The US Dollar lost ground on Thursday due to economic data from the US, which showed Initial Jobless Claims rose to the highest level in seven weeks and Continuing Claims reached the highest since April. The US official employment report is expected to show an increase of 180,000 jobs, with …
Read More »Gas prices rise in Europe on declining imports from Egypt, Norway’s outages
Gas prices rose in the Netherlands and Britain on Monday morning, October 30, driven by news that Egyptian gas imports would stop, which will consequently affect its exports of liquefied natural gas. Cold weather and unscheduled outages in Norway also supported prices. The Dutch November benchmark natural gas contract rose …
Read More »GBP/USD pressured on weak UK data, risk-off
Amidst growing geopolitical tensions in the Middle East, risk aversion remains the driving force behind the financial markets. The GBP/USD pair hit a three-day low of 1.2113, with sellers aiming for the next support level at 1.2100. The US economy is doing well, according to economic data; in September, new …
Read More »Sterling under pressure post-CPI data in the US
The Pound Sterling is facing intense selling pressure due to the stable US core Consumer Price Index (CPI) for September, which has weakened the risk appetite of traders and market participants. UK factory data for August contracted for the second time in a row, as firms cut heavily on input …
Read More »Risk aversion, strong dollar drag GBP/USD lower
The GBP/USD pair has experienced a 0.46% loss due to risk aversion following the Bank of England’s decision. The Fed’s higher-for-longer stance continues to support the Greenback, with speakers emphasizing the need for another rate hike and sustained high rates. The Sterling is expected to weaken against the US Dollar, …
Read More »EUR/GBP retreats following Eurozone’s PPI, PMIs figures
This week, the EUR/GBP pair has lost around 0.42%, dropping to 0.8535. As of this writing, it is trading at 0.8531 after the Eurozone’s PPI figure for July above expectations while the August Services PMI came in below expectations.The same month’s British PMI numbers were better than anticipated, although they …
Read More »EUR/GBP extends downtrend amid Sterling’s strength
The Pound Sterling gains strength as UK inflation data remains high, indicating further action by the Bank of England. Technical analysis indicates a bearish tilt for EUR/GBP after breaking past the July 27 daily low of 0.8544. The pair’s immediate support lies at the YTD low of 0.8504, and a …
Read More »Sterling aims at more upside on still hot core inflation
The Pound Sterling climbs above 1.2750 after mixed United Kingdom inflation data for July. Monthly headline inflation contracted by 0.4%, slower than expectations of 0.5%. In June, headline CPI expanded by 0.1%.The UK Pound starts moving as core inflation supports further policy tightening. UK’s core inflation remains stronger due to …
Read More »EUR/GBP declines ahead of key British economic data
The EUR/GBP pair has declined for a second consecutive day, falling towards 0.8605. The Eurozone’s preliminary Q2 GDP report is set to be released on Wednesday, and no relevant data releases will feature on Monday’s economic calendar. The Office for National Statistics will release key labour market data on Tuesday, …
Read More »EUR/GBP rises to its highest level since May post UK CPI data
The The EUR/GBP cross peaked at a daily high of 0.8700 and then settled near 0.8660. UK’s headline CPI declined to 7.9% YoY, lower than expected.Lower British yields and dovish bets on the BoE made the GBP struggle to find demand on Wednesday. The EUR/GBP set a fourth consecutive day …
Read More »