Global macro overview for 17/09/2015
Besides the main event of the day, the Fed’s interest rate decision, there is still some interesting news form UK to be released at 8.30 am GMT. This piece of data should be worth watching, because the BoE is after a rate hike as well and the recent report from the labor market supports the hawkish outlook. Retail sales are expected to decrease by 3.8% y/y, which is a slight decrease from 4.2% y/y, but it is still a decent, solid number for a consumer driven economy like UK. Moreover, the steady pickup in growth rate is next factor to influence the BoE to get ready for the interest rate hike in the near future.
The GBP/USD pair has tested the golden trend line from the downside and now it is sliding towards the support at the level of 1.5475. Any breakout lower will confirm the bearish technical outlook and traders should keep an eye on the next support at the level of 1.5330.
The material has been provided by InstaForex Company – www.instaforex.com