Pound Sterling Price News: GBP/USD may decline further from expectations that the Fed will keep rates unchanged
|GBP/USD remains below 1.3400 as US Dollar gains on Fed caution bets
GBP/USD edges higher after registering modest losses in the previous session, trading around 1.3380 during the Asian hours on Friday. The pair may further lose ground as the US Dollar (USD) receives support after Thursday’s US Initial Jobless Claims data, which reinforced expectations that the Federal Reserve (Fed) will keep interest rates on hold for the coming months.
Data from the US Department of Labor (DOL) showed Initial Jobless Claims unexpectedly fell to 198K in the week ended January 10, below market expectations of 215K and down from the prior week’s revised 207K. The data confirmed that layoffs remain limited and that the labor market is holding up despite an extended period of high borrowing costs. Read more...
GBP/USD slides toward 1.3370 as strong US data powers US Dollar rally
The British Pound (GBP) loses ground against the US Dollar (USD) on Thursday as solid economic data in the US trumps an upbeat Gross Domestic Product (GDP) report in the United Kingdom (UK). At the time of writing, GBP/USD trades at 1.3367, down 0.53%.
Investors’ mood improved on Thursday due to a strong Initial Jobless Claims report for the week ending January 10. The print was below the 215K projection, at 198K, well below the prior’s number of 207K. At the same time, the New York Empire State Manufacturing Index for January improved from -3.7 to 7.7. Meanwhile, the Philadelphia Fed Manufacturing Survey for the same period exceeded estimates of -2 and jumped sharply by 12.6. Read more...
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