4 Global Market Updates- 20 January, 2023

 

In this article, we have covered the highlights of global market news about the GBP/USD, EUR/USD, NZD/USD and USD/JPY.

GBP/USD declines to 1.2350 due to unfavorable UK retail sales and Fed worries

UK Retail Sales fall short early on Friday, pushing the GBP/USD to a new intraday low at 1.2350. Recent hawkish remarks from Bank of England (BoE) Governor Andrew Bailey and optimistic JP Morgan predictions support the Cable pair.

In contrast to market predictions of a 0.5% increase and -0.4% prior readings, UK retail sales for December showed a 1.0% MoM decrease. The GBP/USD declined following the vital statistics since the UK Retail Sales account for a large portion of the British Gross Domestic Product (GDP).

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