Pound Sterling Price News and Forecast: GBP/USD trades with mild negative bias near 1.3370
|GBP/USD trades with mild losses below 1.3400 ahead of US PMI data
The GBP/USD pair struggles to gain ground around 1.3370 during the Asian session on Tuesday. Less dovish remarks from Federal Reserve (Fed) Chair Jerome Powell provide some support to the Greenback and drag the major pair lower. Investors brace for the US September ISM Manufacturing Purchasing Managers Index (PMI) data and the speeches from Fed’s Raphael Bostic and Lisa Cook later on Tuesday.
Fed Chair Jerome Powell said on Monday that the US central bank intends to do what it takes to keep the economy "in solid shape," but it is not in a hurry and will lower its benchmark rate ‘over time.’ Atlanta Federal Reserve President Raphael Bostic noted on Monday he would be open to another 50 basis point (bps) rate reduction at the November meeting if upcoming data show job growth slowing faster than expected. However. Bostic said he previously penciled in just one more 25 bps rate cut this year. Read more...
GBP/USD grapples with 1.34 as markets weigh data outlook
GBP/USD cycled just south of the 1.3400 handle to kick off the new trading week, but intraday price action flubbed the key price level, closing back below the round figure barrier after cautionary statements from Federal Reserve (Fed) Chair Jerome Powell trimmed rate cut expectations and bolstered the Greenback.
High-impact data is limited for GBP traders this week, but Cable bidders will be keeping an eye out for the Bank of England’s (BoE) Monetary Policy Report Hearings due early Thursday. On the US side, markets will be broadly pivoting into watching the runup to Friday’s US Nonfarm Payrolls report for September. Read more...
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.