GBP/USD Weekly Forecast: Range bound with an eye on the BOE
Weak July GDP data restrains sterling and rate hike expectations. GBP/USD finishes the week on par and at the middle of three-month range. Sterling’s recovery on Thursday and Friday ended, temporarily, the threat of the GBP/USD breaking below 1.3765 support and entering the lowest part of its seven-month range. Read more...
GBP/USD fails gains near 1.3900, erases weekly gains
US dollar gains momentum near the end of the week on higher US yields. GBP/USD unable to break key resistance again; upside remains limited. The GBP/USD peaked on Friday at 1.3887, the highest level in a week, and then lost momentum. Near the end of the week, it is trading at 1.3840, around the same level it had a week ago, after erasing daily gains. Read more...
GBP/USD Forecast: Consolidating gains ahead of 1.3900
The GBP/USD pair retains its latest gains and trades near a weekly high of 1.3884 set on Friday. The American dollar remains pressured, despite US government bond yields have recovered from Thursday’s plunge, with that on the 10-year Treasury note currently around 1.32%. The better performance of equities provides additional support to the pair. 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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