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The US government shuts down the pound and pounds to breathe. Can the pound take the opportunity to reverse?

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Hello everyone, today XM Foreign Exchange will bring you "[XM Foreign Exchange Official Website]: The US government suspends the pound and pounds to resuscitate, can the pound take the opportunity to reverse?" Hope it will be helpful to you! The original content is as follows:

The European trading session (Monday), driven by the risk of the US government shutdown, the pound climbed to around 1.3450 against the US dollar. Bank of England xn--xm-5s9cx14e.commissioner Swati Dhingra pointed out that amid the slowdown in employment demand in the UK, it is urgent to initiate interest rate cuts. This week, the data is dense, and investors are ready for the possible high volatility in the US dollar.

In the European trading session on Monday (September 29), the British pound continued its upward trend against the US dollar, rising to around 1.3450. This round of pound strengthening against the US dollar was due to the further weakening of the US dollar, and on the other hand, as the US government's shutdown approaches, investors remained cautious.

As of press time, the US dollar index, which tracks the US dollar against the six major currencies, has further fallen to around 97.95. Last Thursday, the US dollar index failed to continue its gains for more than a week and broke through the 98.60 mark, and then continued to fall under pressure. The specific situation is as follows:

The US government shutdown storm suppresses the US dollar

The Republican-controlled U.S. Senate is pushing for the implementation of the short-term appropriations bill in the House of Representatives, but the Democrats have made clear demands that any appropriations bill must revoke Republicans’ recent cuts on health care programs. The U.S. Congress needs to pass the bill by October to evade the government's shutdown. If the bill fails to pass as scheduled, some government agencies may initiate shutdown procedures on Wednesday.

U.S. President Donald Trump's phone interview over the weekend said: "If (Democrats) refuse to reach an agreement, the US government will be forced to shut down."

The British job market continues to cool down and put pressure on the Bank of England

The data released by the British job search platform Adzuna in the morning of the same day showed thatIn the 12 months to August, the number of online jobs posted by employers fell 1.3% year-on-year, the first year-on-year decline since February this year. The slowdown in UK job recruitment growth may force Bank of England officials to turn dovish stance on the monetary policy outlook.

At present, traders generally expect that the Bank of England will continue to maintain the 4% interest rate level in its upcoming policy meeting in November.

Bank of England Dingla calls for an emergency rate cut

On the first trading day of this week, the pound generally showed an upward trend against major currencies. Although Swati Dhingra, a member of the Bank of England's Monetary Policy xn--xm-5s9cx14e.committee (MPC), said in the Times column on Friday that the pound still maintained its upward trend in view of rising concerns in the UK's labor market.

Dingra stressed: "We have room for further interest rate cuts, which will not only avoid additional pressure on economic growth, but also pose no threat to inflation targets." She made it clear that the inflation risk in the UK relative to the euro zone will soon fade, so the Bank of England does not need to be overly cautious about further interest rate cuts.

Investors need to note that in the Bank of England monetary policy meeting announced in mid-monetary month, Dingra was one of two members who voted internally to keep interest rates unchanged at 4%.

Technical analysis:

The pound pound runs below the 5, 10, 20 and 30-day moving averages, and at the same time it fell below the key price of 1.3439 and the triangle consolidation pattern. Both MACD and RSI indicate that the exchange rate will develop towards short positions, but because the pound pound rebounded today and once stood above the 5-day line and above the 1.3439 key position, there is a possibility of a V-shaped reversal in the pound. 1.3400 is the first support level, and if the exchange rate reaches 1.3439 in the future, the pound may be able to rise sharply.

Looking forward, investors will focus on the UK's second-quarter GDP correction announced on Tuesday.

The previously announced initial GDP value for the second quarter showed that the UK economy grew by 0.3% month-on-month. In the United States, investors will closely track a range of labor market data and the Institute for Supply Management (ISM) Purchasing Managers Index (PMI) this week.

U.S. employment data will have a key impact on market expectations about the outlook for the Federal Reserve's monetary policy - current concerns about labor market deterioration have exceeded the focus on price pressures that continue to be higher than the 2% target.

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The US government shuts down the pound and pounds to breathe. Can the pound take the opportunity to reverse?

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Trusted by over 15 Million Traders

The Most Awarded Brokerfor a Reason

Easy Access to 1,400+ Global Assets

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CATEGORIES

News

market news

The US government shuts down the pound and pounds to breathe. Can the pound take the opportunity to reverse?

Related News

The Most Awarded Broker
for a Reason