Pound Sterling Price News and Forecast: GBP flattens against US Dollar ahead of US inflation data

FXStreet Team FXStreet

Pound Sterling flattens against US Dollar ahead of US inflation data

The Pound Sterling (GBP) claws back its early losses against the US Dollar (USD) during European trading hours on Wednesday and flattens around 1.3500. The GBP/USD pair turns calm, while the US Dollar consolidates ahead of the United States (US) Consumer Price Index (CPI) data for May, which will be published at 12:30 GMT.

The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, wobbles around 99.00. Investors will pay close attention to the US inflation data as it will influence market expectations for the Federal Reserve’s (Fed) monetary policy outlook. Read more...

GBP/USD Forecast: Pound Sterling could extend slide on a hot US inflation print

After falling to a fresh weekly low near 1.3450 on Tuesday, GBP/USD corrects higher and holds steady at around 1.3500 in the European morning on Wednesday. The technical outlook points to a bearish tilt in the near term as markets await May inflation data from the US.

The disappointing labor market data from the UK, which highlighted an uptick in the Unemployment Rate alongside softer-than-expected wage inflation figures, revived expectations for the Bank of England (BoE) to cut rates multiple times this year and weighed on Pound Sterling. Reaffirming this view, a large majority of 59 economists that took part in a recently conducted Reuters poll noted that they see the BoE cutting the policy by 25 basis points (bps) in the third quarter and the fourth quarter, bringing down the bank rate to 3.75% from 4.25%, where it currently stands. Read more...

Author

FXStreet Team

FXStreet

EUR/USD turns negative around 1.1600

EUR/USD is once again under selling pressure, sliding back towards the key 1.1600 support area amid a renewed upswing in the US dollar. The greenback has gathered further momentum after President Trump voiced praise for Kevin Hassett in connection with the Fed chair role.

GBP/USD trims gains, back below 1.33400

The current rebound in the Greenback prompts GBP/USD to surrender a big chunk of its earlier gains and slip back below the key 1.3400 mark on Friday. The marked bounce in the US Dollar followed the markets’ reaction to the likelihood that K. Hasset could become the next Fed Chief.

Gold weakens below $4,600 on USD rebound

Gold adds to Thursday’s small decline and breaks below the $4,600 mark per troy ounce at the end of the week. The precious metal’s corrective move comes on the back of easing geopolitical tensions and the late improvement in the Greenback.

Crypto Today: Bitcoin, Ethereum, XRP hold support amid waning retail demand

Bitcoin slips but holds above $95,000, weighed down by declining retail demand. Ethereum trades narrowly between the 100-day EMA support and the 200-day EMA resistance. XRP edges lower for the third consecutive day, driven by a persistently weakening derivatives market.

Week ahead – US PCE and Davos in focus for Dollar traders – BoJ meets

US PCE, PMIs and remarks from Davos could impact Fed cut bets. BoJ to stand pat; focus to fall on guidance after election reports. UK CPI and retail sales data may confirm bets of more BoE cuts.

Dash Price Forecast: DASH defies headwinds, paces toward $100

Dash extends its rally, reaching an intraday high of $96.85 despite the broader crypto market correcting. Retail interest in DASH explodes as futures Open Interest soars to $165 million.