Pound Sterling Price News and Forecast: GBP/USD appreciated ahead of the BoE interest rate decision

FXStreet Team FXStreet

GBP/USD holds gains above 1.3050 ahead of BoE policy decision

GBP/USD extends its gains for the second successive session, trading around 1.3060 during the Asian hours on Thursday. The pair holds gains as the Pound Sterling (GBP) receives support ahead of the Bank of England’s (BoE) interest rate decision due later in the day. The BoE is widely expected to keep its policy rate unchanged at 4% in November, but softer inflation and wage data have strengthened the case for rate cuts in the coming months.

Expectations are mounting for Chancellor Rachel Reeves to introduce stricter fiscal measures in her November 26 budget to tackle the UK’s substantial borrowing requirements. In a pre-budget address, Reeves hinted at potential tax hikes and underscored the importance of managing debt and borrowing expenses. Read more...

GBP/USD finds a weak floor ahead of BoE rate call

GBP/USD grappled with a near-term technical floor on Wednesday, finding some breathing room just north of 1.3000. A thin, dead-cat-style bounce has greeted Cable traders following several weeks of one-sided declines. The Bank of England (BoE) and its latest interest rate decision looms large on Thursday, and volatile private datasets have taken precedence in US data flows as the US government shutdown keeps official economic data sources dark.

The Cable pair heads into Thursday’s market sessions battling near the 1.3050 level. GBP/USD is down a little over 3% from its last swing high near 1.3470 in mid-October, having lost ground for all but two of the last 13 consecutive trading days. Read more...

GBP/USD steadies after sharp drop as Reeves’ tax warning sparks fiscal jitters

GBP/USD holds firm on Wednesday following Tuesday’s 0.90% losses due to the UK’s finance minister Rachel Reeves saying that she could raise taxes to meet the fiscal rules. The pair trades at 1.3028, virtually unchanged, at the time of writing.

On Tuesday, Reeves crossed the wires, saying that the UK is facing challenges since her first budget, amid growing questions about which taxes she would raise to keep the budget on track. Analysts at Société Générale said, “She is justifying tough decisions to come in the budget. The fact that this is happening at all means that manifesto pledges will not be followed to the letter.” Read more...

Author

FXStreet Team

FXStreet

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.

AUD/USD sticks to positive bias above 0.7100; lacks bullish conviction

AUD/USD trades with a positive bias for the second straight day, holding above 0.7100 in the Asian session on Friday as softer US bond yields keep US Dollar bulls on the back foot. Furthermore, hawkish RBA Governor Bullock's comments boost rate hike bets and support the Aussie. However, the Fed's hawkish outlook, along with geopolitical uncertainties, limits USD losses and caps the pair.

USD/JPY approaches 158.00 as Japanese Yen resumes decline

USD/JPY is resuming its upside in the European session on Friday, refreshing two-week highs and nearing 158.00. The Japanese Yen extends losses, despite the Bank of Japan's (BoJ) expected rate hike to 1.25% and hawkish Governor Ueda's comments, as two surprise dissents against the rate hike weigh on it.

Gold keeps the bid tone in place; still below $4,400

Gold adds to the optimism seen in the second half of the week, trading with decent gains just below the $4,400 mark per troy ounce on Friday. The precious metal’s advance finds traction in declining crude oil prices and fresh selling pressure on the US Dollar.

Why altcoin season isn't coming back — and what stole its capital

If, after two years of being frozen in ice, Katara and Sokka woke you up to the crypto market, it would seem like 100 years have passed. With Bitcoin soaring to record highs just over a year ago, everyone expected a routine altcoin season, where investors take profits from the top crypto to chase higher returns in altcoins.

BoJ Recap: Not as hawkish as expected

The BoJ raised its short-term interest-rate target to 1.25% from 1.00% in a 7-2 vote, marking another step in the normalisation of monetary policy and widely matching what everyone has been expecting for weeks. Governor Kazuo Ueda said the policy phase had changed.

BoJ Recap: Not as hawkish as expected

The Bank of Japan (BoJ) raised its short-term interest-rate target to 1.25% from 1.00% in a 7-2 vote, marking another step in the normalisation of monetary policy and widely matching what everyone has been expecting for weeks.