The legend in the InstaSpot team!
Legend! You think that's bombastic rhetoric? But how should we call a man, who became the first Asian to win the junior world chess championship at 18 and who became the first Indian Grandmaster at 19? That was the start of a hard path to the World Champion title for Viswanathan Anand, the man who became a part of history of chess forever. Now one more legend in the InstaSpot team!
Borussia is one of the most titled football clubs in Germany, which has repeatedly proved to fans: the spirit of competition and leadership will certainly lead to success. Trade in the same way that sports professionals play the game: confidently and actively. Keep a "pass" from Borussia FC and be in the lead with InstaSpot!
Macroeconomic data from the United Kingdom published last week appeared mostly positive. PMI indices rose in April in both sectors, and retail sales growth in March exceeded forecasts, meaning concerns about a decline in consumer activity due to the war in the Middle East did not materialize. The economy overall remains fairly stable, and the energy sector is stable as well.
As indicated by the PMI reports, the sub-indices for prices increased significantly across both sectors, particularly for raw materials and inputs, while the finished goods price index reached 62, a record since 2023. Core inflation has slightly decreased; however, the overall index rose from 3.0% to 3.3% year-on-year, as did the retail price index.
The Bank of England, like the European Central Bank, will hold its next meeting on Thursday, April 30. After the BoE raised rates in March, investors anticipated that rates would continue to rise quickly, as the war in the Gulf triggered a surge in inflation. However, sentiments have noticeably shifted over the past couple of weeks. The Governor of the BoE, Bailey, hinted in an interview last week that there is no rush, and the market is already pricing in an unchanged rate. Likely, similar to the ECB, the BoE does not want to take hasty steps while the situation allows, as a preemptive rate hike due to rising inflation could prove premature if the war in the Gulf ends with a peace agreement and the Strait of Hormuz reopens to shipping. In this case, oil prices would decline, and the threat of rising inflation would diminish, requiring the BoE to adjust monetary policy again, but this time downwards. While the situation permits, it makes sense to wait; this position appears balanced.
The net short position on GBP has slightly decreased over the reporting week to -£4.4 billion, with the calculated price losing its upward momentum and actively trading below the long-term average.
As we expected in the previous review, the pound spent the week in a sideways range, as bullish momentum was exhausted and uncertainty remained too high. Currently, the likelihood of a downward movement has increased, with a probable decline towards technical support at 1.3375. If negotiations in Islamabad do not resume and the parties continue to exchange belligerent statements, bearish pressure will intensify, potentially leading to a move towards the broad support zone at 1.3120/60.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
