GBP/USD tumbles below 1.2700 as Fed officials push back against rate cuts
The GBP/USD extended its losses for the second straight day, spurred by the rise in US Treasury bond yields, while the Greenback (USD) trimmed some of its earlier losses on the day. The major is trading at 1.2641, down 0.31%.
In the last week, the US Federal Reserve (Fed) and the Bank of England (BoE) held their latest interest rate decisions, with both central banks maintaining the reference rates unchanged but striking the financial markets with different messages. The Fed Chairman Jerome Powell delivered a dovish message, sponsoring the GBP/USD rally from around 1.2500 to 1.2793. Read more...
GBP/USD remains limited below 1.2700 ahead of UK CPI data
The Sterling is drifting lower on Monday, with upside attempts capped below 1.2700, following rejection at 1.2790 last Friday, as hawkish Fed officials came to the US Dollar´s rescue.
Fed Williams surprised the market, downplaying hopes of fed cuts in March. Shortly afterwards, he was backed by Atlanta Fed President, Raphael Bostic, observing that he does not expect any monetary easing before the third quarter of 2024. Read more...
GBP/USD should find support on dips to the 1.2600/1.2620 area – Scotiabank
GBP/USD drifts after solid gains last week. Economists at Scotiabank analyze the pair’s outlook. 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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