GBP/USD: Waiting on the sidelines ahead of the BoE monetary policy update


Persistent USD selling bias helped limit the downside, rather attracted some dip-buying interest. The focus now shifts to the BoE and the US initial jobless claims, FXStreet’s analyst Haresh Menghani briefs.

Key quotes

“The greenback remained offered in the wake of the Fed's aggressive quantitative easing program. This coupled with the optimism over a massive $2 trillion US stimulus package dented the greenback's perceived safe-haven status against its British counterpart.”

“The uptick was further supported by mostly in line UK consumer inflation figures for February. From the US, the mixed release of the US Durable Goods Orders report failed to provide any respite to the USD bulls and remained supportive.” 

“Investors seemed reluctant to place any fresh directional bets, rather preferred to wait on the sidelines ahead of the latest BoE monetary policy update, scheduled to be announced later during the European session.” 

“The release of the highly anticipated US initial weekly jobless claims data should influence the USD price dynamics and further contribute towards producing some meaningful trading opportunities.”

 

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.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!


Latest Forex News

Editors’ Picks

EUR/USD extends slump after NFP shows massive job loss

EUR/USD is trading below 1.08, down on the day. The Non-Farm Payrolls report has shown a loss of 701,000 jobs, worse than expected. The ISM Non-Manufacturing PMI surprised to the upside with 52.5 points. 

EUR/USD News

GBP/USD drops below 1.23 amid sour mood, after UK data

GBP/USD has dropped below 1.23 as the market mood sours. Final UK Services PMI dropped to 34.5 points, worse than expected.  

GBP/USD News

NFP Quick Analysis: 701K jobs lost only be tip of the iceberg, why King Dollar is ready for coronation

The US lost 701,000 jobs in March, the worst in 11 years. The Non-Farm Payrolls figures are lagging the fast-moving events. Wage growth is also skewed and should be ignored. The safe-haven dollar has room to rise. 

Read more

WTI trades in three-week’s highs near $26.50 a barrel

WTI is jumping from multi-year lows following the US President Trump’s tweet of yesterday (Thursday) suggesting a Saudi-Russian deal was on the pipeline.

Oil News

Gold remains confined in a range, moves little post-NFP

Gold extended its sideways consolidative price action around the $1615 region and had a rather muted reaction to the US monthly employment details

Gold News

Forex MAJORS

Cryptocurrencies

Signatures