GBP intraday trading strategy
At the end of the trading session, the US Dollar slid sharply, the US Dollar Index (DXY) compared to a basket of global currencies, fell to 104 points amid lower-than-expected CPI and hopes that The Fed finished raising interest rates, which was fueled by weak inflation reports. The yield on 10-year US Treasury bonds fell sharply to nearly 4.48%.
The US Bureau of Labor Statistics` Core Consumer Price Index (CPI) report from October fell short of consensus. It came in at 4% versus 4.1% expected and decelerated from the previous 4.1%.
The headline figure of 3.2% was below the consensus of 3.3% and compared with the final reading of 3.7%. The U.S. economy has recently released weaker-than-expected inflation and employment data, and markets are weighing the next Federal Reserve rate hike. Next December.
Additionally, investors are anticipating early rate cuts, particularly the possibility of a May 2024 rate cut, which could have led to lower U.S. Treasury rates, from which the market is justified. Because of the loss of US dollar interest.
The US Bureau of Labor Statistics` Core Consumer Price Index (CPI) report from October fell short of consensus. It came in at 4% versus 4.1% expected and decelerated from the previous 4.1%.
The headline figure of 3.2% was below the consensus of 3.3% and compared with the final reading of 3.7%. The U.S. economy has recently released weaker-than-expected inflation and employment data, and markets are weighing the next Federal Reserve rate hike. Next December.
Additionally, investors are anticipating early rate cuts, particularly the possibility of a May 2024 rate cut, which could have led to lower U.S. Treasury rates, from which the market is justified. Because of the loss of US dollar interest.
Comment:
GBP went as planned
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