GBPUSD:

GBP/USD is holding just below the 1.2650 mark on Friday. The major pair’s decline is supported by the strengthening of the US dollar (USD) and the Bank of England’s (BoE) softness. Investors are awaiting fresh impetus from the UK retail sales data, which is expected to fall 0.3% in February.

The Bank of England kept the interest rate unchanged at 5.25% at its March meeting on Thursday, as expected. Bank of England Governor Andrew Bailey said the economy is not at the point where the Monetary Policy Committee (MPC) can cut interest rates, but the economy is on the right track. Markets expect the UK central bank to need more evidence of moderate wage growth before it can start cutting rates. Nevertheless, investors are keeping bets on a Bank of England rate cut this year, and the mood for an easing policy from the Bank of England Governor is weighing on the Pound Sterling (GBP) and acting as a headwind for GBP/USD.

The Fed left the rate unchanged at 5.25-5.50% at its March meeting on Wednesday, with the FOMC’s average forecast keeping the possibility of three cuts in 2024. Markets rate the probability that the Fed will cut rates in June at about 80%, according to CME FedWatch Tool data.

Fed Chair Jerome Powell and Michael Barr are scheduled to speak today. Traders will focus on the data and look for trading opportunities in the GBP/USD pair.

Trading recommendation: Trade predominantly with sell orders from the current price level

Origin: FreshForex

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Moreover, US housing sector data also needs consideration. Economists consider housing sector data as a leading indicator for the US economy.

Upward trends in housing sector-related data could signal a pickup in consumer confidence. Consumer confidence could fuel consumer spending and demand-driven inflation. Demand-driven inflationary pressures could leave the Fed in a holding pattern. A higher-for-longer rate path may reduce disposable income and curb consumer spending.

Economists forecast new home sales to increase by 3.0% in February after rising by 1.5% in January.

Beyond the numbers, investors must track Fed chatter. FOMC members Lisa Cook and Raphael Bostic are on the calendar to speak. Deviations from the FOMC Economic Projections could move the dial.

Short-term Forecast

Near-term trends for the USD/JPY will hinge on inflation numbers and central bank chatter.

This week, inflation numbers from Japan and the US will impact the BoJ and Fed rate paths. However, hotter-than-expected inflation numbers from the US could tilt monetary policy divergence toward the US dollar. Interest rate differentials and the outlook for carry trades support the USD/JPY at current levels.

USD/JPY Price Action

Daily Chart

The USD/JPY remained well above the 50-day and 200-day EMAs, affirming the bullish price signals.

A USD/JPY break above the 151.685 resistance level would support a move to the 152 handle.

Intervention chatter, US economic data, and Fed comments need consideration.

Conversely, a USD/JPY fall through the 150 handle could give the bears a run at the 50-day EMA and the 148.529 support level.

The 14-day RSI at 64.45 suggests a USD/JPY move to the 152 handle before entering overbought territory.

Following the successful launch of Ethereum Dencun Upgrade, a move that elicited excitement among community members as 15,000 ETH were moved, developers are already on to the next thing amid talks on whether to include MaxEB in Electra.

The development team is currently evaluating additional features for inclusion in the upgrade and is expected to make a final determination within the next one to four weeks.

Christine Kim, a researcher in the crypto space, in a series of posts on her X page emphasized the significance of parallel initiatives being pursued alongside the Electra upgrade. Two critical initiatives were highlighted.

PeerDAS and light client development

The first is PeerDAS, which is an initiative that aims to enhance Ethereum’s data availability capacity, commonly referred to as “blob,” in a secure manner. This is necessary as increasing data availability is crucial for scalability and network performance.

Second, light client development will focus on developing lightweight client solutions that allow more users to access Ethereum independently, with minimal hardware requirements and reduced reliance on third-party services.

This overall goal of the developers’ initiative is aimed at improving accessibility and decentralization within the Ethereum network for users. Although MaxEB remains the primary focus for developers due to its immediate impact on the network, both PeerDAS and light client development are considered high-priority items.

However, given the complexity of the Electra upgrade, it may divert some bandwidth away from these parallel efforts. Hence, Kim encourages the Ethereum community to hold developers accountable for advancing these parallel initiatives alongside the Electra upgrade.

Coordinating efforts for long-term growth

Despite their importance, she admits that they may not receive the same level of attention as MaxEB initially but stresses their significance for the long-term growth and development of the Ethereum network.

The co-founder of Ethereum, Vitalik Buterin, will be present as a keynote speaker at the ETHTaipei 2024 annual Ethereum developer conference and hackathon, currently ongoing and expected to end March 24. At the conference, Buterin will participate in a panel alongside leaders of Layer-2 networks to assess the advancements in scaling Ethereum.

As developers strategize for the future, analysts are concerned over ETH’s recent dip and likelihood of dropping below the $1,850 mark. This sentiment is sparking additional downward momentum and painting a potentially gloomy outlook for the near future of the asset.

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The official Shiba Inu marketing lead Lucie has taken to X to publish an intriguing tweet about Shibarium, BONE and the new “SOL killer” token DAMN.

DAMN and BONE on Shibarium

DAMN is a recently launched taken by the Woofswap DEX built on top of the Layer-2 solution Shibarium, and it contains an inbuilt system for burning Bone Shibaswap (BONE) — the gas token of Shibarium. Burning BONE will significantly reduce its supply in the long run, making BONE a deflationary token.

Lucie tweeted to hint that something is cooking right now, “Shibarium x BONE x DAMN,” intriguing the Shiba Inu community.

To contribute to burns, the Shiba Inu team has recently conducted a massive burn of SHIB, BONE and LEASH tokens.

In the meantime, Shibarium continues to expand its adoption. The official X handle of Shiba Inu has thanked the cryptocurrency exchange BlueBit for adopting their Layer-2 blockchain.

SHIB burn rate rises high

According to Shibburn, within the last 24 hours, the SHIB burn rate has demonstrated an impressive surge by almost 110% with a total of 34,681,610 Shiba Inu coins transferred to dead-end wallets and locked there permanently.

A total of 33,673,855 SHIB was transferred in the single biggest transaction, and the smallest transfer contained merely 2 SHIB meme coins.

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High risk warning:

Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all your initial investment; do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading and seek advice from an independent financial or tax advisor if you have any questions.

Advisory warning:

FOREXLIVE™ is not an investment advisor, FOREXLIVE™ provides references and links to selected news, blogs and other sources of economic and market information for informational purposes and as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the blogs or other sources of information. Clients and prospects are advised to carefully consider the opinions and analysis offered in the blogs or other information sources in the context of the client or prospect’s individual analysis and decision making. None of the blogs or other sources of information is to be considered as constituting a track record. Past performance is no guarantee of future results and FOREXLIVE™ specifically hereby acknowledges clients and prospects to carefully review all claims and representations made by advisors, bloggers, money managers and system vendors before investing any funds or opening an account with any Forex dealer. Any news, opinions, research, data, or other information contained within this website is provided on an “as-is” basis as a general market commentary and does not constitute investment or trading advice, and we do not purport to present the entire relevant or available public information with respect to a specific market or security. FOREXLIVE™ expressly disclaims any liability for any lost principal or profits which may arise directly or indirectly from the use of or reliance on such information, or with respect to any of the content presented within its website, nor its editorial choices.

Disclaimer:

FOREXLIVE™ may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

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