GBP/USD pulled back on Monday, kicking off the new trading week with a fresh down day. The pair fell around one-third of one percent, easing back below 1.2550 as bids remain mired in a near-term congestion pattern on the bottom end of recent price action. The UK's data release schedule this week is devoid of any meaningful prints, leaving Cable at the mercy of broader market flows in a tepid year-end environment.
Outside of some general profit-taking and long-term position management, global market volumes are crimped tightly by the year-end holiday season. Markets will be further constrained in the midweek, when global markets will be shuttered for the New Year's Day closure.
This week, the main data highlight will be the December US ISM PMI figures, set to be released on Friday. The December US ISM Manufacturing PMI is projected to decrease slightly to 48.3 from 48.4. Additionally, several Federal Reserve (Fed) officials are scheduled to speak during the latter part of the week, as they work to clarify the Fed's recent shift towards lower-than-expected projections for the number of rate cuts anticipated in 2024.(Cay) Newsmaker23
Source: Fxstreet
Gold prices rose sharply again on Tuesday (January 20th), hitting a new record, breaking through the psychological barrier above $4,700 per ounce. This rise was driven by a "flight to safety" as geopo...
GBP/USD strengthened to around 1.3480 at the start of Friday's Asian session, holding above 1.3450. This strengthening occurred as the US dollar weakened again, as markets became increasingly confiden...
The GBP/USD exchange rate moved steadily around 1.3465 in early Asian trading on Wednesday (December 31). This relatively calm movement occurred because trading volume was expected to be thin ahead of...
The British Pound (GBP) softens against the US Dollar (USD) on Wednesday, with the Greenback finding mild support amid reduced liquidity during the shortened US holiday session. At the time of writing...
Pound Rebounds, UK Data Determines GBP/USD strengthened after three consecutive days of declines. In Monday's Asian session, the pair traded around 1.3394, approaching the 1.3400 level, ahead of the ...
Oil prices stabilized on Thursday (February 12th), as the market reassigned a risk premium to US-Iran tensions despite US inventory data showing swelling domestic supplies. This movement confirms one thing: geopolitical headlines are still more...
Gold prices weakened slightly on Thursday (February 12th), as more solid US employment data reduced market confidence in an imminent Federal Reserve interest rate cut. The strong employment data prompted market participants to shift expectations of...
The Hang Seng Index reversed its downward trend in Hong Kong on Thursday (February 12th), weakening by around 0.9% to around 27,000 after a strong session earlier. This decline halted the momentum of the short term rally, as investors began to...