Cable is holding within a narrow consolidation in early Wednesday’s trading as bears started to run out of steam after steep fall (down 1.85%) in past three days.

The Dollar Index (DXY) powered higher for a third session to 106, fully retracing its third-quarter decline, DBS’ Senior FX Strategist Philip Wee notes.

The US Dollar (USD) continued its march higher. As Trump nomination started to make its way to newswires, markets are also starting to adjust their expectations, believing that Trump may hit the ground running in Jan 2025, unlike in 2016 when he was less prepared.

In this technical blog, we will look at the past performance of the 1-hour Elliott Wave Charts of XLF.

The Pound Sterling plummets more than 0.60% on Tuesday, after labor market data was mixed, with the Unemployment Rate rising sharply, as the economy added over 220K jobs to the economy, 150K less than in the previous reading.

Monday continued the momentum of ‘Trump Trade 2.0’ though several markets are approaching critical levels, DBS’s Senior FX Strategist Philip Wee notes.