GBP/USD dips as UK Retail Sales plummet, raising recession concerns
The Pound Sterling (GBP) slumped against the US Dollar (USD) after the Office for National Statistics (ONS) revealed that retail sales plunged sharply, which could deter the Bank of England (BoE) from keeping policy tight without tapping the economy into a recession. Mixed data from the United States (US) sponsored a leg-down in the major, as the GBP/USD exchanged hands at 1.2687 after hitting a daily high of 1.2714. Read More...
Pound Sterling falls further as weak UK Retail Sales soften inflation outlook
The Pound Sterling (GBP) falls sharply as the United Kingdom Office of National Statistics (ONS) reports downbeat Retail Sales data for December. UK household spending contracted significantly as individuals faced the heavy burden of higher interest rates and consumer price inflation, which deepened the cost-of-living crisis. A sharp decline in high street sales would have been expected to ease pressure on the stubbornly high inflation outlook but in the end it was insufficient to move the needle. Read More...
GBP/USD Price Analysis: Seems poised to appreciate further, awaits UK Retail Sales data
The GBP/USD pair ticks higher for the third successive day on Friday and looks to build on this week's goodish bounce from sub-1.2600 levels, or its lowest level since December 13. Spot prices currently trade just above the 1.2700 round figure, flirting with the 200-hour Simple Moving Average (SMA). Read More...
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GBP/USD clings to gains below 1.2700 ahead of Bailey's speech
GBP/USD is consolidating gains below 1.2700 in early European trading on Wednesday. Traders refrain from placing fresh bets ahead of speeches from BoE Governor Bailey and Fed Chair Powell later in the day. US ADP Jobs and ISM Services PMI data are also awaited.
Gold price slides below $2,640, fresh daily low ahead of Fed Chair Powell's speech
Gold price attracts some sellers following an intraday uptick to the $2,650 supply zone and hits a fresh daily low during the first half of the European session on Wednesday. The precious metal, however, remains confined in a familiar range held over the past week or so as traders seem reluctant to place aggressive directional bets ahead of Fed Chair Jerome Powell's speech.
Cryptomarket stabilizes after South Korea reverses martial law
Bitcoin hovers near $95,700 on Wednesday, signaling potential weakness as technical indicators suggest a decline, while Ethereum and Ripple stabilize near key levels, hinting at a possible rally following South Korea's reversal of martial law.
The fall of Barnier’s government would be bad news for the French economy
This French political stand-off is just one more negative for the euro. With the eurozone economy facing the threat of tariffs in 2025 and the region lacking any prospect of cohesive fiscal support, the potential fall of the French government merely adds to views that the ECB will have to do the heavy lifting in 2025.
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