GBP/USD: pound has updated the 2020 minimum
The British currency is moving in a "bearish" trend, developing a downward trend since last Friday. The GBP/USD instrument has updated the minimum peak of the last 40 years, being at 1.1650 with the prospect of further decline.
The pound continues to be pressured by record inflation in the United Kingdom and the entire eurozone against the background of a record strengthening in the cost of energy. On the eve of the cold snap and preparation for the heating season, officials have launched an information program to prepare their citizens for the rise in the cost of heat and electricity. According to Ofgem (UK Gas and Electricity Markets Authority), voters will see an 80% increase in the cost of electricity during October, an increase of 1.86 thousand. dollars due to the aggravation of the geopolitical crisis in eastern Europe, which is actively pushing the prices of "blue fuel" to increase. Analysts note that these figures are not final, because by April next year, the strengthening of prices may reach 7.7 thousand dollars in annual terms.
- Resistance levels: 1.1700, 1.1758, 1.1800, 1.1854.
- Support levels: 1.1647, 1.1600, 1.1531, 1.1470.
EUR/USD: the US regulator supported the tightening of monetary policy
The EUR/USD trading instrument is trading within the downward dynamics, testing the 0.9916 mark, having the opportunity to set a new anti-record today, breaking through the next support threshold of 0.9880.
The growth rate of the European economy has slowed down noticeably, because representatives of Gazprom confirmed the information that the pumping of natural gas in the period from the end of the month to September 2 will be stopped as part of preventive procedures for the turbine on the Nord Stream main gas pipeline. Analysts question the announced terms of repair work and allow the complete blocking of the work of the GTS, which will act as a catalyst for the growth of prices of "blue fuel" to new record levels. So, according to a source from trading platforms on Friday, 1 thousand. cubic meters on ICE (London Intercontinental Exchange) reached $ 3507.0, an absolute record of the last 26 years.
- Resistance levels: 1.0000, 1.0322.
- Support levels: 0.9880, 0.9660.
AUD/USD: "bears" maintain dominance in the pair
The AUD/USD instrument is trading within the unstable dynamics, showing a decline at the beginning of the session to the level of 0.6842, despite the positive macroeconomic background.
According to the Australian Bureau of Statistics, retail sales increased by 1.3% on a monthly basis against 0.2% last month, with market expectations of 0.3%, while the annual figure was recorded at 16.5%. The leader of the strengthening was department stores, which added 3.8%, which in numerical terms is 67.7 million dollars, while according to experts, the level of clothing sales increased by 3.3%.food products by 1.2%, cafeteria and restaurant business by 1.8%. The only segment that displayed a negative trend went to household goods, which showed a decrease of 1.1% or 68.8 million. dollars in monetary terms. On August 30, the release of data on approved applications for construction work was announced, and experts expect that based on the global trend, the level will drop by another 2.0%.
- Resistance levels: 0.6927, 0.7050.
- Support levels: 0.6806, 0.6681.
Cryptocurrency Market Overview
The previous week ended with BTC's attempts to win back losses, but the negative dynamics only intensified, pushing the asset from the level of 21875.00 to 19500.00.
"Digital gold" continued to lose its position, as did the vast majority of altcoins on the statement of the chairman of the US regulator. So, during the symposium in Jackson Hole, rumors were confirmed that the regulator would continue to adjust the key indicator, even with the threat of considerable pressure on the growth rate of the economy. At the same time, the head of the financial department noticed that it was impossible to pause the cyclical increase or reduce its pace, even though the consumer price index could have already passed its peak. Only after the indicator approaches the limits of the set level necessary for the stability of the downward dynamics of inflation, it will be fixed on it, and will not continue to fall. Apparently, the "hawks" continue to hold the advantage in the US Federal Reserve, which did not justify the forecasts of market participants who expected a correction in the level of increase in monetary parameters in the United States, after inflation moved away from the peak of 9.1% to the current 8.5% in July. In the present, it is known that the regulator will continue the rate of increase in indicators, and the US dollar will continue to strengthen relative to all its competitors in the world market.
- Resistance levels: 20312.50, 21093.75, 21875.00.
- Support levels: 19531.25, 18750.00, 17800.00.