Pound Sterling Price News and Forecast: GBP/USD continues outperformance on upbeat UK data
|Pound Sterling continues outperformance on upbeat UK data
The Pound Sterling (GBP) outperforms its peers at the start of the week due to upbeat United Kingdom (UK) Retail Sales and positive flash S&P Global Purchasing Managers’ Index (PMI) data released on Friday.
The Office for National Statistics (ONS) reported that Retail Sales, a key measure of consumer spending, surprisingly rose by 0.5% on a monthly basis, while these were expected to decline by 0.2%. Also, the UK’s private sector business activity expanded at a faster pace due to a strong rebound in the manufacturing sector. The Manufacturing PMI rose to 49.6 from estimates of 46.6. Still, despite the increase, the data continued to suggest a contraction in factory activity as the figure remained below the 50.0 threshold. The overall composite PMI, however, increased to 51.1. Read more...
GBP/USD Weekly Forecast: Pound Sterling slides as Dollar strengthens ahead of Fed decision
The Pound Sterling (GBP) faced rejection once again on its way to the 1.3500 level when compared with the US Dollar (USD), sending GBP/USD back toward the 1.3300 mark.
GBP/USD faced a double whammy and returned to the red, reversing a major portion of the previous week’s recovery. The pair felt the heat of the USD resurgence as a safe-haven asset, while increased dovish bets surrounding the Bank of England’s (BoE) interest rate outlook added to its downside. Read more...
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.