Pound Sterling Price News and Forecast: GBP/USD posts modest losses near 1.3340

FXStreet Team FXStreet

British Pound holds losses below 1.3350 amid Middle East turmoil

The GBP/USD pair trades with mild losses around 1.3340 during the European trading hours on Monday. Ongoing tensions in the Middle East and rising bets of a US interest rate hike provide some support to the US Dollar (USD) against the British Pound (GBP).

The BBC reported on Monday that the Israel Defense Forces (IDF) said that it struck military targets in western and central Iran, hours after Iran fired a salvo of missiles at northern Israel. Iranian officials said that any attack from Israel against Lebanon or Iran would be met with a "crushing and comprehensive response.” Read more...

British Pound recovers slightly from three-week low as USD bulls pause for a breather

The GBP/USD pair recovers slightly from a three-week low, touched during the Asian session on Monday, and climbs closer to mid-1.3300s in the last hour. However, the underlying strong bullish sentiment surrounding the US Dollar (USD) warrants some caution before positioning for any further appreciating move.

The USD Index (DXY), which tracks the Greenback against a basket of currencies, shot to a two-week high on Friday in reaction to the upbeat US Nonfarm Payrolls (NFP) report, which reaffirmed hawkish US Federal Reserve (Fed) expectations. The closely-watched employment details showed that the economy added 172K jobs in May, compared to 85K expected and the previous month's upwardly revised reading of 179K. Additional details revealed that the Unemployment Rate held steady at 4.3%, as anticipated, offsetting the widely expected slowdown in Average Hourly Earnings growth to the 3.4% YoY rate from 3.6% in April. Read more...

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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.