The Pound Sterling (GBP) extends its winning streak for the fifth trading day against the US Dollar (USD) at the start of the week. The GBP/USD pair jumps to near 1.3480 due to the continued underperformance from the US Dollar, which is dragged by increasing expectations of interest-rate cuts by the Federal Reserve (Fed). At the time of writing, the US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, trades 0.17% lower to near 98.00. The US Dollar underperforms as traders have become increasingly confident that the Fed will reduce interest rates in the...
Oil prices were steady on Monday, after falling more than 4% last week, as investors looked ahead to talks between the U.S. and Russia later this week on the war in Ukraine. Brent crude futures were up 5 cents to $66.64 a barrel at 1003 GMT, while U.S. West Texas Intermediate crude futures were down 1 cent to $63.87. U.S. President Donald Trump said on Friday that he would meet Russian President Vladimir Putin on August 15 in Alaska to negotiate an end to the war in Ukraine. The talks follow increased U.S. pressure on Russia, raising the prospect that penalties on Moscow could be...
The US dollar rose against its major trading partners early Monday as markets look ahead to inflation and retail sales data for July this week. There are no US data scheduled for release Monday, but surprise appearances by Federal Reserve officials on television networks are possible. Consumer price index data for July will be the main release Tuesday, along with the National Federation of Independent Business' small business sentiment reading for July, weekly Redbook same-store sales and the Treasury's budget report for July. Weekly mortgage application and crude oil stock inventories...