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January 24th, British consumer confidence fell sharply in January, falling to the lowest level in more than a year, as soaring government borrowing costs and layoff warnings hit economic confidence. The latest data showed that GfKs consumer confidence index fell 5 points to -22, the lowest level since the end of 2023. Consumer confidence is a forward-looking indicator of household spending-a more pessimistic sentiment means that people are more inclined to save rather than make large purchases. Although wage growth has exceeded the inflation rate throughout 2024, households have accumulated a lot of savings last year, limiting the recovery of spending. Neil Bellamy, director of consumer insights at NIQ GfK, pointed out that peoples confidence in the overall UK economy has fallen particularly sharply. He said: "These data highlight that consumers are losing confidence in the prospects of the UK economy."The UK Gfk consumer confidence index in January was -22, the lowest since December 2023.Monetary Authority of Singapore: Will slightly lower the slope of the Singapore dollar nominal effective exchange rate policy range.The UK Gfk Consumer Confidence Index in January was -22, expected to be -18, and the previous value was -17.On January 24, Japans core inflation rate rose to 3% year-on-year in December, a 16-month high, which increased the possibility of the Bank of Japan raising interest rates. The latest data released in December means that Japans core inflation rate has reached or exceeded the Bank of Japans 2% target for 33 consecutive months. In addition, the countrys overall inflation rate was 3.6%, a sharp increase from 2.9% in November, reaching the highest level since January 2023. The data came out when the Bank of Japan was scheduled to announce its interest rate decision today. The strong inflation data provides the Bank of Japan with more room to raise interest rates.

The EUR/USD Price Analysis Is Supported By Rebounds From 1.0840-45

Alina Haynes

Apr 11, 2023 14:37

EUR:USD.png 

 

On Tuesday morning, the EUR/USD reaches a new intraday peak near 1.0880 as bulls attempt to regain control following a two-day downtrend. Consequently, the Euro-U.S. dollar pair recovers after the convergence of the 100-day simple moving average and a two-week-long ascending support line.

 

However, the recovery movements of the major currency pair remain elusive unless the quote remains below the 13-day-old horizontal resistance area surrounding 1.0930.

 

A one-week-old descending trend line near 1.0900 is protecting the EUR/USD pair's near-term upside at press time.

 

In the event that the EUR/USD pair maintains strength above 1.0930, the 1.0975 monthly high may serve as the last line of defense for pair sellers before pushing the price to February's high of 1.1033.

 

Alternately, a breach of the 1.0840-45 support confluence would drive the price to the 1.0788 monthly low without hesitation.

 

Future EUR/USD skeptics may be challenged by the 50% and 61.8% Fibonacci retracement levels of the pair's March-April upswing, respectively near 1.0745 and 1.0690.

 

To restore market confidence, supporters of the EUR/USD must surpass 1.0930. The quote remains on the bears' radar despite the fact that 1.0845-40 limits the near-term decline.