Pound Sterling rises amid US Dollar weakness, mixed Fed messages

FXStreet Team FXStreet

GBP/USD rises amid US Dollar weakness, mixed Fed messages

The Pound Sterling posted solid gains against the Greenback on Wednesday after bouncing from a seven-week low of 1.2539 on Tuesday. Federal Reserve officials crossing the newswires and weaker-than-expected US services sector data are a headwind for the US Dollar, which tumbled for the second day in a row. The GBP/USD trades at 1.264, gains 0.56%. Read More...

Pound Sterling recovers as weak US Services PMI improves market sentiment

The Pound Sterling (GBP) climbs to near 1.2600 against the US Dollar in Wednesday’s early American session on multiple tailwinds. A sharp decline in the US Dollar after the release of the downbeat United States ISM Services PMI and the upbeat United Kingdom (UK) Manufacturing PMI has improved the appeal of the GBP/USD pair. The US ISM reported that the Services PMI remained significantly lower at 51.4 from the consensus of 52.7 and the former reading of 52.6. The US Dollar Index (DXY) corrected to 104.40 after poor Services PMI data. Read More...

GBP/USD Price Analysis: The next downside target is seen at 1.2540

The GBP/USD pair recovers some lost ground and currently trades around 1.2580 on Wednesday during the early European session. The decline of the USD Index (DXY) and the dismal market mood in the UK economy act as a tailwind for the major pair. Later on Wednesday, the ADP Employment Change and the ISM Services PMI will be due. Also, Federal Reserve (Fed) Chair Jerome Powell's speech will be a closely watched event. Read More...

Author

FXStreet Team

FXStreet

EUR/USD weakens as US jobs data trims Fed rate cut bets

The EUR/USD pair trades in negative territory for the third consecutive day near 1.1860 during the early European session on Thursday. Traders will keep an eye on the US weekly Initial Jobless Claims data. On Friday, the attention will shift to the US Consumer Price Index inflation report.

GBP/USD bullish outlook prevails above 1.3600, UK GDP data looms

The GBP/USD pair gains ground near 1.3635, snapping the two-day losing streak during the early European session on Thursday. The preliminary reading of UK Gross Domestic Product for the fourth quarter will be closely watched later on Thursday. The UK economy is estimated to grow 0.2% QoQ in Q4, versus 0.1% in Q1.

Gold remains on the defensive below two-week top; lacks bearish conviction amid mixed cues

Gold sticks to modest intraday losses through the Asian session on Thursday, though it lacks follow-through selling and remains close to a nearly two-week high, touched the previous day. The commodity currently trades above the $5,070 level, down just over 0.20% for the day, amid mixed cues.

UK GDP set to post weak growth as markets rise bets on March rate cut

Markets will be watching closely on Thursday, when the United Kingdom’s Office for National Statistics will release the advance estimate of Q4 Gross Domestic Product. If the data land in line with consensus, the UK economy would have continued to grow at an annualised pace of 1.2%, compared with 1.3% recorded the previous year.

The market trades the path not the past

The payroll number did not just beat. It reset the tone. 130,000 vs. 65,000 expected, with a 35,000 whisper. 79 of 80 economists leaning the wrong way. Unemployment and underemployment are edging lower. For all the statistical fog around birth-death adjustments and seasonal quirks, the core message was unmistakable. The labour market is not cracking.

Sonic Labs’ vertical integration fuels recovery in S token

Sonic, previously Fantom (FTM), is extending its recovery trade at $0.048 at the time of writing, after rebounding by over 12% the previous day. The recovery thesis’ strengths lie in the optimism surrounding Sonic Labs’ Wednesday announcement to shift to a vertically integrated model, aimed at boosting S token utility.