Pound Sterling Price News and Forecast: GBP/USD under policy pressure

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GBP/USD under policy pressure: What lies ahead for the Prime Minister?

GBP/USD held at 1.3528 on Thursday following an overnight decline. The pound remains under pressure, close to its lowest levels since late April, amid media reports of a potential leadership contest within the ruling party. According to The Times, British Health Minister Wes Streeting is preparing to launch a campaign against Prime Minister Keir Starmer.

Despite pressure from parts of the government and more than 80 Labour Party MPs, Starmer has reiterated that he does not intend to resign following the party’s weak performance in the local elections. The cabinet composition remains largely stable, despite a few resignations from junior ministers. Read more...

British Pound holds above 1.3500, as UK GDP, manufacturing data beat expectations

The Pound (GBP) remains practically flat against the US Dollar (USD) on Thursday, trading at 1.3520 at the moment of writing, and consolidating losses after pulling back from 1.3650 highs earlier in the week. The pair, however, is likely to draw some support from UK data, as Gross Domestic Product (GDP) and manufacturing figures released on Thursday have beaten market expectations.

British preliminary Q1 GDP data revealed that the economy accelerated to a 0.6% growth in the first three months of the year, as expected, following a 0.2% growth in the previous quarter. The positive surprise, however, was the 0.3% GDP growth posted in March, which beats expectations of a 0.2% contraction and eases concerns about a sharp economic downturn stemming from the war in Iran. Read more...

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GBP/USD holds range near 1.3500 after UK Q2 GDP

GBP/USD keeps its range near the 1.3500 psychological mark in the European session on Thursday. The mixed UK GDP and industrial data failed to inspire the British Pound. Meanwhile, the US Dollar stabilizes after the US CPI data-led sell-off, checking any upside attempts in the pair.

EUR/USD flatlines above 1.1500 as US Dollar stablizes ahead of PPI

EUR/USD is trading modestly flat above 1.1500 in European trading hours on Thursday. The pair stalls its rebound as the US Dollar consolidates losses incurred after the release of July's Consumer Price Index report. Inflation in the US moderated across a broad range of goods and services, cooling expectations for an aggressive Federal Reserve rate hike in September and weighing on the Greenback. The US PPI data is next in focus.

Gold stays weak below $4,400 as USD stalls post-CPI decline

Gold holds its intraday retracement slide from the highest level since June 5 at the $4,450 area touched earlier this Thursday, and trades below the $4,400 mark in the European session. The initial market reaction to signs of moderating US inflation fades quickly as investors remain worried that higher energy prices will rekindle inflationary pressures, pausing the US Dollar's downside.

XRP holds at make-or-break level, ADA and SOL risk 50-day EMA breakout

Top altcoins, including Ripple, Cardano, and Solana, are facing downside pressure, holding at crucial support levels. The technical outlook for XRP, ADA, and SOL indicates a mild bearish bias as downside pressure mounts.

Boring CPI, boring August?

Yesterday’s unexciting US CPI print left FX with little sense of direction into the end-August Jackson Hole Symposium. What can stop this relentless decline in volatility? Gulf news, Fedspeak and big surprises in tier-two data are all possible candidates. But there’s a good chance they won’t, and EUR/USD may stay in tight ranges for the next few weeks.

Why is Crude Oil priced for a reopening the ships haven't made?

Fourteen vessels crossed the Strait of Hormuz on Tuesday. Before the war, the count ran near 120 a day. In the sessions since the waterway was publicly declared open, Brent has drifted back to $87 and West Texas Intermediate (WTI) to $81, both a little lower again on Wednesday, with daily momentum on each unwound from the top of its range in late July to the low twenties now.