Pound Sterling Price News and Forecast: GBP/USD softens to around 1.3355 during Asian session

FXStreet Team FXStreet

British Pound declines to near 1.3350 as US launches strikes on Iran

The GBP/USD pair loses traction to near 1.3355 during the Asian trading hours on Wednesday. The US Dollar (USD) edges higher against the British Pound (GBP) amid renewed geopolitical tensions after the US renewed strikes on Iran. The Federal Reserve’s (Fed) June meeting minutes will be published later on Wednesday.

Washington unleashed a new wave of strikes against Tehran on Tuesday and revoked a license allowing the country to sell oil after three tankers were attacked in the Strait of Hormuz, per Reuters. Geopolitical fears surge following this headline, supporting the Greenback as a safe-haven asset. Read more...

British Pound Sterling Runs Out of American Bad News After Nine Straight Days

The Pound's nine-session march against the Dollar ended on Tuesday, and it took exactly one geopolitical headline to finish it. Cable opened near 1.3392, poked above the 1.3400 handle in early European trade, and then spent the balance of the session giving ground to settle around 1.3356, down 0.27% and back below a daily moving-average cluster that has been waiting overhead for weeks.

The streak that died on Tuesday was never a Sterling story to begin with, and its fuel was entirely imported: nine consecutive gains off the 1.3140 base in late June, powered by a deteriorating American labour tape. June nonfarm payrolls printed 57,000 against a consensus near 115,000, earlier months were revised lower, and Tuesday's ADP four-week average employment change slipped to 21,000 from 24,250, extending the softening trend. Read more...

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GBP/USD off highs, back to 1.3620

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EUR/USD treads water below 1.1700

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Gold trims gains, recedes to the sub-$4,600 area

Gold rapidly leaves behind Thursday’s inconclusive price action and advances markedly on Friday, briefly surpassing the $4,600 mark per troy ounce to hit three-month peaks. Meanwhile, the precious metal’s solid performance comes despite marginal gains in the buck coupled with another day of rising US Treasury yields across the curve.

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.