Late in the North American session, US crude oil rises 0.50% as it ignores concerns about the global economy. In response to concerns about an imminent recession and political unrest in Russia, WTI, the US crude oil benchmark, recovers after two days of losses and increases by more than 0.50%. …
Read More »Stronger US dollar drags GBP/USD pair lower
The GBP/USD pair retraces below 1.2800 on the stronger US dollar ahead of Powell testimony and the Bank of England’s policy decision. The stronger US Dollar, driven by expectations of further tightening by the Fed and an overbought US equity market, has influenced the pair’s price movement. Fed Chair Jerome …
Read More »GBP/USD surges on weakened US dollar, BoE rate hike bets
The GBP/USD pair skyrockets as US Jobless Claims are seen soaring and market participants expect the US central bank to pause policy tightening. The US Treasury bond yields are pressured and the US Dollar Index collapsed by 0.73%. The GBP/USD pair has surged due to a weakened US dollar and …
Read More »Sterling strengthens against dollar as chances of Fed ‘skip’ rise
The pound rose on Thursday, benefiting from a drop in the dollar as Federal Reserve members said the central bank would forego a rate hike this month, while UK statistics portrayed a picture of an increasingly bleak economy. According to Bank of England (BoE) data, British lenders authorised fewer mortgages …
Read More »Sterling gains as UK shoppers weather high inflation and rates
The pound surged on Friday as statistics indicated that retail sales volumes in the United Kingdom increased at their quickest rate in nearly two years, as restored consumer confidence helped offset the pain of high inflation and interest rates. According to figures from the Office for National Statistics, sales increased …
Read More »GBP/USD soars on emerging bullish-engulfing pattern
Disappointing Concern for the US economy is raised by the New York Empire State Manufacturing Index’s sharp decline to -31.3. According to Biden and Brainard, “serious and constructive” discussions are taking place over raising the US debt ceiling.The BoE recently increased rates by 25 basis points to combat inflation; future …
Read More »Sterling plunges after profit-taking selloff
Sterling pound dropped although the rate hike decision of BoE Thursday because of heavy selling from the part of bulls who focused on profit-taking to benefit from the highs reached immediately after the central bank decision. GBP/USD rose to 1.2610 in response to rate hike decision before declining to 1.2543. …
Read More »Sterling soars to fresh highs after US Inflation data
Sterling soars to fresh highs after US Inflation data The Pound Sterling (GBP) has risen sharply versus the US Dollar (USD) after the release of US Consumer Price Index (CPI) data for April. This data has given the broader long-term GBP/USD uptrend impetus to extend. The Pound Sterling (GBP) rallies …
Read More »Euro zone inflation edges up to 7.0% in April
Headline consumer prices in the eurozone rose somewhat more than expected in April, but underlying costs fell unexpectedly, providing regional rate-setters with a mixed picture of inflation as they prepare to announce their next rate decision this week. Following a renewed rise in energy prices, the currency’s area consumer price …
Read More »GBP/USD seeks momentum beyond 1.2500
The GBP/USD pair turned positive for the third straight day and climbed to a two-week high on Friday. The US dollar retreats from a two-and-half-week-high touched this Friday in reaction to the softer US macro data, which is seen lending some support to the GBP/USD pair. The pair’s uptick, marking …
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