Pound Sterling Price News and Forecast: GBP/USD steadies as traders adopt caution ahead of Powell’s speech

FXStreet Team FXStreet

GBP/USD maintains position above 1.3400 ahead of Fed Powell’s speech

GBP/USD moves little after four days of losses, trading around 1.3410 during the Asian hours on Friday. The pair faced challenges as the US Dollar (USD) gained ground following the key economic data from the United States (US) released on Thursday. Traders await Fed Chair Jerome Powell’s speech at the Jackson Hole Symposium in Wyoming to gain clues on the September policy outlook.

The preliminary S&P Global US Composite PMI picked up pace in August, with the index at 55.4 versus 55.1 prior. Meanwhile, the US Manufacturing PMI rose to 53.3 from 49.8 prior, surpassing the market consensus of 49.5. Services PMI eased to 55.4 from 55.7 previous reading, but was stronger than the 54.2 expected. Moreover, US Initial Jobless Claims rose to 235K for the previous week, an eight-week high and above the consensus estimate of 225K, suggesting some softening in labor market conditions. Read more...

GBP/USD extends losing streak as strong US PMI fuels Dollar strength, Jackson Hole in focus

The British Pound (GBP) extends its decline for the fourth consecutive day against the US Dollar (USD) on Thursday, with GBP/USD slipping below the 1.3450 level. At the time of writing, the pair is trading near 1.3435, weighed down by a stronger Greenback and diverging economic signals.

The US Dollar strengthened across the board after the upbeat Purchasing Managers Index (PMI) data, with the US Dollar Index (DXY), which tracks the value of the Greenback against a basket of major currencies, rising sharply to a fresh weekly high around 98.50. Read more...

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FXStreet Team

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AUD/USD falls to near 0.7100 after slipping below 50-day EMA

AUD/USD depreciates after registering minor gains in the previous day, trading around 0.7120 during the Asian hours. The technical analysis of the daily chart shows the pair consolidating sideways within a rectangle pattern, as neither bulls nor bears gain control. The AUD/USD pair is holding a slight bearish tone however as it sits beneath both the nine-day and 50-day EMAs.

160.00: USD/JPY back near intervention territory after upbeat US jobs report

US Nonfarm Payrolls beat expectations by a wide margin in May, with 172K jobs added. The US Dollar rebounds after the release, helping USD/JPY recover from its intraday lows. Warnings from Japanese authorities continue to limit upside potential near the 160.00 threshold.

Gold targets $4,300 amid stronger Dollar

Gold faces increasing selling interest and navigates the area of three-month lows near the $4,300 mark per troy ounce on Friday. The precious metal’s decline comes as traders assess the stronger-than-expected NFP, while the bid bias in the Greenback and higher US Treasury yields also collaborate with the retracement.

Cardano hits five-year low even as Hoskinson clarifies "break" isn't an exit

Cardano (ADA) price is down 10% at press time on Friday, extending losses over 30% so far this week amid Charles Hoskinson's clarification that "break" isn't an exit.

Week ahead – Fed countdown begins amid US inflation data and geopolitical risks

Fed Chair Warsh’s first meeting approaches as key US inflation data could reshape expectations. Oil prices remain elevated as US-Iran talks continue; tariffs also return to the spotlight. ECB is expected to hike; will it be a one-off move or is July live?

The US economy defies the rules: 100 days into the Oil shock and the recession signal is still missing

More than three months after the start of the Iran war and the resulting disruption to global energy markets, the US economy continues to display remarkable resilience. The conflict has triggered a sharp rise in Oil prices, reignited inflationary pressures and fueled widespread concerns about a potential economic slowdown.