Pound Sterling Price News and Forecast: GBP/USD pushing against six-month highs in the 1.3660

FXStreet Team FXStreet

British Pound holds gains against a weak US Dollar despite downbeat UK Retail Sales

The British Pound (GBP) trades firm against the US Dollar (USD) on Friday, with the GBP/USD pair pushing against six-month highs in the 1.3660 area at the time of writing, on track for a 0.8% weekly rally. UK Retail Sales confirmed that consumption fell in July, but the pair maintains its bullish tone intact, as the US Dollar remains on its back foot, hammered by the Treasury’s bond buyback plans.

Data released by National Statistics on Friday revealed that retail consumption contracted 0.5% in the UK in July, in line with market expectations, following a 0.7% increase in June. Year-over-year, sales increased at a 1.6% pace, down from 3.8% in June and below the consensus 2.2%. Read more...

British Pound edges higher to near 1.3650, UK Retail Sales data looms

The GBP/USD pair gathers strength near 1.3645 during the early Asian trading hours on Friday. The US Dollar (USD) softens against the British Pound (GBP) amid fading Federal Reserve (Fed) rate hike expectations. Traders brace for the UK Retail Sales data for July, which will be published later on Friday.

Softer US economic data and uncertainty over Fed policy exert some selling pressure on the Greenback. Charu Chanana, chief investment strategist at Saxo, said that higher Treasury yields do not necessarily underpin the USD if investors believe the increase reflects fiscal risk, heavier government borrowing or persistent inflation, rather than stronger US growth or tighter monetary policy. Read more...

GBP/USD at three-month high: Outlook hinges on economic data

GBP/USD surged to 1.3613 on Wednesday, reaching a three-month high. Investors are digesting fresh UK inflation and labour market data.

Consumer inflation accelerated to 2.9% in July, up from 2.6% in June and in line with forecasts. Core inflation held steady at 2.6%. Following the release, markets slightly scaled back expectations of a Bank of England rate hike before year-end. Read more...

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GBP/USD retreats below 1.3650, looks to post strong weekly gains

GBP/USD loses its traction and trades below 1.3650 after touching its highest level since February above 1.3670 on the back of upbeat UK PMI data. The US Dollar (USD) shows some resilience against its peers, supported by the encouraging PMI prints, and limits the pair's upside. Still, GBP/USD remains on track to end the second consecutive week in positive territory.

EUR/USD stays below 1.1700 after US PMI data

EUR/USD corrects lower and trades below 1.1700 following the bullish action seen in the European session despite the mixed PMI prints from Germany and the Eurozone. Meanwhile, the US Dollar holds its ground heading into the weekend after PMI surveys reaffirmed healthy business activity in private sector. Nevertheless, the pair remains on track to post strong weekly gains.

Gold tests three-month highs near $4,600 as the US Dollar dives

Gold extends gains on Friday, with bulls aiming for a retest of the $4,600 resistance area, the top of the last six months' trading range. Precious metals are gaining momentum, favoured by a sharp US Dollar selloff, following the announcement of a US Treasury plan to boost liquidity to repurchase long-term securities.

Crypto Today: Bitcoin, Ethereum, XRP bulls accelerate rally amid rising ETF inflows

The cryptocurrency market remains bullish on Friday, led by Bitcoin’s surge above $77,000. Altcoins, including Ethereum and Ripple, mirror BTC’s positive outlook, trading near $2,400 and $1.35, respectively.

Week ahead – Fed’s Jackson Hole and Nvidia earnings to dictate markets

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$20 billion offered, $2 billion taken: Why Treasury doubled its buyback cap

The US Treasury moved off its own calendar on Wednesday, and that is the part worth sitting with. At 12:32 GMT, the department said it would at least double the size of liquidity support buyback operations in the 10-year to 20-year and 20-year to 30-year sectors, lifting the maximum from $2 billion per operation to at least $4 billion, effective September 9 and running to November 4.