Pound Sterling surges against US Dollar ahead of US Trump-Harris battle
The Pound Sterling (GBP) performs strongly against its major peers at the start of the week, with investors also focusing on the Bank of England’s (BoE) monetary policy decision, which will be announced on Thursday.
The BoE is expected to cut interest rates by 25 basis points (bps) to 4.75%. Out of the nine-member led Monetary Policy Committee (MPC), seven members are expected to vote in favor of a rate reduction, while two are expected to support leaving interest rates unchanged at 5%. BoE external MPC member Catherine Mann is likely to be one of those who would support keeping rates stable. Read more...
GBP/USD Forecast: Pound Sterling struggles to hold above key technical level
After closing the fifth consecutive week in negative territory, GBP/USD opened with a bullish gap and rose toward 1.3000 early Monday.
The broad-based selling pressure surrounding the US Dollar (USD) fuelled GBP/USD's rally at the beginning of the week. The uncertainty surrounding the outcome of the US presidential election seems to be weighing on the USD, especially after betting site PredictIt has placed a 51% odd of a Kamala Harris win on Tuesday, marking the vice president's first lead over Donald Trump since October 9. Read more...
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EUR/USD stays near 1.0400 in thin holiday trading
EUR/USD trades with mild losses near 1.0400 on Tuesday. The expectation that the US Federal Reserve will deliver fewer rate cuts in 2025 provides some support for the US Dollar. Trading volumes are likely to remain low heading into the Christmas break.
GBP/USD struggles to find direction, holds steady near 1.2550
GBP/USD consolidates in a range at around 1.2550 on Tuesday after closing in negative territory on Monday. The US Dollar preserves its strength and makes it difficult for the pair to gain traction as trading conditions thin out on Christmas Eve.
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Gold trades in a narrow channel above $2,600 on Tuesday, albeit lacking strong follow-through buying. Geopolitical tensions and trade war fears lend support to the safe-haven XAU/USD, while the Fed’s hawkish shift acts as a tailwind for the USD and caps the precious metal.
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