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|📢 EURUSD Execution | Fundamental analysis for the Euro-dollar| for FX:EURUSD by SteadyTradeAI

The Pound declined on Friday because of US and domestic data releases. In addition to the bulk of stock, bond, and currency markets, the energy commodities market had a pause throughout the Asian session. In the US retail sales figure for August, the US Dollar had an up-and-down day, since although it rallied the previous day in the US, it fell in Asia following the 0.7% month-on-month increase. Following the prior month’s -1.1% drop, this is the second straight monthly drop.

The International Energy Agency (IEA) claims that energy commodities saw price hikes this week because of significant capacity issues that are plaguing the worldwide supply chain. It specifically includes the Mexican Gulf’s hurricane season, the Channel’s power outage, and maritime snags The Baltic freight index, a measure of the price of moving energy commodities , reveals that the cost of transportation is the highest it has been in 13 years, the index says. Because of inflation , the markets are worried about the economic effects of the approaching winter and typhoon season in the Northern Hemisphere and the Western Pacific. The increasing cost of energy in many Asian nations has led to the closure of several industries. After the monthly retail sales in the UK dropped by-0.9 percent, the pound-to-dollar exchange rate plummeted by a somewhat larger amount. The 0.5 percent estimated in the prediction, as well as the prior -2.5 percent figure, were both lower than the -2.8 percent estimate the latest report gave.

Moving forward, investors will keep a careful eye on consumer confidence data released by the University of Michigan, but Thursday’s Federal Open Market Committee meeting will remain a priority.

  • The pound has traded in a tight range of between 1.3572 and 1.3982 over the last two months.
  • Testing them now may provide support and resistance levels for future activity.
  • Lows of 1.3725 and 1.3600 could serve as a source of support or resistance, while the high of 1.3913 might serve as a barrier.
  • The short-term support level of 1.3770 is a recent low of 1.3763 that is seen on a trend line

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