GBP: Focus on BoE survey today – ING

FXStreet Insights Team FXStreet

In the UK, the focus today will be on the Bank of England's Decision Maker Panel survey of CFOs. The most interesting question for the market will be whether expected and realized wage growth continues to slow, ING’s FX strategist Chris Turner notes.

1.3100 is the risk for GBP/USD today

“If so, the market might be tempted to close the gap between the pricing of the BoE and Fed easing cycles. Looking at what's priced before year-end, we see 107bp priced for Fed easing and just 44bp for the BoE. We suspect more easing can be priced for the BoE, which could leave GBP/USD a little vulnerable.”

“Also today is Bank 1.3100 is the risk for GBP/USD today of England chief economist, Huw Pill, speaking at the Bruegel Institute in Brussels at 11CET. He voted against the rate cut in August. It is unclear whether he will go near monetary policy in his speech today, but if he does, any signs of greater confidence in the disinflation process could also hit the pound.”

“1.3100 is the risk for GBP/USD today and medium term we see the cable rally contained in the low 1.30s.”

Author

FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

AUD/USD seems vulnerable near 0.6800, 10-month low amid bullish USD

AUD/USD languishes near a 10-month low during the Asian session on Friday, awaiting a break below 0.6800 before the next leg up amid a bullish US Dollar. Firming Fed rate-hike expectations, along with fading hopes for US-Iran diplomacy, help the USD hold gains at its highest level since April 2025. Moreover, the RBA’s dovish tilt undermines the Aussie and backs the case for further losses.

USD/JPY bulls turn cautious near 160.00 amid intervention risks

USD/JPY enters a bullish consolidation phase around its highest level since early September as bulls turn cautious amid intervention risk near 160.00. Meanwhile, the downside seems cushioned as the wide US-Japan interest rate gap keeps the Yen carry trade active. Furthermore, the possibility of a jumbo Fed rate hike and Middle East uncertainties hold the US Dollar near a 19-month top, supporting the currency pair.

Gold remains on the back foot below $3,900

Gold now alternates gains with losses below the $3,900 mark per troy ounce on Friday. The precious metal struggles to regain traction amid the firmer US Dollar, mixed US Treasury yields and expectations of further tightening by the Fed at its December meeting.

Bitcoin just posted five straight losing weeks, and the storm may not be over yet

Bitcoin is struggling to find support, slipping below $70,000 as multiple headwinds threaten to push the Crypto King lower. The much-anticipated “Uptober” rally failed to materialize, with persistent selling pressure and widespread liquidations instead reinforcing the “Rektober” narrative.

Week ahead – Fed Minutes, inflation data and Nvidia earnings to guide investors

Fed minutes may add to hawkish tone as bets of 50-bps hike grow. Nvidia to report earnings as bar to impress high after spy scandal. Trade and geopolitics to be focal point of Trump-Xi summit.

Gold hit its lowest level of 2026 near $3,850

Gold (XAU/USD) attempts to stabilize around $3,890 on Friday after falling to $3,852 on Thursday, its lowest level since October 2025. The precious metal has lost more than 4% this week, as investors increasingly anticipate further monetary tightening from the Federal Reserve (Fed). The latest decline reflects a sharp change in market expectations.