Pound Sterling Price News and Forecast: GBP/USD consolidates near 1.3750 ahead of US NFP data
|GBP/USD consolidates near 1.3750 ahead of US NFP data
The strong buying interest in the US dollar continues to pressurize GBP/USD. The pair refreshed a new multi-month low on Friday in the initial Asian trading hours.
At the time of writing, GBP/USD is trading at 1.3760, down 0.05% for the day.
The US Dollar Index (DXY), which tracks the greenback performance against its six major rivals, trades above 92.50, with 0,13% gains. Investors analyzed a sooner than expected rate hike from the Fed in the near future.
Weak pound and rising energy prices lift FTSE
UK markets are outperforming their US counterparts, as dovish commentary from BoE governor Bailey and rising energy prices help to lift sentiment. Meanwhile, a host of economic data out of the US has provided a somewhat volatile day for the dollar.
The FTSE 100 has outperformed its peers today, as dovish tones from the Bank of England helped to drive the pound lower. Despite warnings from the Fed that rising prices could ultimately draw forward the tightening phase for monetary policy, BoE governor Andrew Bailey instead laid out a confident stance that higher prices would be temporary in nature.
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