US Dollar (USD) could trade in a range of 7.2550/7.2950. In the longer run, decline in USD seems excessive, but there is potential for a test of 7.2420, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.
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Fundamental
Overview
The USD has been marginally
weaker recently due to lower than expected US inflation figures last week that
sent Treasury yields lower and made the market to price in higher chances of a
second rate cut by the end of the year.
We’ve also got lots of
whipsaws in the last couple of days caused by tariffs headlines. On Monday, the
greenback weakened across the board following a WSJ report saying that Trump would lay out the
trade vision but won’t impose tariffs yet.
Yesterday, on the other
hand, the US Dollar strengthened as Trump spoke to the media and said that he intends to impose 25% tariffs on Canada and Mexico next week.
Those gains were later erased, but Trump definitely brought more volatility.
On the GBP side, the UK CPI report last week missed expectations across
the board by a big margin and strengthened the markets expectations for a 25
bps cut at the upcoming BoE meeting. The UK Employment report this week showed once again
weakness in the labour market although wage growth remains pretty hot.
As a reminder, the BoE kept the Bank Rate unchanged as expected at
the last policy decision but we got a more dovish than expected vote split as 3
voters wanted a rate cut compared to just 1 expected. Policymakers continue to
lean towards four rate cuts for this year compared to just two expected by the
market.
GBPUSD
Technical Analysis – Daily Timeframe
On the daily chart, we can
see that GBPUSD is testing a key resistance zone around the 1.2350 level. This
is where we can expect the sellers to step in with a defined risk above the
resistance to position for a drop back into the lows. The buyers, on the other
hand, will want to see the price breaking higher to increase the bullish bets
into the major trendline.
GBPUSD Technical
Analysis – 4 hour Timeframe
On the 4 hour chart, we can
see that we now have an upward trendline defining the current bullish momentum.
If the price were to pull back into it, we can expect the buyers to lean on the
trendline to position for a rally into the major trendline. 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 – 1 hour Timeframe
On the 1 hour chart, there’s
not much else we can add here as the buyers will look for a break higher to
target the major trendline, while the sellers will look for a rejection to
position for the pullback into the upward trendline. The red lines define the average daily range for today.
Upcoming
Catalysts
Tomorrow we get the latest US Jobless Claims figures, while on
Friday we conclude the week with the Flash UK and US PMIs.
This article was written by Giuseppe Dellamotta at www.forexlive.com.
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Donald Trump is threatening his neighbors, Mexico and Canada, with tariffs starting February 1. Will they be imposed, or is this part of his negotiating strategy? Let’s discuss this topic and make a trading plan for the USDMXN pair. Major Takeaways Tariffs against Mexico and Canada will accelerate US inflation. Retaliation by Mexico City and Ottawa will slow the US economy. The peso will be under pressure until February 1. Traders are switching from buying the USDMXN pair on rumors with targets at 20.9 and 21.2 to selling it on news. Weekly Fundamental Forecast for Mexican Peso The “America First”… Read full author’s opinion and review in blog of #LiteFinance
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The narrative today is just to say anything to sell the story of back-to-back rate cuts in January and March.
This article was written by Justin Low at www.forexlive.com.
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After the rebound in activity in the previous reporting week following the holiday period, mortgage applications were little changed in the past week. It comes as purchases activity climbed a little, offsetting a slight drop in refinancing activity. The average interest rate of the most popular US home loan continues to sit above 7% though. Pain.
This article was written by Justin Low at www.forexlive.com.
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This article was written by Giuseppe Dellamotta at www.forexlive.com.
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Digital
prime broker GCEX Group announced today the release of an Open API solution,
providing institutional clients with programmatic access to trading data and
portfolio information.
Digital Prime Broker GCEX
Unveils Back Office Open API Integration
The new
interface enables direct connectivity to GCEX’s back office systems, allowing
clients to access balances, positions, and trade data in real-time. The
development aims to enhance operational efficiency through automated processes
and integrated regulatory reporting capabilities.
“Clients
have been requesting this level of accessibility, and we are excited to deliver
a scalable solution that not only meets their needs but exceeds their
expectations,” said Lars Holst, CEO of GCEX.
