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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.
The GBP/USD pair gains traction to near 1.3290 during the Asian trading hours on Thursday. The British Pound strengthens against the US Dollar as the UK's likely next Prime Minister, Andy Burnham, has eased market concerns by pledging strict fiscal discipline. The US Nonfarm Payrolls data for June will take center stage later on Thursday.
The EUR/USD pair ticks higher during the Asian session though it lacks bullish conviction as traders keenly await the release of the crucial US Nonfarm Payrolls report. Spot prices currently trade around the 1.1385 area and remain close to the weekly low, touched on Wednesday.
Gold attracts fresh buyers during the Asian session, following the previous day's volatile price swings and a late pullback from an over one-week high. The US Dollar edges lower on the back of Wednesday's softer-than-expected US macro data and turns out to be a key factor supporting the commodity for the second consecutive day.
Ripple and Stellar extend recovery as improving market sentiment supports a rebound. XRP trades above $1.05 while XLM climbs past $0.199. Traders should remain cautious, as mixed on-chain and derivatives data indicate a modest bullish bias, and further upside may depend on sustained buying momentum.
The number is of much greater importance than usual as the Fed moves away from a forecasting framework and towards a current-data/rebuilding-credibility framework. While I have been pooh-poohing Warsh’s hawkish opener, I am also open to the idea that if he is serious about rebuilding credibility, he can find enough hawkish votes, and if June NFP is another hot one—July FOMC could be in play.
When talking about central bank independence, most of the focus has been on Donald Trump’s pressure on the Federal Reserve. But a similar story, a quieter one for now, seems to be happening on the other side of the Pacific: Japan’s government may be testing the Bank of Japan’s independence.
