Sunday, 17 November 2019
Jakarta
--:--
Tokyo
--:--
Hongkong
--:--
New York
--:--
GBP/USD Clings to Gains, Comfortably Above 1.2700 Handle Post-UK Data
Thursday, 20 June 2019 16:09 WIB | CURRENCIES |PoundsterlingGBP/USD

The GBP/USD pair maintained its strong bid tone near one-week tops and had a rather muted reaction to the latest UK retail sales data.

The pair built on this week's goodish bounce from the vicinity of the key 1.2500 psychological mark, or multi-month lows, and continued gaining strong positive traction for the third consecutive session on Thursday.

The post-FOMC free fall in the US Treasury bond yields kept exerting some heavy downward pressure on the US Dollar and turned out to be one of the key factors fueling the momentum beyond the 1.2700 handle.

With the prevailing USD selling bias acting as an exclusive driver of the pair's strong up-move, bullish traders seemed rather unaffected by Thursday's mixed release of the UK monthly retail sales figures.

In fact, the headline sales fell -0.5% in May as compared to -0.1% recorded in the previous month while core figures came in slightly better-than-expected, showing a decline of 0.3% as against 0.4% consensus estimates.

The disappointment, however, came from yearly figures, which showed a sharp deceleration to 2.3% and 2.2% in the headline and core figures respectively as compared to 5.1% and 4.7% growth in the previous month.

Moving ahead, market participants now look forward to the latest BoE monetary policy decision for some fresh impetus, though seems more likely to be a non-event for GBP traders amid persistent Brexit uncertainties.

Source : FX Street

RELATED NEWS
Euro Recovery Odds Seen Rising on Signs of Stabilizing Economy...
Friday, 15 November 2019 23:09 WIB

Investors awaiting signs whether the euro is ready to stage a comeback will be closely watching next week™s regional manufacturing report. The preliminary data, due next Friday, will help investors...

Dollar Flat After Powell Plays Down Further Cuts...
Friday, 15 November 2019 16:22 WIB

The dollar was mostly flat in early trade in Europe on Friday amid a lull in news ahead of more U.S. economic data later in the day. The greenback is on course for a modest loss of around 0.2% this w...

Dollar buoyed by caution as trade deal optimism wanes...
Friday, 15 November 2019 08:24 WIB

The dollar found broad support on Friday as fresh signs of a global economic slowdown and little visible progress toward a Sino-U.S. trade truce put investors in a risk-averse mood. The dollar clawed...

U.S. Dollar Flat as Weekly Jobless Claims Rise to Five-Month High...
Thursday, 14 November 2019 23:18 WIB

The U.S. dollar was unmoved on Thursday as the number of Americans applying for unemployment benefits rose to an unexpected five-month high and there were no new comments on monetary policy from Feder...

EUR/GBP Hits Its Lowest Level Since 8th May 2019...
Thursday, 14 November 2019 17:07 WIB

Ahead of the UK retail sales data, there was some GBP strength entering the market. GBP/USD spiked higher to 1.2867 and EUR/GBP hit a low of 0.85493. Despite the miss on the retail sales number, the...

LATEST NEWS
Hong Kong Stocks Close Flat, Ending Tough Week (Review)

Hong Kong shares finished barely moved Friday, bringing an end to a tumultuous week that has seen the city crippled by violent protests, which show no sign of abating. The Hang Seng Index inched up 2.97 points to 26,326.66. The benchmark Shanghai...

Trade Hopes Propel Wall Street to Records; Healthcare Climbs

Wall Street's main stock indexes closed at record levels on Friday, fueled by fresh optimism over a potential calming of U.S.-China trade tensions and by big gains in shares of healthcare companies. The Dow Jones Industrial Average rose 221.71...

Oil gains 1.7%, shrugging off rising supply concerns

Oil futures gained nearly 2% on Friday as comments from a top U.S. official raised optimism for a U.S.-China trade deal, but worries about increasing crude supplies capped prices. Benchmark Brent crude gained $1.03, or 1.7%, to settle at $63.31 a...

POPULAR NEWS
Gold Tallies Back-To-Back Gains as Treasury Yields Retreat
Friday, 15 November 2019 02:06 WIB

Gold futures settled higher on Thursday, building on gains from a day earlier as weakness in U.S. benchmark stock indexes and a drop in yields on...

Gold Pares Weekly Gain After Kudlow's Comments on Deal
Friday, 15 November 2019 09:31 WIB

Gold declined, trimming its fourth weekly gain in five, after White House economic adviser Larry Kudlow signaled progress on a trade deal with...

Gold Claws Back Ground as Treasury Yields Retreat
Thursday, 14 November 2019 21:02 WIB

Gold futures were modestly higher Thursday, finding support as yields on government debt continue to fall, lowering the opportunity cost of holding...

Gold Rises Amid Growth Worries, Trade Uncertainty
Thursday, 14 November 2019 17:34 WIB

Gold advanced for a third day as investors turned back to havens amid gloomy economic data out of Asia and...