Pound Sterling Price News and Forecast: GBP edges higher against US Dollar

FXStreet Team FXStreet

British Pound edges higher against US Dollar, UK Chancellor Healey’s speech eyed

The British Pound (GBP) is marginally higher at around 1.3525 against the US Dollar (USD) during the European trading session on Monday. The GBP/USD pair ticks up as the US Dollar struggles to attract bids despite the United States (US) Bureau of Labor Statistics (BLS) posting strong Nonfarm Payrolls (NFP) figures for August.

At press time, the US Dollar Index (DXY), which gauges the Greenback’s value against six major currencies, trades subduedly near 99.10, but remains inside Friday’s trading range. Read more...

GBP/USD Price Forecast: Struggles near 1.3500 amid modest USD uptick; bears seem hesitant

The GBP/USD pair trades with a negative bias for the second straight day, though it lacks bearish conviction and trades around the 1.3500 psychological mark during the Asian session on Monday. Moreover, spot prices hold above Friday's swing low, warranting some caution for bearish traders.

The US Dollar (USD) draws support from rising bets for an interest rate hike by the US Federal Reserve (Fed) in September amid inflation risks stemming from higher energy prices. Adding to this, escalating US-Iran confrontations in the Strait of Hormuz act as a tailwind for the safe-haven buck and weigh on the GBP/USD pair. USD bulls, however, seem hesitant and opt to wait for US inflation figures, due later this week, for more cues about the Fed's policy path. Read more...

British Pound gains as US Dollar weakens despite Fed rate hike odds surge

GBP/USD inches higher after posting minor losses in the previous day, trading around 1.3520 during Asian hours on Monday. The currency pair gains ground as the US Dollar (USD) struggles, possibly driven by a Goldman Sachs report emphasizing that this week's inflation data will be pivotal. Goldman Sachs expects a benign Consumer Price Index (CPI) reading to keep the Federal Reserve (Fed) on hold, even though August's solid job numbers removed one key obstacle to a potential rate increase.

According to the US Bureau of Labor Statistics (BLS), Nonfarm Payrolls (NFP) rose by 162,000 in August, easily beating market expectations of 56,000 and accelerating from an upwardly revised 21,000 increase in July. Meanwhile, the Unemployment Rate held steady at 4.1%. Read more...

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FXStreet Team

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