{"id":10267,"date":"2024-01-16T09:38:10","date_gmt":"2024-01-16T09:38:10","guid":{"rendered":"https:\/\/www.vtmarkets.net\/?p=10267"},"modified":"2025-02-22T08:09:31","modified_gmt":"2025-02-22T08:09:31","slug":"forex-market-analysis-gbp-usd-focus-market-trends-16-jan-2024","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.net\/es\/market_analysis\/forex-market-analysis-gbp-usd-focus-market-trends-16-jan-2024\/","title":{"rendered":"Forex Market Analysis: GBP\/USD Focus &amp; Market Trends 16 Jan 2024"},"content":{"rendered":"\n<h1 class=\"wp-block-heading has-medium-font-size\"><strong>TOP FX NEWS: 16 Jan 2024<\/strong><\/h1>\n\n\n\n<p><strong><u>CURRENCIES:<\/u><\/strong><\/p>\n\n\n\n<p><strong>GBP\/USD Analysis and Charts:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Falling UK wages provide optimism for the Bank of England.<\/li>\n\n\n\n<li>Cable faces pressure due to USD strength.<\/li>\n<\/ul>\n\n\n\n<p><strong>Key Points from ONS Labour Market Overview:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>UK wage growth decelerated in November.<\/li>\n\n\n\n<li>Unemployment rate remained unchanged.<\/li>\n\n\n\n<li>Despite slowing wage growth, it remains high enough to deter an immediate UK rate cut.<\/li>\n<\/ul>\n\n\n\n<p><strong>Latest UK Implied Rates:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>First UK Base Rate cut anticipated in May.<\/li>\n\n\n\n<li>Predictions indicate a total of 131 basis points in cuts for the upcoming year.<\/li>\n<\/ul>\n\n\n\n<p><strong>US Dollar Strength:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The US dollar shows strength after a long weekend.<\/li>\n\n\n\n<li>US dollar index reaches a 10-day high.<\/li>\n\n\n\n<li>Factors include slightly higher US Treasury bond yields and geopolitical concerns in Ukraine and the Red Sea.<\/li>\n<\/ul>\n\n\n\n<p><strong>GBP\/USD Technical Levels:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Cable approaches a support level at 1.2667.<\/li>\n\n\n\n<li>Potential breakdown may target the 38.2% Fibonacci level at 1.2628, prior lows cluster around 1.2610\/15, and the 50-day simple moving average at 1.2608.<\/li>\n\n\n\n<li>Upside movement may face resistance at 1.2742, with further hurdles near recent highs up to just under 1.2800.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading has-vivid-cyan-blue-color has-text-color has-link-color has-medium-font-size wp-elements-5686a31008914ce4956c65d469e29b21\"><a href=\"https:\/\/www.vtmarkets.net\/learn-forex\/\" target=\"_blank\" rel=\"noopener\" title=\"\">Learn Forex with VT Markets today to start your journey in the world of Forex.<\/a><\/h2>\n\n\n\n<p><strong><u>STOCK MARKET:<\/u><\/strong><\/p>\n\n\n\n<p><strong>Market Overview:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>European stocks and US futures decline.<\/li>\n\n\n\n<li>Dollar reaches a one-month high, impacting various market sectors.<\/li>\n\n\n\n<li>Bonds experience a fall as central bank officials resist aggressive interest rate cut expectations.<\/li>\n<\/ul>\n\n\n\n<p><strong>Stock and Futures Movement:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Stoxx Europe 600 index heads for a five-week low, led by declines in retailers and banks.<\/li>\n\n\n\n<li>S&amp;P 500 futures slip by 0.6%, Nasdaq 100 contracts drop by up to 0.9%.<\/li>\n\n\n\n<li>Treasuries decline across the curve, with ten-year yields and the 2-year debt rising about six basis points each.<\/li>\n<\/ul>\n\n\n\n<p><strong>Central Bank Comments and Rate Cut Expectations:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>European Central Bank Governing Council member Francois Villeroy de Galhau emphasizes it&#8217;s too early to declare victory on inflation.<\/li>\n\n\n\n<li>Traders await Federal Reserve Governor Christopher Waller\u2019s speech for cues on the timing of a Fed rate cut, with a two-in-three chance seen in March.<\/li>\n\n\n\n<li>ECB Governing Council member Robert Holzmann and President Christine Lagarde express uncertainty about assured rate cuts, citing lingering inflation and geopolitical risks.<\/li>\n<\/ul>\n\n\n\n<p><strong>UK Economic Data:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Economic data in the UK supports the case for Bank of England rate cuts.<\/li>\n\n\n\n<li>Wage growth cools at one of the fastest paces on record, leading to a weakening of the pound against the dollar.<\/li>\n<\/ul>\n\n\n\n<p><strong>Corporate Results:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Morgan Stanley and Goldman Sachs Group Inc. expected to report continued lull in investment banking activity.<\/li>\n\n\n\n<li>High borrowing costs, geopolitical tensions, and recessionary risks dampen deal-making.<\/li>\n<\/ul>\n\n\n\n<p><strong>Global Economic Outlook and Oil Prices:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Oil prices remain steady amidst Houthi attacks in the Red Sea, contributing to tensions in the Middle East.<\/li>\n\n\n\n<li>Global benchmark Brent holds around $78 a barrel, while West Texas Intermediate trades below $73.<\/li>\n<\/ul>\n\n\n\n<p><strong>MSCI Asia Pacific Index:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Slides 1.3%, halting a three-day rally.<\/li>\n\n\n\n<li>Hang Seng Index faces the worst day in about two months due to property-sector funding plans impacting bank shares.<\/li>\n<\/ul>\n\n\n\n<p><strong>Upcoming Market Events:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Key events this week include Germany ZEW survey expectations, US Empire Manufacturing, and earnings reports from Goldman Sachs Group Inc. and Morgan Stanley.<\/li>\n\n\n\n<li>Federal Reserve Governor Christopher Waller is scheduled to speak on Tuesday.<\/li>\n<\/ul>\n\n\n\n<p><a href=\"https:\/\/www.vtmarkets.net\/daily-market-analysis\/\" target=\"_blank\" rel=\"noopener\" title=\"\">Stay tuned to VT Markets Daily Analysis for all your daily CFD updates.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>TOP FX NEWS: 16 Jan 2024 CURRENCIES: GBP\/USD Analysis and Charts: Key Points from ONS Labour Market Overview: Latest UK Implied Rates: US Dollar Strength: GBP\/USD Technical Levels: Learn Forex with VT Markets today to start your journey in the world of Forex. STOCK MARKET: Market Overview: Stock and Futures Movement: Central Bank Comments and<a href=\"https:\/\/www.vtmarkets.net\/es\/market_analysis\/forex-market-analysis-gbp-usd-focus-market-trends-16-jan-2024\/\" class=\"read-more\">Continue Reading<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[18,19],"tags":[],"class_list":["post-10267","post","type-post","status-publish","format-standard","hentry","category-market_analysis","category-analysis"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarkets.net\/es\/wp-json\/wp\/v2\/posts\/10267","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.net\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.net\/es\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.net\/es\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.net\/es\/wp-json\/wp\/v2\/comments?post=10267"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.net\/es\/wp-json\/wp\/v2\/posts\/10267\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.net\/es\/wp-json\/wp\/v2\/media?parent=10267"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.net\/es\/wp-json\/wp\/v2\/categories?post=10267"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.net\/es\/wp-json\/wp\/v2\/tags?post=10267"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}