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GBP/USD consolidates in a range just above mid-1.2700s during the Asian session on Friday after exit polls suggested that Britain’s main opposition Labour Party was set to win a massive majority in the UK general election. The outcome sets the stage for a rate cut by the Bank of England in August and acts as a headwind for the British Pound.
AUD/USD bulls take a brief pause near multi-month peak ahead of US NFP
AUD/USD consolidates near a multi-month peak during the Asian session on Friday as traders keenly await the release of the US NFP report. In the meantime, expectations of interest rate cuts by the Federal Reserve undermine the US Dollar and act as a tailwind for the pair amid bets for a rate hike by the Reserve Bank of Australia.
Gold price consolidates near two-week top, looks to US NFP for fresh impetus
Gold price extends its consolidative price move during the Asian session on Friday and remains well within the striking distance of the highest level since June 21 touched earlier this week. The recent softer US macro data reaffirmed market bets that the Federal Reserve will begin cutting rates in September.
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Will the July Nonfarm Payrolls report disappoint, sending stocks and the US Dollar lower? Let's take a look at what the signal is from the other labor market indicators because forex fundamentals matter for trading.