UK headline inflation hit 7% in March, beating market expectations of 6.7% and February’s 6.2%, as fuel and food costs pushed ever higher. Get your market update from nickcawley1 here:
The US dollar continues to go from strength to strength with the US dollar basket at highs last seen in May 2020. The monthly DXY chart shows the constant move higher in the dollar basket over the last 10 months.The weekly GBP/USD chart shows how a combination of US dollar strength and Sterling weakness has produced an unbroken series of lower highs and lower lows, sending the pair to a near two-and-a-half-year low. A cluster of prior lows between 1.2835 and 1.
The number of traders net-long is 2.81% higher than yesterday and 13.60% higher from last week, while the number of traders net-short is 3.18% lower than yesterday and 18.05% lower from last week. We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests GBP/USD prices may continue to fall.
Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives
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