GBP/USD drops below 1.2400, defying speculations of imminent BoE rate hike next week
The Pound Sterling (GBP) continues to weaken against the US Dollar (USD) for the second consecutive day after a tranche of positive US economic data bolstered the Greenback. Hence, the GBP/USD is set to finish the week with losses, exchanging hands at 1.2397, below its 200-day Moving Average (DMA). Read More...
Pound Sterling recovery falters as recession risks deepen
The Pound Sterling (GBP) recovery fades due to the upside risks of the global economic slowdown. The asset retreats as the broader trend is bearish due to bleak economic fundamentals. The GBP/USD pair could resume the downside journey as the tight interest rate policy by the Bank of England (BoE) has dampened the labor demand outlook and has exposed the economy to a possible recession. Read More...
GBP/USD: Risk extra retracements in the near term – UOB
UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang suggest there is still room for further weakness in GBP/USD in the next few weeks. 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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