Earlier in the day, Caixin China reported a drop in Chinese services PMI for the month of September. What will impact GBPUSD moves? Let find out with this 9 October GBPUSD Fundamental Analysis from OctaFX.
9 October, OctaFX – Earlier in the day, Caixin China reported a drop in Chinese services PMI for the month of September. The headline PMI reading came in at 50.6 on a scale of 1-500 where 50 separates expansion from contraction. That’s down from 52.7 in August. The Composite Output Index was 51.4 in September, the weakest since June.
In the currency markets, the US dollar index traded slightly lower on Monday. The greenback surged to multi-month highs last week before losing steam on Friday, the day the Labor Department revealed the first monthly drop in nonfarm payrolls in seven years.
9 October GBPUSD Fundamental Analysis
The British pound rose in Monday’s Asian session, although prices remained capped below 1.31 US. Like the euro, sterling has been in a broad downward consolidation against the dollar for the past three weeks. Cable faces immediate support at the May high of 1.3049. Below that level, investors can expect heavier losses.
This article about 9 October GBPUSD Fundamental Analysis should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.
Also, speculative trading is a challenging prospect, even to those with market experience and an understanding of the risks involved.