Pound Sterling Price News and Forecast: GBP/USD edges lower to near 1.3010

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GBP/USD softens to near 1.3000 ahead of UK Autumn Budget

The GBP/USD pair weakens around 1.3010 despite the consolidation of the US Dollar (USD) during the early Asian session on Wednesday. Investors await the release of the UK’s Autumn Budget, the US October ADP Employment Change and the advanced US Q3 Gross Domestic Product (GDP), which are due later on Wednesday.

The US Bureau of Labor Statistics (BLS) reported in the Job Openings and Labor Turnover Survey (JOLTS) on Tuesday that Job openings came in at 7.443 million, followed the 7.861 million (revised from 8.04 million) seen in August, and came in below the market expectation of 7.99 million. This report might prompt the Federal Reserve (Fed) dovish bets and weigh the Greenback against the Pound Sterling (GBP). Read more...

GBP/USD Price Forecast: Consolidates at around 1.3000 due to soft US Dollar

The Pound Sterling climbed past 1.3000 for the first time in five days after a US jobs report increased the chances that the Federal Reserve (Fed) would cut rates at the last two meetings in 2024. The GBP/USD trades at 1.2998, posting gains of over 0.21%.

The GBP/USD has been range-bound within the 1.2900/1.3000 mark, unable to break the bottom/top of the area. Investors remain reluctant to position themselves as they eye the release of the UK budget, seen as traders as the next catalyst, ahead of the policy decisions of the Bank of England and the Federal Reserve next week. Read more...

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AUD/USD breaks below 0.7000 ahead of inflation data

AUD/USD has accelerated its downward trend on Tuesday, breaching below the key 0.7000 yardstick ahead of the opening bell in Asia on Wednesday. Indeed, spot has retreated for the second day in a row despite the hawkish hike by the RBA early on Tuesday and in response to the continuation of the move higher in the Greenback. Looking ahead, all the attention will be on the release of Australia’s inflation data on Wednesday.

USD/JPY consolidates near 157.50 as a bullish USD counters intervention risks

USD/JPY struggles to capitalize on the overnight bounce from a one-week low, consolidating around 157.50 in the Asian session on Tuesday. Trump's concerns about the Japanese Yen's weakness fueled speculation about another US-Japan joint intervention. This, along with the hawkish BoJ, underpins the JPY and caps the currency pair. Meanwhile, rising Fed rate-hike bets and oil-driven inflation fears continue to push US bond yields to multi-year highs, keeping the US Dollar pinned near a two-month high and supporting the pair.

Gold trims gains; back toward $4,150

Gold now surrenders some of its initial advance and retests the $4,150 zone per troy ounce on Tuesday. Meanwhile, the move higher in the yellow metal comes despite the firmer US Dollar and rising US Treasury yields across the board, while escalating geopolitical tensions appear to limit the downside potential.

XRP advances within a robust technical structure

Ripple (XRP) shows signs of stabilizing after reclaiming support at $1.50 on Tuesday. A robust technical structure underpins the token’s short to medium-term bullish outlook. Still, XRP is not out of the woods yet, as profit-taking and buyer exhaustion could weigh on price action and extend the recent correction from September highs around $1.66.

RBA recap: Rate hikes are on the table as demand stays too strong

The Reserve Bank of Australia unanimously tightened monetary policy, warning that inflation remained too high and that several upside risks had begun to materialise. Governor Michele Bullock said the Board would raise rates again if necessary.

Silver is more volatile than Gold ahead of PCE and NFP. This chart shows the positioning gap

The market’s attention is focused on American data this week, but there’s something only those with a trained eye may be looking at: Gold and Silver positioning gap. Financial markets are moving on fears, mostly related to persistently high energy prices driven by the Middle East war. Sure, the US Dollar (USD) is strong, but at what cost?