GBP/USD consolidates in a range around 1.2200 mark, moves little post-UK macro data – by hareshmenghani GBPUSD EconomicIndicator BOE Fed Currencies
A modest USD recovery from a multi-month low acts as a headwind amid dovish BoE expectations.Thepair struggles to capitalize on the previous day's positive move to a nearly four-week top and witnessed subdued price action on Friday. Spot prices seesaw between tepid gains/minor losses, around the 1.2200 mark through the early European session and moves little following the release of the UK macro data.
The UK Office for National Statistics reported that the economy expanded a modest 0.1% in November as compared to estimates for a 0.2% contraction. This, however, marked a notable decline from the 0.5% growth recorded in October and was accompanied by the disappointing release of the UK industrial and manufacturing production data.
A modest uptick in the US Treasury bond yields and a softer tone around the equity markets offer some support to the safe-haven greenback. That said, rising bets for smaller Fed rate hikes going forward continue to act as a headwind for the USD and lend some support to the GBP/USD pair, at least for the time being. Investors now seem convinced that the Fed will soften its hawkish stance and the bets were reinforced by the latest US consumer inflation figures released on Thursday.
Market participants now look forward to the US economic docket, featuring the Preliminary Michigan Consumer Sentiment Index later during the early North American session. This, along with the US bond yields and the broader risk sentiment, will drive the USD demand and provide some impetus to the GBP/USD pair. Nevertheless, spot prices seem poised to end in the green for the third successive week and remain at the mercy of the USD price dynamics.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
GBP/USD consolidates in a range around mid-1.2100s, focus remains glued to US CPIThe GBP/USD pair seesaws between tepid gains/minor losses through the first half of the European session on Thursday and is currently trading around m
Les mer »
GBP/USD: A potential test of 1.2330 remains in store – UOBExtra gains could encourage GBP/USD to revisit the 1.2330 region in the next few weeks, comment Economist Lee Sue Ann and Markets Strategist Quek Ser
Les mer »
GBP/USD slides below mid-1.2100s, downside seems cushioned amid subdued USD demandThe GBP/USD pair struggles to capitalize on its modest intraday uptick and attracts some sellers near the 1.2175-1.2180 region on Wednesday. Spot pric
Les mer »
GBP/USD: Consolidation ahead of another push higher – ScotiabankSterling is a modest under-performer on the session. Economists at Scotiabank expect the GBP/USD pair to hold above 1.21 to keep the undertone constru
Les mer »
GBP/USD Forex Signal: Bullish Above $1.2111My previous GBP/USD signal on 5th January was not triggered, as there was no bullish price action when the price first reached the two support levels that day.
Les mer »
GBP/USD seesaws around 1.2140s trendless as traders eye US CPIThe Pound Sterling (GBP) failed to hold to earlier gains against the US Dollar (USD) and augmented selling pressure dragged the GBP/USD down after hit
Les mer »