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 gain traction in the American session.
Although the US Dollar (USD) came under bearish pressure with the immediate reaction to the weaker-than-expected Producer Price Index (PPI) data for August on Wednesday, the cautious market stance helped the currency find support and made it difficult for GBP/USD to gain traction.
During a meeting of government ministers on Wednesday, Britain's finance minister Rachel Reeves said that the government was focused on going further to support the Bank of England (BoE) in reducing inflation, controlling public spending and driving growth, Reuters reported, citing a Downing Street spokesperson. This headline failed to trigger a noticeable market reaction.
In the second half of the day, the Bureau of Labor Statistics (BLS) will publish the Consumer Price Index (CPI) data for August. On a monthly basis, the core CPI, which excludes volatile food and energy prices, is forecast to rise by 0.3%.
According to the CME FedWatch Tool markets are currently fully pricing in a 25 basis-points (bps) Federal Reserve (Fed) rate cut in September. Although the inflation data is unlikely to change markets' mind about next week's policy decision, it could influence the USD's valuation and the pair's action in the immediate term.
A soft print in the monthly core CPI could hurt the USD and help GBP/USD turn north. On the flip side, an increase of 0.5%, or higher, in this data could weigh on the pair.
Source: Fxstreet
GBP/USD remained just above 1.3000 on Wednesday after a brief dead-cat bounce following days of selling pressure. Heading into Thursday, the pair was struggling around 1.3050, down more than 3% from i...
GBP/USD fell again for a second session and is now trading around 1.3250 in the Asian session on Wednesday morning. The pound weakened after data from the British Retail Consortium (BRC) showed food p...
The pound sterling (GBP) exchange rate against the US dollar (USD) has continued to weaken for the fifth consecutive day and is now trading around 1.3340 in the Asian session on Thursday (October 23rd...
The British pound fell to around $1.34, its lowest in a week, after data showed the UK government borrowed £7.2 billion more than forecast in the first half of the fiscal year, underscoring the tough ...
The British Pound (GBP) advances sharply against the US Dollar (USD) on Wednesday, with GBP/USD climbing to a one-week high, reaching its strongest level since September 24, as the Greenback remains u...
Brent Crude Oil prices rose on Thursday (November 6th) due to growing concerns about global supply, including potential disruptions to oil flows from the Middle East, while market sentiment grew more optimistic about economic recovery, which could...
The Hang Seng Index rose 2.1% at 26,485.90 in Hong Kong. The move was the biggest since rising 2.4% on Oct. 20 and follows the previous session's decrease of 0.1%. Today, commerce and industry stocks led the market higher, as all sectors gained;...
Gold prices rose again on Thursday (November 6th), driven by increased demand as a safe-haven asset amid geopolitical and economic uncertainty, a wave of central bank buying strengthening structural support, and expectations of an interest rate cut...
Asian stocks opened lower on Tuesday, reversing Wall Street's rally fueled by Amazon's massive $38 billion deal with OpenAI. Stock markets in South...
The economic activity in the United States' (US) manufacturing sector continued to contract in October, with the Institute for Supply Management's...
Asia-Pacific markets declined on Wednesday, following a decline on Wall Street, which was driven by concerns about the valuations of artificial...
As the U.S. government shutdown disrupts federal employee paychecks across the country, it also exacerbates the financial hardship of attorneys who...