Pound Sterling Price News & Forecast: GBP/USD edges lower after jobless claims beat forecasts

FXStreet Team FXStreet

Pound Sterling struggles to lure buyers amid UK political drama, BoE easing bias

The GBP/USD pair struggles to build on the overnight modest bounce from the 1.3445 area, or the weekly low, and oscillates in a narrow band during the Asian session on Friday. Spot prices currently trade just below the 1.3500 psychological mark, nearly unchanged for the day, and seem vulnerable to slide further.

The Gorton and Denton by-election, held on February 26, has become a focal point of political drama in the UK amid allegations of illegal voting and a tight contest between Labour, Reform UK, and the Green Party candidates. This, along with the Bank of England (BoE) easing expectations, acts as a headwind for the British Pound (GBP) and the GBP/USD pair. Read more...

Pound Sterling declines below 1.3500 on UK political uncertainty, US PPI data eyed

The GBP/USD pair loses ground to near 1.3485 during the early Asian session on Friday. The Pound Sterling (GBP) weakens against the Greenback amid rising UK political uncertainty surrounding the Gorton and Denton by-election.

Manchester's Gorton and Denton constituency was held on Thursday. The result is still being counted and is expected on Friday between 3:00 am and 4:00 am GMT. This event is viewed as a significant test for UK Prime Minister Keir Starmer, amid internal party discontent and low approval ratings. Political risks in the UK could undermine the GBP against the USD in the near term. Read more...

GBP/USD slips as firm US jobless claims offset BoE cut bets

The Pound Sterling (GBP) retreats over 0.11% on Thursday as the Greenback remains steady following a report that the number of Americans applying for unemployment benefits was below estimates last week, an indication of the resilience of the labor market. At the time of writing, GBP/USD trades at 1.3544 after reaching a daily high of 1.3575.

Financial market sentiment worsened after Nvidia Corp reported earnings and a solid outlook. Nevertheless, the AI rally seems overextended, and market participants are seeking reassurance about the AI outlook. So far, Wall Street has registered losses between 0.28% and 2%. 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.

USD/JPY eyes August swing low, near 155.20 ahead of US NFP

USD/JPY retests the August monthly swing low during the Asian session on Friday as a more hawkish repricing of BoJ rate-hike bets and a suspected intervention continue to underpin the Japanese Yen. Meanwhile, the US Dollar is seen consolidating the previous day's heavy losses amid soft US bond yields, further weighing on the currency pair as traders keenly await the US NFP report.

AUD/USD consolidates above 0.7200; US NFP awaited

AUD/USD holds steady above 0.7200, near its highest level since mid-May, as bulls await the US NFP report for more cues on the Fed's policy path before placing fresh bets. Meanwhile, the recent decline in US bond yields keeps the US Dollar depressed near its lowest level in over a week and acts as a tailwind for the Aussie amid the RBA's hawkish tilt.

Gold tumbles as blockbuster US NFP lift US Dollar, Treasury yields

Gold (XAU/USD) falls sharply on Friday, snapping a two-day recovery after the US Nonfarm Payrolls (NFP) report surprised strongly to the upside. The metal briefly climbed above $4,500 on Thursday, gaining nearly 2%, but has since erased a large part of that advance.

Crypto’s $638 million buyback boom may not be as bullish as it looks

Decentralized Finance (DeFi) protocols reportedly spent $638 million to buy back their native tokens in August, up 17% from a year earlier. On the surface, the buyback trend suggests the cryptocurrency industry is maturing fast, adopting one of Wall Street’s oldest tools to bolster valuations and distribute revenue. The headline becomes less impressive once the number is opened up.

Why hawkish Bank of Japan expectations aren't enough to sustain the Japanese Yen rally

The Japanese Yen (JPY) experienced a sudden burst higher after falling back below the 160.00 psychological mark against the US Dollar (USD) earlier this week amid a more hawkish repricing of Bank of Japan (BoJ) rate hike expectations.

Diesel’s record $100 warning: The oil shock hiding in plain sight

The Oil market may look calmer than it did a few months ago, but diesel is sending a very different message. The US diesel crack spread, the premium of ultra-low sulphur diesel futures over WTI, recently surged above $100 per barrel for the first time, reaching an intraday record of just over $102.00.