GBP/USD plunges to new lows to kick off the new trading year
GBP/USD struck a soft chord on Thursday, dumping over one percent on the outset of the new trading season and piercing through the 1.2400 handle for the first time in almost ten months. Market volumes remain thin following the midweek New Year’s holiday, but the orders coming through are on a decidedly risk-off stance.
Economic data on the UK side remains strictly low-tier through the remainder of the first trading week of 2025, leaving Cable traders to grapple with a fresh update in US Purchasing Managers Index (PMI) figures slated for Friday. UK Money Supply and Mortgage Approvals are due to release early Friday as well, but the low-impact figures are unlikely to move the markets. Read more...
GBP/USD forecast: 2024 low at siege amid risk aversion
The US Dollar (USD) resumed its advance after the New Year holiday, challenging multi-month highs against European rivals in the American session. The GBP/USD pair traded as low as 1.2351, bouncing just modestly from the level as the dismal mood prevails.
The Pound Sterling (GBP) fell following the release of the December United Kingdom (UK) Manufacturing Purchasing Managers’ Index (PMI), as the final version resulted at 47, below the previous estimate of 47.3, also missing expectations of a similar reading. Read more...
Pound Sterling dives against US Dollar as US Jobless Claims dip
The Pound Sterling (GBP) plunges to near 1.2400 against the US Dollar (USD) at the start of the year, the lowest level seen in more than eight months. The GBP/USD pair faces an intense sell-off as the US Dollar Index (DXY) refreshes a more-than-two-year high at around 108.90.
The greenback strengthens as the United States (US) Initial Jobless Claims for the week ending December 27 have come in lower than projected. The Department of Labour reported that individuals claiming jobless benefits for the first time were 211K, lower than estimates of 222K and the former release of 220K, upwardly revised from 219K. A lower number of individuals claiming jobless benefits indicates an improvement in the labor demand. Read more...
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