GBP/USD suffers seven-day slide amid weak UK PMIs, ahead of FOMC's decision
GBP/USD extends its downtrend to seven consecutive days amidst mixed economic data from the United States (US), while further deterioration in the United Kingdom (UK) economy paints a gloomy scenario as the Bank of England (BoE) struggles to curb high inflation. At the time of writing, the GBP/USD is trading at 1.2831 after reaching a high of 1.2883, down 0.16%. Read More...
Pound Sterling volatility drops as investors remain mixed about BoE's rate hike scale
The Pound Sterling (GBP) surrenders its entire gains posted on Friday as the United Kingdom’s preliminary S&P Global PMI data for July came in below expectations. The GBP/USD pair drops as contracting factory activity and a bleak service sector builds pressure on the Pound Sterling. Britain’s economic prospects are facing the wrath of elevated inflation and higher interest rates by the Bank of England (BoE). Read More...
GBP/USD risks extra pullbacks near term – UOB
Further losses appear in store for GBP/USD in the short-term horizon, suggest Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group. 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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