Jump to content

British Pound: UK PMI Heightens Hawkish Bets, GBP Strengthens Against USD and EUR


Recommended Posts

POUND STERLING TALKING POINTS

  • UK PMI bolsters pound.
  • 50bps interest rate hike gains traction.
British Pound Breaking News: UK PMI Heightens Hawkish Bets, GBP Strengthens  Against USD and EUR

FUNDAMENTAL BACKDROP

UK PMI’s revealed both sectors (composite) exceeding estimates despite manufacturing coming slightly below forecasts – see economic calendar below. This print comes on the back of significant misses in the eurozone earlier this morning by way of France and Germany.

GBP ECONOMIC CALENDAR

Please add a description for the image.

Source: DailyFX Economic Calendar

Yesterday’s UK inflation print coupled with todays UK PMI numbers may open up the possibility for the Bank of England (BoE) to move towards a 50bps rate hike in the next meeting. The economy may not be teetering just yet and could help in the inflation fight.

TECHNICAL ANALYSIS

Initial market reaction shows GBP bulls coming to the fore as hawkish bets increase on both GBP/USD and EUR/GBP charts respectively.

GBP/USD 5-MINUTE CHART

gbpusd 5 minute chart

Chart prepared by Warren Venketas, IG

EUR/GBP 5-MINUTE CHART

eurgbp 5 minute chart

Chart prepared by Warren Venketas, IG

 


Jun 23, 2022 | DailyFX
Warren Venketas, Analyst

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • image.png

  • Posts

    • Still the silence is deafening in here. When will this happen?  it have moved most my Trading Capital to another broker who does support Trading veiw Does the deal with Tastytrade have something to do with this lack of progress?  
    • Well to me I feel that the  crypto market values transparency and reliable services. And Bitget has embraced this approach, attracting a large following,gaining up to 1.4million twitter followers,. Recent data shows significant growth in trading volume, solidifying its position in the market.  The exchanges  focus on user protection and satisfaction has fostered a loyal community. As the platform continues to evolve, its value may continue to grow. What are your thoughts on the importance of value in crypto, and what do you see as Bitget's future potential?
    • As more users embrace Dapp, it gets easier to trade crypto, engage in DeFi lending/borrowing and trade NFTs. With the growing need to trade NFT comes the introduction of Love Power Movement, a transparent and accessible marketplace with the best conditions for successful NFT sales. Although the NFT sector has recorded significant growth, it's still impeded by challenges like low protection of artists' and buyers' data, absence of organised policy protecting sellers and buyers amongst others. Love Power aims to tackle those by offering fixed commissions and royalties to creators, ensuring proper profit for sales. LPM token forming a crucial part of the ecosystem has been launched with no presale and VC investment, with intent to direct proceeds from token sales to NFT artists. As $LPM prepares to list on Bitget, the vast community of Love Power Movement would surely be watching keenly.
×
×
  • Create New...
us