GBP/USD posts modest gains above the mid-1.2600s amid mixed US data
The GBP/USD pair posts modest gains above the mid-1.2600s during the early Asian trading hours on Friday. The decline of the US Dollar (USD) provides some support to the major pair. At press time, GBP/USD is trading at 1.2663, adding 0.02% on the day.
The US Initial Jobless Claims for the week ending February 17 fell to 201K from the previous weeks of 213K. Continuing Claims dropped to 1.862M, below expectations and the prior week. The report suggested the US labor market remains robust and might convince the Federal Reserve (Fed) to delay cutting interest rates. Read more...
Pound Sterling dips as geopolitical tensions shrink risk appetite
The Pound Sterling (GBP) comes under pressure in Thursday’s early New York session due to Middle East tensions and mixed preliminary PMIs reported by the S&P Global/CIPS for February. The Manufacturing PMI at 47.1 was slightly above the prior reading of 47.0 but failed to match expectations of 47.5. The Services PMI was surprisingly unchanged at 54.3, while investors anticipated a decline to 54.1. The Composite PMI was higher at 53.3 against expectations and the former reading of 52.9.
The GBP/USD pair falls on backfoot as Bank of England (BoE) policymaker Swati Dhingra cautioned about downside risks to the United Kingdom economy due to high interest rates. In her speech at the Market News International Connect event on Wednesday, Dhingra said the demand prospects are “weak and less resilient” than their previous forecasts. She added that higher mortgage costs and rental prices in 2023 shortened households’ pockets, which resulted in weak Retail Sales. Read more...
-638442561582888300.png)
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD bets for soon-to-come US rate cuts hit the US Dollar
The EUR/USD pair finally gathered directional strength following a two-week consolidative stage and reconquered the 1.0800 mark, currently trading ahead of the close at around 1.0820 and after hitting 1.0841, its highest in three weeks.
GBP/USD struggles to hold above 1.2800 after US jobs data
GBP/USD spiked above 1.2800 with the immediate reaction to the mixed US jobs report but retreated below this level. Nonfarm Payrolls in the US rose 206,000 in June. The Unemployment Rate ticked up to 4.1% and annual wage inflation declined to 3.9%.
Gold: Points to bullish tilt ahead of Powell’s testimony, US inflation data
Gold benefited from broad-based USD weakness and advanced beyond $2,380. Fed Chairman Powell’s testimony and US CPI data could significantly impact Gold’s performance this week. XAU/USD’s near-term technical outlook points to a bullish tilt.
Ethereum records another day of heavy liquidations as Mt. Gox bearish pressure persists
Ethereum is down nearly 5% on Friday following the Mt. Gox BTC repayment, sparking more than $108 million in ETH liquidations. The repayment's supply strengthened the bearish momentum on Bitcoin, which spiraled into altcoins like ETH.
French election: It’s all over for Marine Le Pen, but the left weighs on the Euro
The deciding vote in the French Parliamentary elections closed this evening, and the exit poll suggests a shock result. The winning party is the left alliance, the popular front, which was pulled together to try and keep Le Pen’s far right National Rally party out of power.