GBP/USD pares intraday losses, down little around mid-1.3700s
GBP/USD attracted some dip-buying on Friday amid a subdued USD price action. The risk-on impulse in the markets acted as a headwind for the safe-haven USD. Rallying US bond yields underpinned the USD and capped the upside for the pair. The GBP/USD pair remained on the defensive through the early North American session, albeit has managed to rebound around 30 pips from daily lows and was last seen trading around mid-1.3700s. Read more...
GBP/USD Weekly Forecast: Britain's Big Bang gamble, Fed decision critical for next moves
GBP/USD has tumbled to five-month lows as covid fears grip markets. The Fed decision, Brexit news and covid developments are set to rock cable. Late July's daily chart is showing bears gaining ground. The FX Poll is pointing to an upward move in the medium and long terms. The "Big Bang" has turned into a fall to five-month lows for GBP/USD as covid cases in Britain and around the world trigger fear. Sterling traders eye Brexit news more keenly, and broader markets are closely watching the Fed's decision in the last week of July. Read more...
GBP/USD Forecast: Cable torn between British optimism and safe-haven dollar demand, levels to watch
GBP/USD has been retreating from the highs as the dollar has regained some ground. Sterling may receive support from falling covid cases and steps to ease the pingdemic. The safe-haven dollar has room to rise if data disappoints and virus worries increase. Friday's four-hour chart is painting a mixed picture. Exactly two years have passed since Boris Johnson won the Conservative Party leadership contest and took office as Prime Minister – and nobody back then would have thought that "pingdemic" would be the most used words now. Addressing this burning issue is supporting the pound. Read more...
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EUR/USD treads water just above 1.0400 post-US data
Another sign of the good health of the US economy came in response to firm flash US Manufacturing and Services PMIs, which in turn reinforced further the already strong performance of the US Dollar, relegating EUR/USD to the 1.0400 neighbourhood on Friday.
GBP/USD remains depressed near 1.2520 on stronger Dollar
Poor results from the UK docket kept the British pound on the back foot on Thursday, hovering around the low-1.2500s in a context of generalized weakness in the risk-linked galaxy vs. another outstanding day in the Greenback.
Gold keeps the bid bias unchanged near $2,700
Persistent safe haven demand continues to prop up the march north in Gold prices so far on Friday, hitting new two-week tops past the key $2,700 mark per troy ounce despite extra strength in the Greenback and mixed US yields.
Geopolitics back on the radar
Rising tensions between Russia and Ukraine caused renewed unease in the markets this week. Putin signed an amendment to Russian nuclear doctrine, which allows Russia to use nuclear weapons for retaliating against strikes carried out with conventional weapons.
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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