GBP/USD hangs near weekly low, below mid-1.2900s ahead of UK Retail Sales
The GBP/USD pair prolongs its corrective decline from a one-year peak, around the 1.3045 region touched earlier this week and drifts lower for the second successive day on Friday. Spot prices drop to the 1.2935-1.2930 area, or a fresh weekly low during the Asian session amid some follow-through US Dollar (USD) buying, albeit lack bearish conviction.
Concerns over a renewed trade war between the US and China, along with persistent geopolitical tensions, temper investors' appetite for riskier assets. This led to the overnight slump in the US equities and led to a downfall across Asian markets, which assists the safe-haven buck to build on its recovery from nearly a four-month low and acts as a headwind for the GBP/USD pair. That said, dovish Federal Reserve (Fed) expectations might hold back the USD bulls from placing aggressive bets and lend some support to the currency pair. Read more...
GBP/USD settles back below 1.30 as Greenback selling abates
GBP/USD has settled back below the 1.3000 key level on Thursday as Greenback short pressures eases. Investors are taking a breather after a hard rally through the early trading week as market sentiment surged on Federal Reserve (Fed) rate cut expectations getting pinned to the ceiling.
UK data came in mostly as expected on Thursday, with a slightly better-than-expected but still lower print in unemployment claims. Meanwhile, US Initial Jobless Claims rose as rate-cut-hungry markets got further signs of a slowdown that will help bully the Fed into rate cuts beginning in September. Read more...
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GBP/USD flirts with weekly low below 1.2950 after UK Retail Sales
GBP/USD is testing weekly lows below 1.2950 in the early European session on Friday. The pair stays on the back foot after disappointing UK Retail Sales data amid the extended US Dollar recovery. The focus now shifts to the Fedspeak.
EUR/USD holds losses near 1.0900 amid sustained US Dollar recovery
EUR/USD remains in the red near 1.0900 in European trading on Friday. The sustained US Dollar rebound amid risk-aversion and firmer US Treasury bond yields weighs on the pair. ECB policy decision fails to lift the Euro. Fedpseak remains on tap later in the day.
Gold price tests multi-day low, Fedspeak eyed
Gold price corrects further from the record high amid some follow-through USD buying. September Fed rate cut bets should cap the USD and help limit losses for the XAU/USD.
Bitcoin faces resistance around the $65,000 mark
Bitcoin and Ethereum prices encountered rejections upon reaching resistance levels near $65,000 and $3,530, respectively. Meanwhile, Ripple price might undergo a pullback towards the 61.8% Fibonacci retracement level at $0.480.
Stock selloff begins to broaden out
The ECB provided little cheer for European investors this afternoon, and the sell-off in tech stocks appears to have further to go. The pockets of strength in the Dow and small caps are being eroded as the risk-off move gathers pace once again.