Pound Sterling loses traction around 1.2430 amid the firmer US dollar on Friday

FXStreet Team FXStreet

GBP/USD remains on the defensive below 1.2450 ahead of UK Retail Sales data

The GBP/USD pair remains on the defensive near 1.2430 during the early Asian session on Friday. The downtick of the major pair is backed by the stronger US Dollar (USD) as the strong US economic data and hawkish remarks from the Federal Reserve (Fed) officials have triggered the speculation that the US central bank will delay interest rate cuts to September.

On Thursday, Atlanta Fed President Raphael Bostic said that US inflation is too high and the central bank still has a way to go on inflation. Bostic further stated that he’s comfortable being patient and rate cuts are likely by year end. New York Fed President John Williams emphasized that the Fed is data-dependent and noted that he doesn't feel an urgency to cut rates. Investors are now pricing in nearly 66% odds that the Fed will cut its rate in September, according to the CME FedWatch Tool. Read more...

GBP/USD stays firm amid BoE, Fed commentary and US data

The Pound Sterling is virtually unchanged against the US Dollar in the mid-North American session, amid a scarce economic docket in the United Kingdom (UK) if not interrupted by Bank of England (BoE) member Megan Greene. A slew of Federal Reserve officials keep pounding the mantra of patience when easing rates. The GBP/USD trades at 1.2456, almost flat.

Major central bank policymakers are grabbing the headlines, leaving economic data in the background. Therefore, Fed and BoE speakers are driving GBP/USD price action. Read more...

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FXStreet

EUR/USD appears supported by the 200-day SMA, for now

Following an early pullback to multi-week lows near 1.1670, EUR/USD now manages to reclaim the 1.1700 region as the NA session draws to a close on Monday. The steep retracement in spot follows the equally strong move higher in the US Dollar, as investors continue to assess the geopolitical landscape in the wake of the US and Israel attacks on Iran.

GBP/USD hits new yearly lows near 1.3300

GBP/USD adds to the recent bearish tone, approaching to the key 1.3300 support to reach fresh YTD troughs against the backdrop of the robust performance of the US Dollar. Indeed, Cable’s decline comes amid the firm demand for the safe-haven space in the wake of the US and Israel attacks to Iran.

Gold eases some ground, approaches $5,300

Gold now surrenders part of the earlier advance, reshifting its attenton to the $5,300 zone per troy ounce at the beginning of the week. Indeed, the yellow metal’s firm performance appears propped up by incresing geopolitical jitters in the Middle East, which at the same time fuels the demand for the safe-haven space.