Pound Sterling could extend uptrend on a soft US CPI print

FXStreet Team FXStreet

Pound Sterling moves higher as US Dollar drops ahead of US Inflation data

The Pound Sterling (GBP) rises against the US Dollar in Wednesday’s London session ahead of the United States Consumer Price Index (CPI) data for March, which will be published at 12:30 GMT. Economists expect US inflation to remain relatively high in March due to increasing Oil prices, insurance costs and rentals.

Hot price pressures would shift market expectations of Federal Reserve (Fed) rate cuts to the third quarter of this year. On the contrary, softer-than-expected numbers would likely reinforce speculation of rate cuts in June. Read more...

GBP/USD Forecast: Pound Sterling could extend uptrend on a soft US CPI print

GBP/USD retreated slightly after rising above 1.2700 for the first time in over two weeks on Tuesday but closed the day in positive territory. The pair holds steady slightly below this level early Wednesday as market focus shifts to the US inflation data for March.

The table below shows the percentage change of Pound Sterling (GBP) against listed major currencies this week. Pound Sterling was the strongest against the Japanese Yen. Read more...

GBP/USD Forecast: Pound Sterling could face strong resistance at 1.2670

GBP/USD closed the first trading day of the week marginally higher but struggled to gather recovery momentum on Tuesday. As trading action turns subdued ahead of Wednesday's key inflation data from the US, the pair could have a difficult time making a decisive move in either direction.

After opening in negative territory, major equity indexes in the US recovered to end the day virtually unchanged on Monday. In turn, the US Dollar (USD) weakened slightly against its major rivals. Additionally, the Federal Reserve Bank of New York reported in its latest Survey of Consumer Expectations that the year-ahead inflation expectation remained unchanged at 3% March, not allowing the USD to gain traction. Read more...

Author

FXStreet Team

FXStreet

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.