Pound Sterling Price News & Forecast: GBP/USD dips but remains on track for weekly gains

FXStreet Team FXStreet

British Pound eases as UK sales drop, US services beat

The Pound Sterling loses some ground against the US Dollar, though it remains poised to end the week with gains of over 0.60%, even as UK Retail Sales disappointed investors and US business activity improved in August. The GBP/USD trades at 1.3626, down some 0.02%.

Data in the US was mixed, with S&P Global revealing Flash PMIs. On the positive side, the Services PMI in August rose from 54.6 to 56.8, crushing estimates of 54, while the Manufacturing PMI was 53.2, below estimates and July’s print of 53.9. Read more...

British Pound: Mixed data but Sterling supported – BBH

Brown Brothers Harriman’s (BBH) Elias Haddad says GBP/USD is firmer on broad US Dollar (USD) weakness despite mixed United Kingdom (UK) data. Haddad notes July retail sales fell, partly reversing prior strong gains, while the August PMI surprised to the upside with a four-month high composite reading. Haddad judges market pricing of 50 bps Bank of England (BoE) hikes over twelve months as too aggressive, though the UK’s growth-inflation mix still supports the Pound.

"GBP/USD is firmer on broad USD weakness. Today’s UK set of economic data was mixed. Retail sales declined in July, partly reversing the previous two months’ strong gains." Read more...

1.3670: British Pound hits six-month highs as UK PMI beats expectations

The British Pound (GBP) rallied to fresh six-month highs against the US Dollar (USD) on Friday, boosted by stronger-than-expected UK business activity data, while the US Dollar remains depressed following the US Treasury’s plan to boost bond buybacks. The GBP/USD pair has breached the 1.3660 level for the first time since February and is trading just above 1.3670 at the time of writing.

Preliminary data released by S&P Global revealed that July’s UK Services Purchasing Managers Index (PMI) improved to 52.8 from June’s 52.1 reading, against expectations of a slight decline to 51.8. Manufacturing Activity slowed down to 51.5, from 51.9 in the previous month, in line with market expectations, and the Composite PMI ticked up to 52.5 from 52.2 in June, also beating forecasts of a decline to 51.6. Read more...

Author

FXStreet Team

FXStreet

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

AUD/USD rises to 0.6950 as USD slips on Fed's Warsh

AUD/USD regains traction and extends the bounce toward 0.6950 in the Asian session on Friday. Fed Chair Warsh's comments reinforce the selling pressure on the US Dollar, allowing the pair to stretch higher. Warsh said that he remains committed to delivering price stability without giving away anything on future interest rate path.

USD/JPY falls in symc with USD, gives up 158.00 after Warsh's speech

USD/JPY has come under fresh selling pressure and gives up 158.00 in the Asian session on Friday amid the emergence of fresh US Dollar selling. Fed Chair Warsh's non-committal commentary on the future tightening path, weighs on the US Dollar and the pair.

Gold looks vacillating above $4,150

Gold alternates gains with losses below the key $4,200 mark per troy ounce on Friday. The yellow metal’s irresolute price action comes in response to a modest pullback in the US Dollar and a tepid recovery in US Treasury yields across the board.

Bitcoin steadies at $82,000: The five forces crushing the Uptober rally

Crypto markets have remained under pressure so far in October, with Bitcoin (BTC) sliding below $80,000 earlier this week before recovering to around $82,000 on Friday, as macroeconomic headwinds and cooling demand weigh on the market.

The Fed just got a second hot inflation number. Here's what the diesel signal is really saying

The Federal Reserve (Fed) faces a renewed inflation challenge after two consecutive reports showed price pressure intensifying across the US economy. September's Consumer Price Index (CPI) confirmed accelerating consumer inflation, while the Producer Price Index (PPI) revealed an even sharper rise in business costs. Behind both reports lies a common factor: energy prices.

Everyone's dumping Gold after hot US inflation. Here's why $4,100 could be a floor, not a cliff

Gold (XAU/USD) is recovering from a sharp sell-off triggered by hotter-than-expected United States (US) inflation data released on Wednesday. The precious metal briefly plunged toward $4,073 as investors increased their bets on further Federal Reserve (Fed) interest rate hikes before recovering as US Treasury yields and the US Dollar (USD) reversed their initial gains.