Pound Sterling jumps higher against US Dollar ahead of US data-packed day
The Pound Sterling (GBP) moves higher against the US Dollar (USD), extends its upside above the three-day resistance of 1.2600 in Wednesday’s London session. The GBP/USD pair rises as the US Dollar declines. The US Dollar Index (DXY), which gauges the Greenback’s value against six major currencies, has remained under pressure this week after US President-elect Donald Trump nominated Scott Bessent, a seasoned hedge fund manager, to fill the position of Treasury Secretary. Market participants expect Bessent to execute Trump-stated trade policies strategically and gradually with the intention of avoiding a lethal trade war.
In Wednesday's session, investors will focus on the United States (US) Personal Consumption Expenditure Price Index (PCE) data for October, which will be published at 15:00 GMT. Economists expect the core PCE inflation data – which excludes volatile food and energy prices – to have accelerated to 2.8% year-over-year from 2.7% in September, with monthly figures growing steadily by 0.3%. Read more...
GBP/USD Forecast: Pound Sterling buyers could take action if 1.2600 hurdle is cleared
After failing to clear 1.2600 during the European trading hours on Tuesday, GBP/USD lost its traction and closed the day flat. Once again, the pair edges higher toward 1.2600 in the European session on Wednesday as investors gear up for the US data dump ahead of the Thanksgiving holiday.
In the minutes of its November policy meeting, the Federal Reserve (Fed) noted that officials expressed mixed views regarding how much interest rates might need to be cut. Read more...
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US PCE inflation data to ramp up volatility ahead of Thanksgiving – LIVE
The Personal Consumption Expenditures (PCE) Price Index, the Fed's preferred gauge of inflation, data for October will be scrutinized by markets ahead of the Thanksgiving Day holiday. Investors remain undecided about the possibility of one more Fed rate cut in December.
EUR/USD extends recovery beyond 1.0550 on renewed USD weakness
EUR/USD preserves its bullish momentum and trades above 1.0550 in the American session on Wednesday. The US Dollar (USD) struggles to find demand following the mixed macroeconomic data releases from the US, helping the pair push higher ahead of US PCE inflation data.
GBP/USD advances toward 1.2650, US PCE data eyed
GBP/USD extends the bullish momentum to trade near 1.2650 in the second half of the day on Wednesday. The pair benefits from a sustained US Dollar weakness ahead of the Thanksgiving Day holiday. Investors await PCE Price Index figures for October.
Gold climbs to $2,650 area as US yields push lower
Gold builds on Tuesday's gains and trades at around $2,650 in the American session. The benchmark 10-year US Treasury bond yield is down more than 1% on the day below 4.3%, helping XAU/USD continue to push higher.
Eurozone PMI sounds the alarm about growth once more
The composite PMI dropped from 50 to 48.1, once more stressing growth concerns for the eurozone. Hard data has actually come in better than expected recently – so ahead of the December meeting, the ECB has to figure out whether this is the PMI crying wolf or whether it should take this signal seriously. We think it’s the latter.
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