GBP/USD remains capped under 1.3000, focus on Fedspeak
The GBP/USD pair weakens near 1.2980, snapping the three-day winning streak during the early European session on Tuesday. The modest recovery of the Greenback drags the major pair lower. In the absence of top-tier data releases from the UK later this week, the USD price dynamic will be the main driver for the GBP/USD. All eyes will be on the Federal Reserve (Fed) Chair Jerome Powell's speech on Friday.
The UK inflation and employment reports last week supported the Bank of England (BoE) to keep the interest rate steady at 5.0% at the upcoming September meeting. IBOSS chief economist, Rupert Thompson, noted, “The BOE is most likely to leave rates unchanged at their next meeting in September, with the next cut having to wait until November.” The expectation of more rate cuts by the BoE might weigh on the Pound Sterling (GBP) in the near term. Read more...
GBP/USD climbs for a third straight day as Greenback recedes
GBP/USD rose one-third of one percent after the US Dollar continued to recede to kick off the new trading week. Greenback flows extended a near-term course reversal as investors shrug off a recent downswing in market sentiment. A rough patch of bad US data reignited investor fears of an impending US recession, but a late upswing in recent US data prints have soothed investor nerves, who have to returned to waiting for signs of rate cuts from the Federal Reserve (Fed).
The midweek stretch is a quiet affair as markets await key data on Thursday as well as the kickoff of this year’s Jackson Hole Economic Symposium. All three are expected to land on markets beginning on Thursday. Read more...
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EUR/USD struggles to recover above 1.1000 ahead of Fedspeak
EUR/USD holds ground on upbeat German Industrial Production data on Tuesday but finds it difficult to clear the 1.1000 hurdle. In the absence of high-tier macroeconomic data releases from the US, investors will pay close attention to comments from central bankers.
GBP/USD holds steady near 1.3100 as mood sours
GBP/USD trades in a tight channel at around 1.3100 following Monday's decline. The negative shift seen in risk mood doesn't allow the pair to gather recovery momentum as investors await comments from Federal Reserve policymakers.
Gold recovers from weekly lows, trades near $2,650
After falling to a fresh weekly low below $2,630 earlier in the day, Gold gains traction and recovers to the $2,650 area. The precious metal benefits from the negative shift seen in risk mood as geopolitical tensions remain high.
Ripple price shows signs of weakness
Ripple price stabilizes around $0.530 and trades within a tight range for the fourth day in a row on Tuesday. After breaking below its ascending trendline last week, XRP’s price was rejected from its daily resistance level on Monday.
RBA widely expected to keep key interest rate unchanged amid persisting price pressures
The Reserve Bank of Australia is likely to continue bucking the trend adopted by major central banks of the dovish policy pivot, opting to maintain the policy for the seventh consecutive meeting on Tuesday.
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