GBP/USD Forecast: Pound Sterling fails to benefit from hot inflation data
Following a spike above 1.2800 with the knee-jerk reaction to UK May inflation data, GBP/USD reversed its direction and declined toward 1.2700 during the European trading hours on Wednesday. The pair's technical outlook highlights a bearish shift in the short-term outlook as investors gear up for FOMC Chairman Jerome Powell's two-day congressional testimony. Read more...
GBP/USD: Growth concerns will temper Pound gains – MUFG
We have just had the release of the May CPI report in the UK and once again it is a bad report. Economists at MUFG Bank analyze the implication of the latest inflation data ahead of the Bank of England (BoE) meeting tomorrow. Read more...
GBP/USD to see further strength toward resistance at 1.3000 – Credit Suisse
With near-term and medium-term momentum positive, we look for strength to extend to the March/April 2022 lows at 1.2973/1.3000. Whilst we expect a better cap here initially, directly above would open the door for further gains towards 1.3091. 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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