GBP/USD drops toward 1.4150 as the US dollar strengthens on economic data
Cable retreats from monthly highs, turns negative for the day. US dollar rises across the board supported by US economic data. The GBP/USD dropped to 1.4153 amid a rally of the US dollar across the board. Cable retreated sharply after hitting at 1.4233 the highest level since February. An impressive reading of the preliminary IHS Markit for May of the service sector boosted the dollar. Also a rebound in US yields contributed to the rally of the greenback. Read more...
GBP/USD Weekly Forecast: Time to hit highest level since 2018? US data, UK vaccines key
GBP/USD has been grinding its way higher amid twin Fed and UK reopening speculation. To taper or not to taper? That has been the question for the Federal Reserve and the dollar, while uncertainty about the UK reopening played a role in moving the pound. US economic releases such as GDP and Durable Goods Orders are set to rock the greenback in the last full week of May. Read more...
GBP/USD Price Analysis: Refreshes multi-month tops and retreats, back below 1.4200
GBP/USD added to the overnight strong move up and gained traction for the second straight day. The intraday uptick stalled near a resistance marked by the top end of an ascending trend channel. The set-up seems titled in favour of bullish traders and supports prospects for an eventual breakout.
The GBP/USD pair shot to fresh three-month tops during the mid-European session, albeit quickly retreated few pips thereafter. Read more...
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AUD/USD: Extra advances look likely
AUD/USD briefly advanced to new yearly peaks near 0.6450, although it gave away all that move later in the day along with the firm performance of the US Dollar on the back of diminishing US-China trade jitters. All the attention now shifts to Australian inflation gauges due on Wednesday.
EUR/USD: Weekly gains look capped above 1.1400
EUR/USD failed to build on Monday’s gains and slipped back below the 1.1400 region on the back of the resumption of the upside impulse in the Greenback. Market participants, in the meantime, remained cautious ahead of key US data releases later in the week.
Gold bounces off lows near $3,300
After bottoming out near the $3,300 region per troy ounce, Gold prices approach the $3,330 zone as the US Dollar gives away part of its daily advance and the risk-on mood gathers extra pace.
Australia CPI expected to show inflation eased further in Q1, backing case for more rate cuts
Australia will release multiple inflation figures on Wednesday and financial markets anticipate price pressures easing further at the beginning of 2025, paving the way for additional Reserve Bank of Australia interest rate cuts. The central bank is meant to meet to decide on monetary policy on May 19-20.
May flashlight for the FOMC blackout period – Waiting for the fog to lift
We expect the FOMC will leave its target range for the federal funds rate unchanged at 4.25-4.50% at its upcoming meeting on May 6-7, a view widely shared by financial markets and economists. Market pricing currently implies only a 9% probability of the FOMC cutting the fed funds rate by 25 bps.
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