD traders should focus on the aforementioned risk catalysts for clear direction. Positive results are anticipated for the UK Consumer Price Index (CPI) for October and the British Autumn Statement on Wednesday and Thursday, respectively.


Suggestion