GBP/USD loses traction near 1.2800 amid modest recovery of US Dollar
The GBP/USD pair trades on a softer note near 1.2805, snapping the seven-day winning streak during the early Asian session on Monday. The recovery of the Greenback drags the major pair lower. However, the downside for the pair might be limited amid the rising bet that the Federal Reserve (Fed) will cut the interest rate in the third quarter.
Friday’s US Nonfarm Payrolls (NFP) came in stronger than expected, adding 206K net new jobs in June, according to the US Bureau of Labor Statistics (BLS). The previous month saw a sharp downside revision to 218K from the initial reading of 272K. Read more...
GBP/USD Weekly Forecast: Pound Sterling looks to US CPI and 1.2900 again
The Pound Sterling (GBP) built on the previous week’s rebound against the US Dollar (USD), driving the GBP/USD pair back toward 1.2800, the highest level in nearly three weeks.
GBP/USD staged a solid comeback from a six-week trough to reach multi-week highs, mainly due to a steep correction in the US Dollar across its main currency rivals. Read more...
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EUR/USD recovers toward 1.0850 amid risk reset
EUR/USD is attempting a bounce toward 1.0850 in the European session on Monday, as traders ignore France's election gridlock, lifting risk sentiment. Risk reset checks the renewed US Dollar upside. Downbeat EU Sentix data fails to deter Euro buyers.
GBP/USD steadies above 1.2800 as US Dollar struggles
GBP/USD keeps its range above 1.2800 in European trading on Monday. The US Dollar recovery stalls and offers some comfort to the pair. Traders, however, remain wary after the UK elections and ahead of Powell's testimony and US CPI data due later this week.
Gold price edges lower as PBoC keeps Gold buying on hold
Gold price attracts some sellers below the $2,400 barrier on Monday. Yellow metal loses traction as China's Central Bank has stopped buying for the second month in June.
Bitcoin falls below $55,000 level
Bitcoin dropped below $56,552 on Sunday, disrupting market structure and signaling a bearish outlook. Ethereum and Ripple also revisited their support levels, slipping below critical thresholds.
The week ahead: Earnings season and US CPI in focus
Financial markets will be digesting political news at the start of this week. Key economic highlights this week include the US CPI for June, which is expected to decline to 3.1% on an annual basis, down from 3.3% in May.