GBP/USD prints fresh weekly highs above 1.1700
The GBP/USD is rising on Monday and during the American session climbed to 1.1709, reaching the highest level since August 30. Cable remains near the top, holding onto daily gains and a bullish bias in the very near term. The pound continues to recover from multi-year lows against the US dollar. It is testing the 20-day Simple Moving Average and a consolidation above could open the doors to a more sustainable recovery. Read more...
GBP/USD Forecast: Pound benefits from risk flows despite weak UK data
Fueled by the broad-based selling pressure surrounding the dollar at the start of the week, GBP/USD has gathered bullish momentum and climbed to its highest level since late August at 1.1700. The pair looks to extend its recovery as technicals turn bullish. Earlier in the day, the data published by the UK's Office for National Statistics showed that the Gross Domestic Product expanded by 0.2% on a monthly basis in July, compared to the market expectation for a growth of 0.5%. Industrial Production contracted by 0.3% and the Manufacturing Production increased by only 0.1% in the same period with both figures falling short of analysts' estimates. Read more...
British pound rallies as USD retreats
It’s a busy economic calendar this week in the UK. The markets were treated to a data dump today, highlighted by GDP and Manufacturing Production. In July, GDP grew by a modest 0.2% MoM, shy of the estimate of 0.5%, but an improvement from the -0.6% reading in June. Manufacturing Production in July dipped to 1.1% YoY, down from 1.3% in June and missing the estimate of 1.7%. 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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