GBP/USD pared further gains on Wednesday, slumping for the second straight session and dropping back below 1.3500 after failing to reclaim 1.3600 earlier this week. The pound market retreated from the peak of a bull run that took cable to multi-year highs, but momentum still favors the pound bulls.
The Federal Reserve's (Fed) latest minutes from the Federal Open Market Committee (FOMC) interest rate meeting on May 6-7 revealed that the Fed's wait-and-see approach has deep roots. Policymakers at the latest Fed meeting noted that the US dollar's (USD) safe-haven status had taken a hit recently. They warned that a "more durable shift" in the greenback's status could have lasting impacts on the US economy.
Most all FOMC members at the May rate meeting agreed that inflation risks could prove more "persistent than expected." With Fed staff directly citing the impact of tariffs as the main driver of the FOMC's weakening outlook for the US economy, the FOMC has blamed the deteriorating US economic conditions and the unclear outlook for inflation and growth on the Trump administration's erratic tariff policies.
The rest of the trading week remains dominated by the US. US Q1 Gross Domestic Product (GDP) growth is due on Thursday. Friday will close out the trading week with the US Personal Consumption Expenditures (PCE) Price Index inflation data for April. Markets are hoping for continued easing in the key inflation metric before the impact of the Trump administration's tariff policies starts to leak into the main data set. (alg)
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...
EUR/USD remains steady during the North American session on Friday, poised to end the week with modest gains of over 0.18% as traders brace for the next week's monetary policy decision by the Federal Reserve (Fed). At the time of writing, the pair...
U.S. Treasury Secretary Scott Bessent met with BlackRock Inc executive Rick Rieder in New York on Friday, as the Trump administration continued its search for a new chair for the Federal Reserve, a source familiar with the matter said. Bessent has...
Oil prices rose on Friday after a Ukrainian drone attack suspended loadings from the largest port in western Russia, but gains were capped by concerns about U.S. demand. Brent crude futures settled at $66.99 a barrel, up 62 cents, or 0.93%. U.S....
The International Monetary Fund on Thursday said the Federal Reserve has scope to lower interest rates because of the weakening U.S. labor market,...
Annual inflation in the United States (US), as measured by changes in the Consumer Price Index (CPI), rose to 2.9% in August from 2.7% in July, the...
Asian stocks moved mixed on Thursday after Wall Street rallied and pushed the S&P 500 to a new record. A decline in US producer price inflation...
The University of Michigan (UoM) is expected to release the preliminary reading of its monthly Consumer Confidence Index for September on Friday....