Henry Schein shares tracked for their best day since 2022 on Monday.
Fintech unicorns are watching Klarna’s debut for signs of when IPO window will reopen
Financial technology unicorns aren’t in a rush to go public even after buy now, pay later firm Klarna filed for a U.S. IPO.
Women prefer to play mobile games. China’s Tencent sees an opportunity
Tencent is betting on a rise in female players worldwide for its mobile game Honor of Kings, which rolled out to the U.S. and other countries in June.
Lowe’s beats on earnings and hikes guidance, but still expects sales to fall this year
Lowe’s topped quarterly earnings and revenue estimates, but even its raised sales outlook would be a decline from last year.
Walmart hikes its outlook again as shoppers spend more outside the grocery aisles
The discounter will deliver its latest sales results as inflation cools and the holiday season heats up.
Germany’s Thyssenkrupp pops 10% after narrowing net loss and booking $1 billion impairment charge
Thyssenkrupp on Tuesday reported a 1-billion-euro ($1 billion) impairment on its struggling steel division.
GBPUSD Technical Analysis – The market needs more to push into new lows
Fundamental
Overview
Overview
Last week, despite the higher-than-expected
inflation figures and a less dovish Powell, the US Dollar couldn’t extend the
gains. The market’s pricing remained largely unchanged at three rate cuts by
the end of 2025.
This might be a signal that
the market is now fine with the current pricing, and we will need stronger
reasons to price out the remaining rate cuts. This could open the door for some
pullbacks and general US Dollar weakness.
On the GBP side, tomorrow
we get the UK CPI report. Last time, the UK inflation data missed expectations by a big
margin with services inflation dropping to 4.9% from 5.6% in the prior month.
In the meantime, we’ve got
a soft labour market report and a lower than expected GDP print. The market is currently
pricing just a 22% probability of another 25 bps cut in December, but that will
likely increase if we were to get another miss in the CPI data.
GBPUSD
Technical Analysis – Daily Timeframe
On the daily chart, we can
see that GBPUSD is consolidating near the major upward trendline. This is where we can expect the
buyers to step in with a defined risk below the trendline to position for a
rally into new highs. The sellers, on the other hand, will want to see the
price breaking lower to increase the bearish bets into new lows.
GBPUSD Technical
Analysis – 4 hour Timeframe
On the 4 hour chart, we can
see that the pair looks to be bottoming out here and we might see a pullback
into the major downward trendline. The buyers will want to see the price
breaking above the 1.27 handle to gain more conviction, while the sellers will
likely lean on that level to target the break below the upward trendline.
GBPUSD Technical
Analysis – 1 hour Timeframe
On the 1 hour chart, we can
see that the price action has been mostly rangebound since last Thursday as
that’s when the bullish momentum in the US Dollar stalled. There’s not much we
can add here as the buyers will look for a break above the 1.27 handle, while
the sellers will target a break below the trendline. The red lines define the average daily range for today.
Upcoming
Catalysts
Tomorrow we have the UK CPI report. On Thursday, we get the latest US Jobless
Claims figures, while on Friday we conclude the week with the UK and US Flash
PMIs.
This article was written by Giuseppe Dellamotta at www.forexlive.com.
ECB’s Muller: I don’t see a reason to move in bigger steps now
- A 25 bps rate cut in December is likely.
- I don’t see a reason to move in bigger steps now.
This article was written by Giuseppe Dellamotta at www.forexlive.com.
BoE’s Lombardelli: I see risks to inflation on both sides
- I see risks to inflation on both sides.
- We have seen a fall in services inflation and wage settlements.
- Minimum wage comes up as pressure for businesses more than any other pressure.
- I am more concerned about upside risks to inflation as costs are higher if inflation gets entrenched.
This article was written by Giuseppe Dellamotta at www.forexlive.com.
BoE’s Mann: Forward-looking indicators raising the risk of inflation persistence
- Forward-looking price and wage indicators have been flat and above target for four months, raising the risk of inflation persistence.
- Financial markets‘ inflation expectations suggest the BoE will not get to a sustainable 2% inflation in the forecast horizon.
- Risks to inflation are almost all upside.
- I do not use gradual language on rate cuts.
- I prefer activist strategy on monetary policy.
- It’s important to keep rates on hold, and not pursue a gradualist strategy on rate cuts.
- The current stance on monetary policy is not particularly restrictive.
- Gradualism causes inflation persistence to drag on for longer.
This article was written by Giuseppe Dellamotta at www.forexlive.com.