As Holst
explained, the GCEX Open API is designed to enhance transparency by providing
clients with instant access to essential data. This feature supports more
informed trading and portfolio decisions while streamlining compliance with
regulatory requirements. By enabling efficient access to critical information,
the API helps clients optimize their trading operations and reporting
processes.
The move follows GCEX’s recent enhancement of its partnership with institutional custodian Hex Trust. Two months prior, the companies launched a new “Secured Accounts” service aimed at providing improved protection for institutional digital assets in the EU and UK markets.
The
system automates previously manual processes, allowing clients to:
The API
implementation includes security protocols and scalable architecture to
accommodate institutional requirements. The service integrates with GCEX’s
existing XplorDigital platform, which provides digital asset and foreign
exchange services to professional clients.
GCEX’s Recent Developments
GCEX saw
significant activity toward the end of 2024, including a collaboration with
Switzerland-based spot cryptocurrency exchange RULEMATCH. This partnership
supports ultra-low latency trading while integrating post-trade clearing and
settlement with netting, broadening access to cryptocurrency trading for
institutional clients.
Additionally,
GCEX introduced two price feeds for brokers utilizing aggregation, named
XplorSkew and XplorSkewPlus. These offerings aim to enhance spreads and overall
performance for brokers in the foreign exchange and precious metals markets.
The company
has also launched an improved market data feed solution, covering a wide range
of products such as Equity Index CFDs, Energy CFDs, Commodity CFDs, Crypto
CFDs, Spot FX, and Bullion. This new service enables unrestricted access to
real-time market data, allowing brokers, funds, and professional traders to
redistribute information with greater ease and flexibility.
This article was written by Damian Chmiel at www.financemagnates.com.
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United Kingdom-based Trading 212, the retail trading platform, has partnered with Marqeta to introduce its debit card in 20 countries across continental Europe.
Trading 212 Launches Debit Card in Europe
Announced today (Wednesday), this launch follows a year after Trading 212 introduced its debit card to the UK market. The card will offer European customers zero FX and account fees, along with a 0.5 per cent cashback reward on spending.
“We’re aiming to make the stock market more accessible, giving over 3 million customers in the UK and Europe access to investment opportunities that were not easily accessible before,” said Mukid Chowdhury, CEO of Trading 212. “The Trading 212 card, powered by Marqeta, is an extension of our brand and helps keep Trading 212 at the forefront of our customers’ daily spending.”
Marqeta’s involvement allows Trading 212 to simplify the process of launching debit cards, enabling faster implementation compared to starting from scratch.
Trading 212 utilises Marqeta’s fraud prevention tools, including Real-Time Decisioning powered by AI, to flag high-risk transactions and alert users to potential fraud in real-time. The platform also uses 3D Secure, an added security feature requiring cardholders to verify their identity during payments.
“With our scalable platform, Marqeta enables innovative brands like Trading 212 to reduce time to market and capitalise on strong demand for stock trading,” said Marcin Glogowski, SVP and Managing Director, Europe, and UK CEO at Marqeta.
Diversifying Revenue Streams
Trading 212, founded in Bulgaria in 2004 as Avus Capital and incorporated in the UK in 2013, focuses primarily on the UK and the European Union. It generates revenue from three entities: one in the UK and two in Cyprus and Bulgaria, respectively.
While the platform has historically offered contracts for differences (CFDs), it is now shifting focus to stockbroking and, with the introduction of debit cards, diversifying into payments.
Last year, Trading 212 acquired a crypto license in Cyprus, although it has not disclosed specific plans in the cryptocurrency sector. It closed its German entity in 2022 and migrated client funds to the UK and the Cypriot entity. Recently, it resumed onboarding German clients after acquiring local CFDs broker FXFlat.
This article was written by Arnab Shome at www.financemagnates.com.
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Gold’s price (XAU/USD) extends its upside move and trades above $2,760 at the time of writing on Wednesday after booking over 1.20% gains the previous day.
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EUR/USD clings to gains above the key support of 1.0400 in Wednesday’s European session after a strong recovery move in North American trading hours on Tuesday.
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