Here are the key factors to keep in mind today for British Pound trades:
- UK CPI: The UK CPI for August increased by 0.6% monthly and by 2.9% annualized. Economists predicted an increase of 0.5% monthly and of 2.8% annualized. Forex traders can compare this to the UK CPI for July which decreased by 0.1% monthly and which increased by 2.6% annualized. The Core CPI for August increased by 2.7% annualized. Economists predicted and increase of 2.5% annualized. Forex traders can compare this to Core CPI for July which increased by 2.4% annualized.
- UK PPI: The UK PPI Input for August increased by 1.6% monthly and by 7.6% annualized. Economists predicted an increase of 1.3% monthly and of 7.3% annualized. Forex traders can compare this to the UK PPI Input for July which decreased by 0.2% monthly and which increased by 6.2% annualized. The UK PPI Output for August increased by 0.4% monthly and by 3.4% annualized. Economists predicted an increase of 0.1% monthly and of 3.1% annualized. Forex traders can compare this to the UK PPI Output for July which increased by 0.1% monthly and by 3.1% annualized. The UK PPI Core Output for August increased by 0.2% monthly and by 2.5% annualized. Economists predicted an increase of 0.1% monthly and of 2.3% annualized. Forex traders can compare this to the UK PPI Core Output for July which increased by 0.2% monthly and by 2.5% annualized.
- UK RPI: The UK RPI for August increased by 0.7% monthly and by 3.9% annualized. Economists predicted an increase of 0.6% monthly and of 3.8% annualized. Forex traders can compare this to the UK RPI for July which increased by 0.2% monthly and by 3.6% annualized. The UK RPI Excluding Mortgage Interest Payments for August increased by 3.7% annualized. Economists predicted an increase of 4.0% annualized. Forex traders can compare this to the UK RPI Excluding Mortgage Interest Payments for July which increased by 3.9% annualized.
- UK House Price Index: The UK House Price Index for July increased by 5.1% annualized. Economists predicted an increase of 4.8% annualized. Forex traders can compare this to the UK House Price Index for June which increased by 5.1% annualized.
Here are the key factors to keep in mind today for Australian Dollar trades:
- Australian NAB Business Conditions and Australian NAB Business Confidence: Australian NAB Business Conditions for August were reported at 15 and Australian NAB Business Confidence at 5. Forex traders can compare this to NAB Business Conditions for July which were reported at 14 and to Australian NAB Business Confidence which was reported at 12.
- Australian Credit Card Purchases and Australian Credit Card Balances: Australian Credit Card Purchases for July were reported at A$25.6B and Australian Credit Card Balances at A$51.3B. Forex traders can compare this to Australian Credit Card Purchases for June which were reported at A$26.7B and to Australian Credit Card Balances which were reported at A$52.4B.
Should price action for the GBPAUD remain inside the or breakout above the 1.6490 to 1.6540 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.6515
- Take Profit Zone: 1.6940 – 1.7000
- Stop Loss Level: 1.6280
Should price action for the GBPAUD breakdown below 1.6490 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.6450
- Take Profit Zone: 1.6280 – 1.6330
- Stop Loss Level: 1.6490
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
