Pound Sterling Price News and Forecast: GBP/USD draws support from subdued USD demand

FXStreet Team FXStreet

GBP/USD consolidates around mid-1.3000s, seems vulnerable ahead of UK data

The GBP/USD pair struggles to capitalize on the previous day's modest bounce from the 1.3020 area or a one-month low and oscillates in a narrow band during the Asian session on Friday. Spot prices currently hover around mid-1.3000s, unchanged for the day, and seem vulnerable to prolonging the recent retracement slide from the highest level since March 2022 touched last month.

The US Initial Jobless Claims data released on Thursday pointed to signs of weakness in the US labor market and suggested that the Federal Reserve (Fed) will continue cutting interest rates. This keeps the US Dollar (USD) on the defensive below its highest level since mid-August and lends some support to the GBP/USD pair. That said, investors now seem to have fully priced out the possibility of a more aggressive policy easing by the Fed. The expectations were reaffirmed by the September FOMC meeting minutes and the stronger-than-expected US consumer inflation figures. Read more...

GBP/USD inches toward 1.30 after US CPI inflation runs hot

GPB/USD roiled on Thursday, battling just north of the 1.3000 handle before trimming 0.1% for the day. The Greenback was bolstered by a misfire in US Consumer Price Inflation (CPI) inflation figures, which printed hotter than markets expected. A raft of UK and US data is due on Friday, giving the Cable a tense finish to an otherwise quiet week.

Headline US CPI inflation fell less than expected through the year ended in September, declining from 2.5% to 2.4%. Median market forecasts had called for a print of 2.4% YoY. On the other hand, core US CPI inflation ticked higher YoY in September, rising to 3.3% from the previous 3.2%. Read more...

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FXStreet

EUR/USD holds steady above 1.1650 amid Fed independence concerns

The EUR/USD pair holds steady near 1.1665 during the early Asian trading hours on Tuesday. Traders digested the US President Donald Trump administration's threat to indict the Federal Reserve after Chair Jerome Powell said on Sunday that he’s under criminal investigation.

GBP/USD holds steady around 1.3475 as traders seem hesitant ahead of US CPI report

The GBP/USD pair edges higher for the second straight day on Tuesday and looks to build on the previous day's recovery from the 1.3390 region, or a three-week low. Spot prices currently trade around the 1.3475 region, up nearly 0.10% for the day.

Gold: Will US CPI data fuel another record rally?

Gold is treading water near the $4,600 threshold early Tuesday, as buyers catch a breather after Monday’s rally to fresh record highs of $4,630. All eyes now turn to the US Consumer Price Index inflation data due later in the North American Session for fresh trading impetus.