GBP/USD is consolidating in the 1.3100s ahead of key US data releases as traders monitor geopolitical developments.
BoE dovishness in contrast to the Fed is keeping the pair capped under its 21DMA for now.
Amid a lack of fresh UK fundamental developments to drive any independent movements in sterling, and as US dollar markets consolidate ahead of key US data releases as market participants monitor geopolitical developments, GBP/USD is trading subdued in the low-1.3100s. At current levels in the 1.3120s, the pair trades flat and well within this week’s approximate 1.3050-1.3200 ranges. Notably, the 21-Day Moving Average continues to act as a barrier to further progress for the pair, suggesting the near-term technical bias remains tilted to the downside.
EUR/USD stays within a touching distance of 1.1100 after US data.EUR/USD has struggled to shake off the bearish pressure after the latest data releases from the US. The US Bureau of Economic Analysis reported that the annual Core PCE Price Index edged higher to 5.4% in February from 5.2% in January, coming in slightly lower than the market expectation of 5.5%.
GBP/USD consolidates above 1.3100 after US inflation report.GBP/USD continues to fluctuate above 1.3100 in the second half of the day on Thursday. Although the data from the US showed that the core PCE inflation rose at a slightly softer pace than expected in February, the US Dollar Index stays in positive territory.
Gold climbs above $1,930 amid retreating US yields.Gold has extended its rebound and climbed above $1,930 in the early American session on Thursday. The 10-year US Treasury bond yield is down more than 1% on the day following the US PCE inflation data.