GBP/USD challenges major supply zone [Video]
The GBP/USD pair registered an amazing rally as the Dollar Index crashed despite some positive economic data in the last session. Today, the fundamentals should be decisive as the US is to release the NFP, Average Hourly Earnings, Unemployment Rate, Revised UoM Consumer Sentiment, and Factory Orders data. Better than expected data should boost the greenback. Read more...
GBP/USD Forecast: Pound Sterling could test 1.2820 if NFP fails to support USD
GBP/USD gathered bullish momentum and closed in positive territory on Thursday after dipping below 1.2650 with the immediate reaction to the Bank of England's (BoE) policy announcements. The pair holds its ground in the European session on Friday and trades modestly higher on the day above 1.2750.
The BoE maintained the bank rate at 5.25%, as expected, following the first policy meeting of the year. The BoE dropped the statement that read "further tightening in monetary policy would be required if there were evidence of more persistent inflationary pressures" but said that they need more evidence that inflation will fall to the 2% target and stay there before cutting rates. Read more...
Pound Sterling strengthens amid hopes that BoE will begin rate cuts later than Fed
The Pound Sterling (GBP) prints a fresh weekly high in the early European session on Friday as the Bank of England (BoE) is expected to start reducing interest rates after the Federal Reserve (Fed) and the European Central Bank (ECB), and the risk-appetite of the market participants has improved.
Recent monetary policy statements from Federal Reserve Chair Jerome Powell, European Central Bank President Christine Lagarde, and Bank of England Governor Andrew Bailey indicated that the first two were more explicit about rate cuts. The Fed has already guided three rate cuts this year, and ECB’s Lagarde sees the central bank commencing the rate-reduction process in late summer. Read more...
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EUR/USD stabilizes near 1.0550, looks to post weekly gains
EUR/USD continues to fluctuate in a tight channel at around 1.0550 in the American session on Friday as trading action remains subdued with US financial markets heading into the weekend early. The pair looks to end the week in positive territory.
GBP/USD loses traction, retreats below 1.2700
After climbing to its highest level in over two weeks at 1.2750, GBP/USD reverses direction and declines to the 1.2700 area on Friday. In the absence of fundamental drivers, investors refrain from taking large positions. Nevertheless, the pair looks to snap an eight-week losing streak.
Gold pulls away from daily highs, holds near $2,650
Gold retreats from the daily high it set above $2,660 but manages to stay afloat in positive territory at around $2,650, with the benchmark 10-year US Treasury bond yield losing more than 1% on the day. Despite Friday's rebound, XAU/USD is set to register losses for the week.
Bitcoin attempts for the $100K mark
Bitcoin (BTC) price extends its recovery and nears the $100K mark on Friday after facing a healthy correction this week. Ethereum (ETH) and Ripple (XRP) closed above their key resistance levels, indicating a rally in the upcoming days.
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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