The pound (GBP) traded higher against other major currencies, except the euro, at the start of the week on the back of a potential Russia-Ukraine ceasefire. Over the weekend, United Kingdom (UK) Prime Minister Keir Starmer said European leaders had agreed to present a peace plan to Washington. The meeting between European leaders and Starmer was also attended by Ukrainian President Volodymyr Zelenskyy, which could be a major positive step towards ending the three-year war in Ukraine. Technically, signs of easing geopolitical tensions have boosted demand for riskier assets.
In addition, strong expectations that the Bank of England (BoE) will follow a moderate policy easing cycle and the possibility of a healthy trade deal between the US and the UK have kept the British currency ahead. On Friday, BoE Deputy Governor Dave Ramsden said that the central bank should maintain a "cautious and gradual" approach to monetary policy expansion amid uncertainties over the labor market and global trade.
Ramsden warned that inflationary pressures remain high due to persistent wage growth. "I no longer think the risks to achieving the 2% inflation target sustainably over the medium term are to the downside," Ramsden said, adding that the trade has fully priced in two rate cuts this year. (Newsmaker23)
Source: FXstreet
GBP/USD rebounds from session lows and trades marginally higher on the day above 1.3550. The renewed selling pressure surrounding the USD following the inflation and Jobless Claims data help the pair ...
GBP/USD tested the 1.3550 area again for the fourth consecutive day on Wednesday, but has so far been unable to break higher. The market is likely to remain cautious ahead of the release of US consume...
The British pound (GBP) traded higher against other major currencies, except for the Antipodean currencies, on Wednesday. The British currency showed strength as market sentiment remained optimistic a...
The British pound (GBP) continued its strengthening against the US dollar (USD) for the third trading day on Tuesday. The GBP/USD pair reached a new three-week high around 1.3580 during the European t...
The pound was virtually unchanged on Monday (September 8th), after posting its biggest one-day rally against the dollar in two weeks on Friday, following surprisingly weak US jobs data that had reinfo...
Poland rejected on Friday a suggestion by Donald Trump that Russian drone incursions into its airspace could have been a mistake, a rare contradiction of the U.S. president from one of Washington's closest European allies. Poland, backed by...
The University of Michigan (UoM) is expected to release the preliminary reading of its monthly Consumer Confidence Index for September on Friday. This survey captures US consumers' views on their personal finances, business conditions, and...
Oil prices continued their rally amid growing concerns that Ukrainian drone attacks could disrupt oil flows through Russia's two most important crude export hubs on the Baltic coast. Brent crude rose above $67 per barrel, after falling 1.7% on...
The Federal Reserve is likely to start a series of interest-rate cuts next week and keep going through the end of the year, traders bet on Wednesday...
The International Monetary Fund on Thursday said the Federal Reserve has scope to lower interest rates because of the weakening U.S. labor market,...
Producer inflation in the United States, as measured by the change in the Producer Price Index (PPI), fell to 2.6% annually in August from 3.3% in...
The US Bureau of Labor Statistics reported on Tuesday that the preliminary estimate of the Current Employment Statistics (CES) national benchmark...