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  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.10% 🇳🇿NZD: 0.05% 🇪🇺EUR: -0.03% 🇨🇭CHF: -0.08% 🇨🇦CAD: -0.17% 🇬🇧GBP: -0.49% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/VPsYjn0wBo
  • The rally in the price of oil seems to be sputtering as the Relative Strength Index (RSI) falls back from overbought territory. Get your market update from @DavidJSong here:https://t.co/Jsj6i3olFX https://t.co/TxElAkFbrb
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: France 40: 1.33% Wall Street: 0.83% Germany 30: 0.68% US 500: 0.67% FTSE 100: 0.48% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/KCyB86yVTj
  • Heads Up:🇺🇸 Fed Williams Speech due at 15:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-06-24
  • HSBC expect the BoE to raise interest rates by 15bps to 0.25% in May 2022 and 25bps to 0.5% in November 2022 $GBP
  • As the Dollar ($DXY) continues to consolidate after last week's rally, the market's rate forecast via Fed Funds futures (through end 2022) is pricing in most hawkish view since Mar 18, 2020 at 23 bps worth of tightening between now and then https://t.co/ZgknI0hf39
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Silver: 0.85% Gold: 0.27% Oil - US Crude: -0.29% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/5UDOKqOZlT
  • Amazon has been in a fairly consistent range since last August $AMZN over the past week buyers have been driving deeper within resistance zone, ath just above at 3552 https://t.co/Y2BJFHHpsc
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 89.53%, while traders in GBP/JPY are at opposite extremes with 68.66%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/9wQEDOOqv8
  • Commodities Update: As of 13:00, these are your best and worst performers based on the London trading schedule: Silver: 0.68% Gold: 0.18% Oil - US Crude: -0.42% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/lMDtC6g5Ns
GBP Capped by Channel Resistance- CAD to Face Sticky CPI Inflation

GBP Capped by Channel Resistance- CAD to Face Sticky CPI Inflation

David Song, Strategist

Talking Points:

- GBP/USD to Break Out of Descending Channel on Scotland ‘No’ Vote

- USD/CAD Risks Larger decline on Sticky Canadian Consumer-Price Inflation

- USDOLLAR at Risk for More Meaningful Correction as RSI Threatens Bullish Momentum

For more updates, sign up for David's e-mail distribution list.

GBP/USD

GBP Capped by Channel Resistance- CAD to Face Sticky CPI Inflation
  • GBP/USD climbs to a fresh weekly high of 1.6408 ahead of the results to the Scotland Referendum, with the Relative Strength Index (RSI) continuing to come off of oversold territory; need to see a break & close above 1.6410 (61.8% retracement) to 1.6430 (50.0 expansion) to favor a bullish breakout.
  • However, the GBP/USD may struggle to hold above 1.6000 (50.0% retracement) should Scotland vote to leave the U.K.
  • DailyFX Speculative Sentiment Index (SSI) continues to show relative net-short U.S. dollar positioning, but the ratio for the GBP/USD continues to narrow as it stands at +1.09.

USD/CAD

GBP Capped by Channel Resistance- CAD to Face Sticky CPI Inflation
  • USD/CAD may face a larger decline over the next 24-hours of trade should Canada’s Consumer Price Index (CPI) boost interest rate expectations.
  • Headline reading is expected to show sticky price growth, while the core rate of inflation is expected to increase an annualized 1.8% in August after expanding 1.7% the month prior.
  • Strong Canada CPI print may undermine the bullish outlook for USD/CAD; break & close below the August low (1.0809) would invalidate the inverse head-and-shoulders formation.

Join DailyFX on Demand for Real-Time SSI Updates Across the Majors!

Read More:

Price & Time: Time To Be Cautious on AUD/USD?

Big Day for FX Markets - What We’re Watching

USDOLLAR(Ticker: USDollar):

Index

Last

High

Low

Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index

10900.2

10938.37

10884.95

-0.18

117.31%

GBP Capped by Channel Resistance- CAD to Face Sticky CPI InflationGBP Capped by Channel Resistance- CAD to Face Sticky CPI Inflation

Chart - Created Using FXCM Marketscope 2.0

  • Dow Jones-FXCM U.S. Dollar Index falls back from a fresh yearly high of 10,884 amid the mixed batch of data; Dallas Fed President Richard Fisher, the new dissenter on the Federal Open Market Committee (FOMC) is scheduled to speak at 21:00 GMT.
  • Despite the bullish reaction to the FOMC interest rate decision, the RSI highlights the risk for a larger correction should the oscillator fail to retain the bullish momentum.
  • Break of channel support may bring up former resistance around 10,758 (23.6% expansion) to 10,759 (61.8% retracement).

Join DailyFX on Demand for Real-Time SSI Updates!

Release

GMT

Expected

Actual

Initial Jobless Claims (SEP 13)

12:30

305K

280K

Continuing Claims (SEP 6)

12:30

2466K

2429K

Housing Starts (AUG)

12:30

1037K

956K

Housing Starts (MoM) (AUG)

12:30

-5.2%

-14.4%

Building Permits (AUG)

12:30

1040K

998K

Building Permits (MoM) (AUG)

12:30

-1.6%

-5.6%

Fed Chair Janet Yellen Speaks on U.S. Economy

12:45

Philadelphia Fed. (SEP)

14:00

23.0

22.5

Household Change in Net Worth (2Q)

16:00

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--- Written by David Song, Currency Analyst

To contact David, e-mail dsong@dailyfx.com. Follow me on Twitter at @DavidJSong.

To be added to David's e-mail distribution list, please follow this link.

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