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GBP weak and underperforming most G10 currencies – Scotiabank

The Pound Sterling (GBP) is weak, down 0.2% against the US Dollar (USD) and underperforming all of the G10 currencies with the exception of NOK, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.

Focus on sentiment and fiscal/budget ahead of Nov 26

"There have been no major domestic data releases and UK-US yield spreads remain steady. Sentiment appears to be dominating as we note the renewed decline in 3M risk reversals, building a greater premium for protection against GBP weakness."

"The UK fiscal situation remains a primary concern for market participants, as Chancellor Reeves faces pressure to expand the UK’s fiscal buffer ahead of the Nov 26 budget release."

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.

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Editor's Picks

EUR/USD stays below 1.1600, awaits Fed commentary, US House vote

EUR/USD stays defensive below 1.1600 in the second half of the day on Wednesday as the trading action the FX space remains subdues. Markets await the US House vote on the stopgap funding bill that will end the government shutdown. Meanwhile, investors will pay close attention to comments from Fed policymakers.

GBP/USD declines toward 1.3100 as USD recovers ahead of House vote

GBP/USD stays on the back foot and falls toward 1.3100 on Wednesday. The US Dollar stages a rebound in anticipation of the US government reopening but the risk-positive market atmosphere limits the currency's gains. Fedspeak and the US House vote on the funding bill are awaited.

Gold consolidates weekly gains, holds above $4,100

Gold enters a consolidation phase and fluctuates above $4,100 following the bullish action seen earlier in the week. The improving market mood makes it difficult for XAU/USD to push higher as market focus shifts to House vote on funding bill and Fed commentary.

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US government hopes boost risk, as bond market may not prop up Starmer

As we move through the European trading session on Wednesday, there is residual optimism in the market that continues to boost risk sentiment. European indices are having another strong day, although the FTSE 100 is bucking this trend and is posting a small loss.

Chainlink Price Forecast: LINK outlook improves as staking rewards and whale activity strengthen network demand

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