The Pattern Pulse - 25 April 2024
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- April 25, 2024
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Mixed Bag for UK Data!
- April 16, 2024
Earlier this morning, the Office for National Statistics (ONS) released the latest UK earnings and employment data, and it was largely a mixed print overall. UK Unemployment Jumps to 4.2% UK unemployment climbed to 4.2% from December 2023 to February 2024, up from 3.9% in the three months to January 2024. This marks the largest
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Dollar’s Safe-Haven Status Could Hold Strong Amid Market Turmoil
- April 15, 2024
Dollar’s Safe-Haven Status Could Hold Strong Amid Market Turmoil Iran’s attack on Israel had a limited impact on the Forex market. US retail sales data today follows a strong CPI, with little expected impact on Fed rate cut projections for 2024. The corrective upside in the Pound and Euro lacks firm conviction. Good morning to
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Deeper Correction Likely for XAU/USD This Week
- April 13, 2024
Another week, another record high for the precious metal. The spot price of gold (XAU/USD) refreshed all-time highs at $2,431 last week, strengthened by expectations of US rate cuts, safe-haven demand amid geopolitical tensions in the Middle East and central banks purchasing large stockpiles of gold. However, sentiment soured on Friday, casting gold -1.2% lower
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S&P 500 on Track to Snap Five-Month Bullish Phase
- April 13, 2024
The S&P 500 finished another week in negative territory, shedding -1.6% (-2.5% MTD). While it is clear that this market remains the domain of buyers, 90% of the upside in March has been reclaimed, and evidence is building for a deeper correction. Deeper Correction Possible Kicking things off from the monthly chart, following last week’s
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GBP/USD on the Radar This Week
- April 13, 2024
Sterling ended the week considerably lower against the US dollar, recording its largest one-week decline since July 2023 (-1.5%). In light of the slew of UK economic data on the docket this week—wages, CPI inflation and retail sales—this will be a particularly key market to monitor. Monthly Resistance Holding Firm Price action on the monthly
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ECB Stands Pat on Rates; Slightly Dovish Rate Statement
- April 11, 2024
Rates Remain on Hold The European Central Bank (ECB) claimed the spotlight in recent trading and held all three key benchmarks unchanged; the main refinancing operations rate, the marginal lending facility rate, and the deposit facility rate remain at 4.50%, 4.75% and 4.00%, respectively. This did not raise too many eyebrows as both markets and
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The Pattern Pulse—11 April 2024
- April 11, 2024
Your weekly outlook of technical patterns and structure. The FP Markets Research Team scans the financial markets for you, highlighting clear and actionable technical structures. Forex: EUR/USD Tentatively Tests Support Ahead of ECB Meeting Daily Timeframe – Following hotter-than-expected US CPI inflation numbers pulling the EUR/USD southbound yesterday, the currency pair is now testing the
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Hotter-Than-Expected US CPI Prompts Hawkish Repricing!
- April 10, 2024
Data came in broadly higher than expected for the March US CPI inflation print. Higher-Than-Expected Reports on Three of the Four Major Prints Year-on-year headline CPI inflation for March rose +3.5%, up from +3.2% in February and a touch higher than economists’ estimates of +3.4%. Of note, this follows a rise of +3.4% in December
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BoC Preview: No-Change Expected; Forward Guidance Eyed
- April 10, 2024
Market Pricing – Unlikely to Adjust Rates The Bank of Canada (BoC) is poised to update policy later today at 2:45 pm GMT+1. Markets are currently pricing around a 16% probability of a 25bp cut at the upcoming meeting, with June pricing in -20bps of easing and July fully pricing in a -25bp cut. Recent
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Key Event Risk of the Week: Markets Eyeing US CPI Inflation
- April 9, 2024
Market Consensus: Year on year – Headline: Estimate: 3.4%; Previous: 3.2% (Estimate Range: 3.5% High; 3.1% Low) Core: Estimate: 3.7%; Previous: 3.8% (Estimate Range: 3.8% High; 3.5% Low) Month on month – Headline: Estimate: 0.3%; Previous: 0.4% (Estimate Range: 0.5% High; 0.2% Low) Core: Estimate: 0.3%; Previous: 0.4% (Estimate Range: 0.4% High; 0.2% Low) Bloomberg
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USD/JPY On the Verge of Hitting Multi-Decade Highs
- April 6, 2024
You will recall that the Bank of Japan (BoJ) increased its Policy Rate to +0.00%/0.10% in March, pulling the rate out of negative territory. While many, including the Research Team at FP Markets, expected the Japanese yen (JPY) to rally on the back of this, we instead witnessed a fall in the currency, consequently drawing
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Is There Any Stopping Gold?
- April 6, 2024
The spot price of gold (XAU/USD) concluded another week in positive territory, adding +4.3% and refreshing record pinnacles at $2,330/ounce amid expectations of lower rates this year, geopolitical tensions and speculative buying. There’s no denying that the yellow metal is exhibiting an uptrend and has been since pencilling in a bottom around the $1,614 area
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