Pound Sterling Price News and Forecast: GBP/USD advances as the US Dollar Index retreats

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Pound Sterling rises as US Dollar retreats ahead of PCE inflation data

GBP/USD pares recent losses from the previous session, trading around 1.3370 during the Asian hours on Friday. The pair strengthens as the US Dollar Index (DXY) retreats after gaining nearly 0.5% on Thursday. However, the US Dollar could regain support amid escalating geopolitical tensions in the Middle East.

Traders are likely awaiting another key US inflation release. January’s Personal Consumption Expenditures Price Index (PCE), the preferred inflation gauge of the Federal Reserve (Fed), is due later in the day, though it will not reflect the impact of the Iran war. Markets will also monitor the first revision of fourth-quarter US GDP growth and March consumer confidence. Read more...

GBP/USD Price Analysis: Pound falls as Middle East war continues to escalate

The GBP/USD pair is trading near the 1.3350 level, losing ground for the third consecutive day amid intensifying tensions in the Middle East. On Wednesday, the International Energy Agency (IEA) agreed to release around 400 million barrels of Oil from member countries’ strategic reserves to tame energy prices.

Markets were increasingly confident that the Bank of England (BoE) would cut interest rates at next week’s monetary policy meeting. However, inflationary pressure from higher Oil prices have clouded the policy outlook, prompting expectations from policymakers to remain cautious and potentially delay rate cuts. Read more...

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FXStreet Team

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Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

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