Last week saw the GBPUSD currency pair print a weakly bullish candlestick which closed with a significantly large upper wick- forextrade forextrading
likely to be making short-term trades short of USD/JPY targeting. These were not good calls as neither target was reached and both assets ended the week having moved in the opposite direction.
This feeling has persisted despite British inflation rising again to a new 41-year record high, while Canadian inflation also remains quite elevated despite it also showing signs of topping out. There are still some episodes of residual strength from the greenback. The 2-year US treasury yield rose strongly on Thursday and Friday.
The other important market news last week was the lower-than-expected PPI data in the USA, which came in with a 0.2% month on month increase, below the 0.4% which had been expected.The US also saw strong retail sales data which outperformed expectations.
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